Manpower interviewed a sampling of 650 Singaporean employers for the 1Q 2015 Employment Outlook Survey. Every company surveyed was asked to describe how they anticipate total employment to change over the next three months until the end of March 2015, as compared to the current quarter.
Overall the results of the Manpower report are positive. Employers in Singapore express their intentions to hire more employees. The results showed that 19 percent expected to increase total employment, 3 percent anticipate a decrease, and 78 percent expect no change.
The survey showed that in Singapore, there is an expected 16 percent net growth in jobs the first quarter of 2015. Adjusted for seasonality, the growth rises to 18 percent.
Comparing Results Between Sectors
Although all seven industry sectors expect growth in the first quarter of 2015, the Services sector reported an astounding 25 percent projected increase in total employment. The Transportation & Utilities sector has an increased Employment Outlook of 20 percent, while the Public Administration & Education sector expects job growth of 19 percent.
Also expecting massive increased hiring, the Wholesale Trade & Retail Trade Sector expects an increase of 18 percent in employment while the Finance, Insurance & Real Estate Sector projects quarterly growth of 16 percent.
Despite the great news for the Singapore job market, there was a decline in job growth quarter-over-quarter, in four of the seven industry sectors. The Finance, Insurance & Real Estate Sector, although still expecting to add jobs, will be adding 14 percentage points less than last quarter. The Mining & Constructor Sector also expects a similar decline of 5 percentage points.
The three sectors that saw improved hiring plans quarter-over-quarter are led by the Wholesale Trade & Retail Trade sector which was 15 percentage points higher than last quarter. Similarly the Manufacturing Sector is 10 percentage points above last quarter’s outlook.
Singapore Employment Outlook Compared to One Year Ago
Compared to the first quarter of 2014, four of the seven industry sectors saw increased employment outlook. The Services Sector reports 5 percentage points higher than last year and the Public Administration & Education Sector reports 4 percentage points higher.
The most notable weakening of Outlook compared to last year’s survey shows that the Finance, Insurance & Real Estate and Mining & Construction Sectors report a drastic decline of 9 percentage point year-over-year.
The Sector-by-Sector Results Breakdown
- Although Finance, Insurance & Real Estate job seekers have good news with a 16 percent net employment outlook during the first 3 months of 2015, their opportunities might be waning when compared to previous reports. The sector saw a considerably weakened outlook compared to the first quarter of 2014 and last quarter with a decrease in 14 and 9 percentage points respectively.
- Those seeking jobs in the Singapore Manufacturing Sector can expect to take advantage of the 14 percent net employment outlook. Compared to last quarter, these reported hiring intentions are 10 percentage points stronger and remain about the same as compared to last year.
- Employers in the Mining & Construction sector forecast a 10 percent increase in total employment in quarter 1 of 2015. Regardless of this optimistic news, compared to last quarter and the previous year, the Sector’s hiring intention is down 5 percentage points and 9 percentage points respectively.
- In the Public Administration & Education Sector job seekers should take advantage of the 19 percent project increase in employment. Although this is a 3 percentage point decline compared to last quarter, the outlook is 4 percentage points higher than last year.
- Job seekers in the Singapore Services Sector can expect more opportunities as employers expect to increase employment by 25 percent. Even though this is 3 percentage points less than last quarter, it is 5 percentage points higher when compared to last year’s results.
- Transportation & Utilities Sector employers report a increase of 20 percent in the first quarter of 2015 which is 2 percentage points higher than last quarter but sees a slight decline of 4 percent year-over-year.
- Those seeking jobs in Wholesale Trade & Retail Trade will be pleased that this quarter sees the best hiring forecast since the 4th quarter of 2011. In the first 3 months of 2015, employers report an outlook of 18 percent which is an astounding 15 percentage points higher than last quarter. The outlook remains stable compared to last year.
Results by Size of Employers
In the Manpower Employment Outlook Survey, respondents are categorized into 4 sizes.
- Micro businesses employing less than 10 people
- Small businesses employing between 10-49 people
- Medium businesses employing between 50-249
- Large businesses employing 250 or more people
Results from the Outlook survey showed that employers in all four sizes expect to increase total employment in the first quarter of 2015. Large and medium employers report the highest intention to hire more people with net employment outlooks of 31 percent and 24 percent respectively. Small businesses reported an increase of 22 percent while micro businesses’ outlook was 11 percent.
Compared to the previous quarter’s outlook, micro and small businesses saw an increase in hiring prospects of 4 percentage points. Unfortunately, the employment outlook decreased by 6 percentage points for large businesses and 2 percentage points for medium-sized businesses.
Compared to last year’s results, large and medium employers saw considerable declines of 11 and 9 percentage points respectively, while small businesses increases their outlook by 4 percentage points.
