Firms bogged down by hiring woes on back of skewed job vacancy ratio

It’s still an employees’ market out there.

Though the number of layoffs increased in the third quarter, data from the Ministry of Manpower showed that the number of job openings continued to far outnumber job seekers.

The MoM revealed that there are 142 openings per 100 job seekers in September, up from 136 in June.

“The ratio of 142 job openings per 100 job seekers shows that Singapore continues to be an employees’ market. Employers are still actively seeking the best talent to drive their business forward and with this, comes the need to heavily invest time implementing targeted talent attraction and retention strategies,” said Michael Smith, Randstad Country Director for Singapore.

Meanwhile, recruiting firm Hays noted that Singapore’s talent shortage has now reached a point where it is now a hindrance to the effective operation of businesses in the city-state. Specialized industries like engineering, technology and life sciences are particularly vulnerable to skill shortages.