Online Hiring Sentiment in Singapore Slips Amidst Economic Slowdown

  • Sharp drop from 20% year-on-year in Oct to 13% and 8% YoY in Nov and Dec, respectively
  • In terms of job roles, Software, Hardware and Telco talent lead with the highest demand

The BFSI sector, which has traditionally been one of Singapore’s strongest, was also significantly affected, with demand growth declining to single digit numbers as 2019 came to a close.

The effect of Singapore’s economic slowdown seems to have finally hit the e-recruitment sector. 2019 ended with only 0.7% growth in GDP – the slowest in a decade – and online hiring sentiment experienced a drastic drop in growth throughout Q4.

Though there was strong 20% annual growth in October, e-recruitment demand eventually slipped to 13% in November, and then even lower to 8% in December, which registered the lowest year-on-year growth since February last year.

The Monster Employment Index (MEI) is a gauge of online job posting activity compiled monthly by Monster.com. It records the industries and occupations that show the highest and lowest growth in local recruitment activity.
“Singapore has always been one of the most stable markets in Southeast Asia. However, current economic conditions seem to have taken a toll on the job market, as online hiring activity experienced a significant slowdown in Q4,” said Krish Seshadri, CEO of Monster.com – APAC and Middle East.

“The Singaporean economy is deeply integrated into international production and supply networks, and the global political scenario has played a role in the economy’s slowdown. As trade tensions begin to dissipate, we can expect the economy and eventually the hiring sector to make a strong comeback in the times to come.”

The IT, Telecom/ISP and BPO/ITES industry, which had been at the forefront of Singapore’s online hiring growth, charted strong growth numbers throughout mid-2019 up until October, when it recorded 47% year-on-year growth before eventually dropping to 29% and 24% respectively for November and December.

Other prominent industries such as Advertising & Marketing also continued to witness a slower pace of demand, dropping from 33% annual growth in October to 21% and 18% in November and December, respectively. The BFSI sector, which has traditionally been one of Singapore’s strongest, was also significantly affected, with demand growth declining to single digit numbers as 2019 came to a close.

Among all 14 sectors monitored by the Index, Production/Manufacturing, Automotive and Ancillary was affected most, as e-hiring demand in the industry plummeted by 4% between December 2018 and December 2019.

In terms of specific job roles, Software, Hardware and Telecom professionals continued to lead the e-recruitment growth, albeit at a slower pace than before. After an annual peak of 37% year-on-year growth in October, the demand slowed with online demand charting 23% and 24% y-o-y for November and December, respectively.

Hospitality & Travel, another key occupation in Singapore, also reflected a downward trajectory during the quarter, going from 33% in October to 27% in November and eventually to 20% in December. Real Estate recorded the steepest annual decline among all job roles, experiencing a 9% dip as the year came to an end.

The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings across Singapore. The Index does not reflect the trend of any one advertiser or source but is an aggregate measure of the change in job listings across the industry.

 

2019 (Hiring By Industry)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

IT, Telecom/ISP and BPO/ITES

170

184

201

200

204

209

217

220

228

233

218

216

BFSI

153

161

178

174

179

181

184

183

189

191

177

174

Health Care

111

113

119

117

120

121

123

122

125

127

125

122

Hospitality

113

116

125

123

126

132

136

138

140

141

137

129

Government/ PSU/ Defence

79

80

83

83

84

82

83

83

84

84

83

83

Education

104

109

115

114

117

116

120

121

123

128

122

120

Retail/Trade and Logistics

108

112

123

122

118

119

123

121

124

125

120

112

Engineering, Construction and Real Estate

97

98

105

103

103

105

107

106

104

106

102

98

Production/Manufacturing, Automotive and Ancillary

102

103

111

106

104

106

107

106

106

104

104

100

Consumer Goods/ FMCG, Food & Packaged Food , Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery

91

92

95

96

97

100

106

108

111

111

108

106

Advertising, Market Research, Public Relations, Media and Entertainment

119

127

135

134

129

134

142

149

152

153

143

142

Shipping/Marine

91

91

92

99

92

92

92

92

92

92

92

92

Import/Export

83

83

85

85

86

86

87

87

87

87

86

86

Oil and Gas

95

96

98

200

98

99

101

101

102

102

101

98

 

 

2019 (Hiring By occupation)

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Software, Hardware, Telecom

123

133

150

147

151

153

160

158

163

167

160

159

Finance & Accounts

80

88

100

95

101

100

102

98

102

103

95

90

Sales & Business Development

93

97

109

104

104

105

109

108

111

113

110

104

Customer Service

102

105

112

110

112

112

116

114

118

120

115

113

Marketing & Communications

82

84

88

87

87

88

89

92

94

93

91

91

HR & Admin

80

84

92

90

90

89

91

90

92

94

88

87

Engineering /Production

95

97

107

105

104

107

109

108

109

107

104

99

Hospitality & Travel

96

97

109

104

108

117

119

120

122

124

122

115

Health Care

100

104

115

114

117

118

121

119

121

126

121

117

Legal

105

105

109

108

107

106

108

110

109

107

107

106

Purchase/ Logistics/ Supply Chain

92

93

97

96

95

94

96

94

95

96

93

91

Real Estate

82

80

89

85

83

88

89

89

96

92

86

82

 
 
 
 
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