Hybrid work is key to Singapore’s employment landscape, with 62% of employees in hybrid roles unlikely to leave their jobs in 2024.
Despite slow economic growth, Singapore’s labor market remains strong, with job openings still 57% above pre-pandemic levels, according to data released by Indeed. While overall job openings are down 25% from their peak in October 2022, all job categories remain at higher levels than before the pandemic.
Job openings will decline in 92% of sectors in 2023, but will still be at twice the pre-pandemic level in 26% of sectors. The fastest growing categories include childcare (+20%), security and public safety (+16%), and hospitality and tourism (+14.5%). Conversely, dental (-39%), media and communications (-37%), and arts and entertainment (-37%) saw the largest declines.
Callum Pickering, senior economist at Indeed Asia Pacific, said: “Singapore’s labor market remains tight with low unemployment and high vacancies. There are currently 1.6 vacancies for every unemployed person in Singapore. This ratio was 1:1 before the pandemic. This means that there is a mismatch between the jobs created and the skills of those without jobs, and that skills shortages remain common and widespread. suggests that addressing this issue should be a priority for HR leaders.”
Remote work remains a key factor in job search trends in Singapore, with almost 4% of searches on Indeed involving remote work. Hybrid work arrangements have been found to be beneficial for employee retention, with 62% of employees in hybrid roles preferring to work completely remotely (51%) or in an office (45%). ) say they are less likely to leave their current jobs in 2024.
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Salary transparency is also improving, with 32% of job postings in Singapore now including salary information, an increase of 14% from 2018. Mention of diversity and inclusion in job descriptions has also increased to 10%.
“With an aging population and evolving technology, it is important to stay focused on the ever-changing landscape. Employers need to understand the key trends impacting the Singapore job market, such as AI and workplace flexibility. These will help the organization grow in 2024 and beyond,” Pickering concluded.