Singapore witnesses hiring spree : Monster Employment Index
As employees start hitting back the office floors, the job market of Singapore seems to recover with an 11% increase in the hiring activity during April 2022. According to Monster Employment Index (MEI), the country seems to have increasingly shrugged off the adverse effects of the pandemic with the pace of hiring growing steadily month on month.
Industry-specific data
International students’ inclination toward Singapore as their destination for higher education has been prevailing over the years which got affected negatively due to the pandemic. The report found that hiring activity in the education sector by 16% for the second consecutive month, showcasing a great recovery in the country's stellar education system.
Following the education sector, the rest of the industries namely Market Research, Public Relations, Media and Entertainment (up 15 %) and BFSI (up 11 %) segments. In addition, other sectors such as Retail/Trade and Logistics (up 6 %), Hospitality (up 5 %), IT, Telecom/ISP and BPO/ITES (up 4 %), Engineering, Construction and Real Estate (up 2 %), Healthcare (up 2 %), and Production/ Manufacturing (up 1 %) witnessed marginal growth on year on year basis April 2022 data
However, sectors such as Government/ PSU/Defence (down 10 %) and Consumer Goods /FMCG (down 10 %) showcased a noticeable downward trend. Import/Export (down 9 %), Oil & Gas (down 4 %) and Shipping/Marine (down 2 %) industries also saw a dip given the possible impact of the Russia-Ukraine war, the global supply chain crisis, and the ban of palm oil export by Indonesia.
However, sectors such as Government/ PSU/Defence (down 10 %) and Consumer Goods /FMCG (down 10 %) showcased a noticeable downward trend. Import/Export (down 9 %), Oil & Gas (down 4 %) and Shipping/Marine (down 2 %) industries also saw a dip given the possible impact of the Russia-Ukraine war, the global supply chain crisis, and the ban of palm oil export by Indonesia.
The Singaporean BFSI industry continues to make substantial strides with job roles in Finance & Accounts (up 35 %) seeing an upswing in growth momentum while hiring for Software, Hardware, Telecom (up 34 %), and Legal (up 26 %) professionals exhibited optimistic outlooks for the months to come. Other functional areas performing exceptionally well include HR & Admin (up 22 %), Marketing & Communications (up 19%), and Real Estate (up 12 %).
Functional Index
All functional areas monitored by the Index recorded positive job sentiments, with a few exceptions seen in Customer Service (up 6 %), Hospitality & Travel (up 10 %) and Healthcare (up 10 %). With the Covid-19 waning globally, several countries including Singapore have dampened curbs and restrictions, leaving more space for recovery, especially in segments such as Travel, Tourism, and Hospitality.
Commenting on the job trends for April 2022, Sekhar Garisa, CEO, Monster.com - APAC & Gulf said, "As Singapore moves closer to pre-pandemic levels, we are hopeful to see a close to full recovery in the coming months, especially in sectors such as Education and Travel & Tourism. Moreover, with the ongoing economic recovery, the country is expected to witness an upward trend in jobs with demand for workers surging in the coming days."