SG Job Market Shows Signs of Recovery

Image credit: iStockphoto/fizkes

Employees and job hunters can be more optimistic about the Singapore job market in 2021.

The Talent Trends 2021 Report by Michael Page Singapore showed that while hiring activities dipped 35% in 2020 during the COVID-19 pandemic, 40% of employers cited plans to increase headcount numbers this year.

“Singapore’s economy has turned a corner and remains a stable, secure, and trusted hub, with seamless connections. As the economy recovers, investment into the market will flourish, and that would drive the demand for talent amid the business recovery climate,” said Nilay Khandelwal, managing director of Michael Page Singapore. 

The sectors that will see the highest hiring activity are technology & telecommunications, banking & financial services, industrial & manufacturing, FMCG, and professional services.

The report noted that COVID-19 caught many Singaporean companies unprepared for new skills when they had to ramp up technology capabilities to ensure business continuity. Singapore’s fintech and e-commerce sectors soon became role models for other industries. These sectors remained buoyant throughout 2020 and offered an ample reason for non-technology businesses to use them as good examples.

2021 will see a further drive to upgrade and digitize businesses, said the report. Technology professionals skilled in data engineering, data visualization, software development, and cybersecurity will be in most demand. In turn, 80% of technology professionals stated remuneration and benefits as their top consideration when accepting a job offer.

“Tech professionals are currently in great demand; hence it is pertinent for employers to ensure they are not a part of a talent auction process and are paying in line with market standards to attract the right talent,” said Khandelwal.

Meanwhile, short-term or temporary employment will also grow in Singapore. The report noted that this would be a viable option to bridge skill gaps from increased investment in digital tools. Twenty percent of Singapore companies cited prioritizing short-term contractors/temporary employment in their 2021 hiring strategy.

The report noted that the focus on short-term employment would likely continue in 2021 as Singapore companies make more strategic recruitment plans and hire for the future.

Image credit: iStockphoto/fizkes