Almost one in two (49%) Singaporeans foresee a better economic situation in the rest of 2017, according to a a Q2 2017 survey conducted by Michael Page.
The Michael Page Job Applicant Confidence Index Q2 2017, which evaluated the responses of 302 mid to senior-level employees in Singapore, across organizations and industries, revealed sound positive sentiments towards the domestic job market.
Figures demonstrate that in the later half of 2017, 44% of respondents from Singapore are optimistic that the job market will get better. The quarterly study tracks the employment confidence index of job seekers across the major cities in Asia Pacific.
This is further emphasized by the Labour Market Advance Release Second Quarter 2017 published by the Ministry of Manpower which states a declining rate of unemployment and redundancies over the quarter.
In addition, a grant announced by statutory board Workforce Singapore will aid PMETs (Professionals, Managers, Executives and Technicians) who have been out of employment for two years. Employers will be able to tap into a monthly grant allocated to fund additional training programmes in order to ensure these employees have the opportunity to update their skill sets and stay relevant.
“In the quest to innovate and digitize processes and workflows for enhanced user experience, organizations are moving towards implementing new technologies such as Big Data, data science, Internet of Things as well as cloud infrastructure,” says Anthony Thompson, Regional Managing Director of Michael Page Greater China, South East Asia and India.
“This move towards new technologies have created multiple job opportunities in Singapore within the technology domain. Companies recognize the value and efficiency of using data-driven results for business strategies, thus investing heavily in new technology and qualified human capital.”
“While Singapore’s pool of technology talent is strong, the progressive nature of the industry often results in hiring demands for professionals with the most updated skills. This constant catch-up game in upskilling will push the workforce towards a capacity for skills development,” continues Anthony Thompson.
It is encouraging to see an appetite for future ready skillsets as skills development is rated as the top (39%) driver by the study’s respondents to switch jobs. This is followed by work-life balance (28%) and better growth prospects (24%).
Market confidence bolstered by MNCs
Singapore’s market confidence has also been bolstered by the entrance of more multinationals establishing operations here. This is particularly evident in the pharmaceutical and biotechnology industries where there is an increased number of research centers and a rise in regional head of function positions within Singapore.
In turn, the Michael Page Job Applicant Confidence Index Q2 2017 has also indicated that 55% of professionals in Singapore are confident they could secure a new job in less than three months.
Over the next 12 months, Professionals have also conveyed their general optimism around their employment circumstance. 66% remain optimistic about skills development, 58% foresee an expansion in their current job scope while 46% anticipate promotion opportunities.