SINGAPORE: Job postings are on the rise in Singapore – but so is the competition for them, job-matching platforms told CNA.
This comes amid growing job uncertainty as sluggish global growth becomes the new normal.
Figures from professional networking site LinkedIn show that competition for jobs has intensified.
Its Asia-Pacific head economist Chua Pei Ying said job postings have risen by about 3 per cent since September last year. But the number of jobseekers grew even faster – by 11 per cent.
“This means that jobseekers will feel the market is tougher to land the jobs. In this landscape, skills and jobs are changing very fast,” she noted.
The shift is particularly evident in the technology sector, where artificial intelligence is reshaping how people work and driving demand for new roles, according to LinkedIn.
The number of tech job postings have climbed for 18 consecutive months, fuelled by interest to acquire new tools and digital services.
Job-matching platform Indeed has also seen bright spots in other sectors.
Its latest figures show that job opportunities in the hospitality and tourism industry have surged by 64.3 per cent since June.
Overall, the platform reported a 1 per cent increase in job postings last month after two months of decline, though it expects the upward trend to moderate.
“There's certainly a sense that the job market is cooling a little bit. We know that hiring intentions are down a little bit as well,” said Mr Callam Pickering, Indeed's Asia-Pacific senior economist.
“I think a lot of businesses are concerned around the global economic environment, which has certainly become a little less predictable this year.”
Indeed’s data also shows that Singapore’s job figures have been trending down over the past three years.
Mr Pickering said this is largely due to a drop in momentum following the post-pandemic hiring boom.
While the economy continues to create jobs, he pointed out that the pace of growth has eased compared to about a year ago.
Mr Pickering added that business leaders often make hiring decisions based on reliable growth forecasts about their companies and the wider economy.
“That’s increasingly difficult this year,” he said. “I think that’s probably playing into some of the headcount decisions that businesses are making across Singapore at the moment.”
Professor Lawrence Loh, from the National University of Singapore (NUS) Business School's strategy and policy department, said that job postings serve as a key indicator of labour market health.
Measures such as government-sponsored traineeships could help support the labour market, especially when many companies are reluctant to take on new employees, he said.
“The saving in the cost is definitely an incentive. But on the other hand, having too many traineeships actually distorts the market forces, because it's not a real reflection of the demand conditions for jobs,” he added.
“There might even be an ironic effect that you have more firms signing up for traineeship rather than actually offering jobs.”
Prof Loh cautioned that while traineeships can offer short-term relief, they cannot be a permanent solution.
He said schemes need to be carefully calibrated to avoid distorting the market and to ensure jobseekers are not left vulnerable if support is scaled back.
According to preliminary labour market data released by the Ministry of Manpower (MOM) last Thursday (Oct 30), the number of people with jobs grew at a faster pace in the third quarter, as employment growth gained momentum and retrenchments remained stable.
Total employment went up by 24,800 between July and September, more than doubling from the increase of 10,400 in the second quarter.
The proportion of firms looking to hire increased modestly, indicating slightly firmer hiring sentiment, said MOM.
“Looking ahead, employment growth is expected to remain positive but uneven across sectors while wage growth is expected to moderate.”
Associate Professor Terence Ho, deputy executive director at the Singapore University of Social Sciences’ Institute for Adult Learning, warned that the job outlook is mixed.
He noted that fewer firms are planning wage increases, and hiring sentiment is weakening in outward-oriented sectors such as professional services.
“While the overall labour market is holding up, I think that there's some unevenness and some headwinds in certain sectors,” said Assoc Prof Ho, who is also an adjunct associate professor in practice at NUS’ Lee Kuan Yew School of Public Policy.
He added that some workers may find it difficult to move into growing sectors due to skills mismatches or wage expectations.
“It's really whether they can convince employers to give them a chance, that they can demonstrate they are indeed adaptable (and) willing to pick up new skills to take on these new roles.”
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This comes amid growing job uncertainty as sluggish global growth becomes the new normal.
Figures from professional networking site LinkedIn show that competition for jobs has intensified.
Its Asia-Pacific head economist Chua Pei Ying said job postings have risen by about 3 per cent since September last year. But the number of jobseekers grew even faster – by 11 per cent.
“This means that jobseekers will feel the market is tougher to land the jobs. In this landscape, skills and jobs are changing very fast,” she noted.
GROWING JOB UNCERTAINTY
The shift is particularly evident in the technology sector, where artificial intelligence is reshaping how people work and driving demand for new roles, according to LinkedIn.
The number of tech job postings have climbed for 18 consecutive months, fuelled by interest to acquire new tools and digital services.
Job-matching platform Indeed has also seen bright spots in other sectors.
Its latest figures show that job opportunities in the hospitality and tourism industry have surged by 64.3 per cent since June.
Overall, the platform reported a 1 per cent increase in job postings last month after two months of decline, though it expects the upward trend to moderate.
“There's certainly a sense that the job market is cooling a little bit. We know that hiring intentions are down a little bit as well,” said Mr Callam Pickering, Indeed's Asia-Pacific senior economist.
“I think a lot of businesses are concerned around the global economic environment, which has certainly become a little less predictable this year.”
Indeed’s data also shows that Singapore’s job figures have been trending down over the past three years.
Mr Pickering said this is largely due to a drop in momentum following the post-pandemic hiring boom.
While the economy continues to create jobs, he pointed out that the pace of growth has eased compared to about a year ago.
Mr Pickering added that business leaders often make hiring decisions based on reliable growth forecasts about their companies and the wider economy.
“That’s increasingly difficult this year,” he said. “I think that’s probably playing into some of the headcount decisions that businesses are making across Singapore at the moment.”
Professor Lawrence Loh, from the National University of Singapore (NUS) Business School's strategy and policy department, said that job postings serve as a key indicator of labour market health.
Measures such as government-sponsored traineeships could help support the labour market, especially when many companies are reluctant to take on new employees, he said.
“The saving in the cost is definitely an incentive. But on the other hand, having too many traineeships actually distorts the market forces, because it's not a real reflection of the demand conditions for jobs,” he added.
“There might even be an ironic effect that you have more firms signing up for traineeship rather than actually offering jobs.”
Prof Loh cautioned that while traineeships can offer short-term relief, they cannot be a permanent solution.
He said schemes need to be carefully calibrated to avoid distorting the market and to ensure jobseekers are not left vulnerable if support is scaled back.
Related:
SLIGHTLY FIRMER HIRING SENTIMENT
According to preliminary labour market data released by the Ministry of Manpower (MOM) last Thursday (Oct 30), the number of people with jobs grew at a faster pace in the third quarter, as employment growth gained momentum and retrenchments remained stable.
Total employment went up by 24,800 between July and September, more than doubling from the increase of 10,400 in the second quarter.
The proportion of firms looking to hire increased modestly, indicating slightly firmer hiring sentiment, said MOM.
“Looking ahead, employment growth is expected to remain positive but uneven across sectors while wage growth is expected to moderate.”
Associate Professor Terence Ho, deputy executive director at the Singapore University of Social Sciences’ Institute for Adult Learning, warned that the job outlook is mixed.
He noted that fewer firms are planning wage increases, and hiring sentiment is weakening in outward-oriented sectors such as professional services.
“While the overall labour market is holding up, I think that there's some unevenness and some headwinds in certain sectors,” said Assoc Prof Ho, who is also an adjunct associate professor in practice at NUS’ Lee Kuan Yew School of Public Policy.
He added that some workers may find it difficult to move into growing sectors due to skills mismatches or wage expectations.
“It's really whether they can convince employers to give them a chance, that they can demonstrate they are indeed adaptable (and) willing to pick up new skills to take on these new roles.”
Continue reading...