Singapore hiring activity declines by 14% YoY in July: report

Job demand fell by 6% in the past six months, according to foundit.

Hiring activity in Singapore declined by 14% in July with the index falling to 12 in July from 139 in the same month last year due to the continued challenges posed by global uncertainties, according to the foundit Insights Tracker.

The tracker found that only three of the 15 sectors it monitors posted an increase in online recruitment activity led by the Import/Export sector with a 2% growth in July, on the back of the rise in the country’s total merchandise trend in the first quarter of 2022.

Job demand in the Oil & Gas, and Retail/Trade and Logistics sectors remain unchanged.

Other sectors recorded a significant decline in online recruitment activity led by the  IT, Telecom/ISP, and BPO/ITES which fell by 26%, and Production/ Manufacturing sectors by 20%.

Other industries that recorded a decline were Shipping/ Marine (2%), Hospitality (3%), Healthcare (3%), Consumer Goods /FMCG (5%), Engineering, Construction and Real Estate (6%), BFSI (13%), and Education (14%).

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In the past six months, job demand was down by 6%, foundit said.

"Although the labour market revealed signs of vulnerability that resulted in a subdued rate of hiring, Singapore has showcased tremendous resilience in certain sectors and job roles. Singapore is an international hub for hospitality & tourism, and there is always enough scope for growth,” said foundit CEO Sekhar Garisa. 

“The island city lures visitors and businesses from around the globe, which is also a testimony to the increase in job demand in the import/export sector. We expect to see better hiring intentions in the coming quarter as companies also revisit their talent requirements," Garisa added.

The Hospitality & Travel and Real Estate sector saw an 8% growth in demand for functional royals due to a rise in international and local patrons, the report found.

On the other hand, the software, hardware, and telecom industries saw a 35% decline year-on-year due to the contraction of Singapore’s industrial production. Marketing & Communications and the Legal sectors, dipped by 18% and 12%, respectively.