Online hiring in Singapore plunged once again in April 2017 at -1% year-on-year, according to the latest Monster Employment Index (MEI).
Where job sectors are concerned, the IT, Telecom/ISP and BPO/ITES sectors remained in the lead with 15% year-on-year growth in April, registering double-digit growth for the seventh consecutive month and a 2% improvement from the previous month.
The Government, PSU and Defence sector saw the steepest decline in hiring activity at -6% year-on-year.
Across occupational groups monitored by the index, Software, Hardware and Telecom jobs saw the strongest demand, with an 18% year-on-year growth in online job postings – an 11% slump from the previous month. Hospitality & Travel roles saw the greatest plunge in online hiring at -10% year-over-year.
“Employment in Singapore has touched an all-time low for Q1 2017 in the last 14 years,” says Sanjay Modi, Managing Director, Monster.com – APAC and Middle East.
“According to Citi Research, this is the highest job loss (around 8500) since the SARS outbreak in 2002-2003. Decline in job creations and increase in lay-offs in the Singaporean labor market can be attributed to the slow economic growth across the region. Moreover, the widened gap between employer’s expectations and availability of skilled talent continues to deteriorate overall hiring.”
“As one of the most open and advanced economies, Singapore’s labor market is in a transition - a hybrid between competitive and productive and a somewhat low-skilled and low-cost domestic economy. The future of Singapore’s workforce will heavily depend on relentless innovation and R&D at an organizational level and constant reinvention at the government level.”