Manpower survey indicates stable job market in Singapore
The Singapore labour market is likely to stabilize in the fourth quarter, as most companies here say they do not foresee a change in their headcount.
According to the latest Manpower Employment Outlook Survey, which interviewed 635 employers across seven industry sectors in Singapore, 75% foresee no change in headcount, 18% of employers expect to increase headcount, and 4% anticipate a decrease.
Furthermore, Singapore’s seasonally adjusted Net Employment Outlook of +6% shows that employer optimism continues to improve for the second consecutive quarter. The Net Employment Outlook figure is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in headcount.
The report also found that industries such as finance, insurance & real estate, and wholesale trade & retail trade sector all show strong hiring forecasts with an Outlook of +18%. The public administration & education sector also had a forecast Outlook of +15%.
However, manufacturing saw a decline in hiring prospects, with an Outlook of -11%.
Peter Haglund, country manager of Manpower Singapore said that the results of the previous and current quarter’s surveys are signs that the labour market has stabilised. “The latest official figures released by the government show that the Singapore economy expanded for the first time in the second quarter,” he said. Prime Minister Lee Hsien Loong’s optimistic comments that the worst is over for Singapore’s economy may be another factor boosting employer’s hiring confidence.
Haglund noted that “as organisations shift from survival to recovery, employers around the world are looking to hire again” and that more employers expect to hire people in order to train them in preparation for the market’s potential turnaround.
“In order to minimise potential loss, employers should work on improving employee engagement to cultivate a sense of belonging in employees as this is important to retain your top talent when the market picks up,” Haglund advised.
Sources and references: Sandbox Advisors, HRO, Manpower
