Job vacancies hit 6-year high with 47.3%

Singapore's labour vacancy surged 47.3% in 2023, highest since 2018's 41.8%.

Singapore’s labour market remains tight, with job vacancies outnumbering jobseekers. The proportion of newly created positions rose to 47.3% in 2023, the highest since 2018 (41.8%), reflecting evolving economic needs. 

In 2023, there was an increase in newly created positions, primarily driven by business expansion and restructuring. 

“The rise in the newly created positions among job vacancies reflects the evolving nature of our economy and new opportunities. Employees will need to continue to upskill and reskill so that they can take on the new positions that came about from business expansion,” the Ministry of Manpower said in a statement.

The Professionals, Managers, Executives and Technicians (PMET) vacancies increased to 57.2% in 2023, up from 39.2% in 2013, driven by demand in various sectors, notably in technology. Notably, software developers and system analysts remained among the top PMET vacancies.

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Employers showed willingness to pay more for skilled workers, with 74.9% of vacancies prioritizing relevant experience and skills over academic qualifications in 2023, compared to 67.1% in 2017. 

Additionally, 68.3% of employers were open to hiring candidates with lower qualifications but relevant experience or skills.

The proportion of unfilled vacancies for at least six months declined to 23.5% in 2023, driven by efforts to alleviate the shortage in non-PMET jobs through various strategies including technology adoption and skills upgrading.

The government supports upskilling and reskilling efforts through programs like the Career Conversion Programmes (CCPs) and Jobs Transformation Maps (JTMs). 

Employers are encouraged to adopt skills-based hiring and improve job attractiveness to tap into a larger talent pool. Initiatives such as Flexible Work Arrangements (FWAs) and job redesign under the Productivity Solutions Grant aim to enhance job value and accessibility while promoting a supportive work environment.