Polytechnic grads affected as hiring demand and job vacancies plunge in 2024

SINGAPORE: In 2024, fresh polytechnic graduates experienced a noticeable decline in employment opportunities, with only 54.6% securing full-time permanent jobs, a drop from nearly 60% in the previous year. Education Minister Chan Chun Sing attributed this decline to a combination of lower hiring demand and a reduction in job vacancies, especially across certain sectors. He noted that this impact was not uniform, with significant variations between different polytechnic course clusters.

While graduates from health sciences and humanities courses continued to enjoy strong employment results, those from engineering and information technology faced higher unemployment rates. The downturn in sectors like tech, affected by cyclical industry changes, played a key role in the diminished demand for workers in these fields.

Sectoral shifts and graduate choices contribute to employment gaps

According to the latest Straits Times report, the results of the 2024 Graduate Employment Survey, which surveyed over 7,600 fresh polytechnic graduates, revealed a stark contrast between those entering certain industries. While the unemployment rate for polytechnic graduates rose from 7.3% in 2023 to 12.5% in 2024, many students were either not actively seeking work or choosing to pursue further education.

Minister Chan highlighted that some graduates had turned down permanent job offers, citing factors such as dissatisfaction with work-life balance or salary expectations.

This trend may reflect evolving graduate priorities, though it could also impact long-term employment prospects. The Ministry of Education (MOE) is closely monitoring whether this is a short-term issue or a sign of broader, more lasting shifts in graduate employment behavior.

Adapting to future workforce needs with industry collaboration

While the drop in employment rates is concerning, Minister Chan pointed out a positive trend — an increasing number of polytechnic graduates are opting to further their studies before entering the job market. This, he suggested, may be beneficial in the long run as graduates gain additional skills. However, he emphasized the importance of greater collaboration between polytechnics, universities, and industry players to ensure that educational pathways align with future job market demands.

Forecasting workforce needs is a complex task, and predicting the types of skills required in the years ahead will be critical to ensuring that polytechnic graduates are well-prepared to meet evolving market challenges.

The 2024 graduate employment survey underscored the growing need for educational institutions to continuously adapt their curricula and work closely with industry stakeholders. Only through a strategic alignment of education and employment trends can Singapore ensure that its polytechnic graduates remain competitive and well-positioned in a rapidly changing job landscape.