Job vacancies have doubled in Singapore, new research shows.
The research was carried out by Indeed, a US-based worldwide employment website for job listings, which is said to be the largest such site.
Indeed says the only advanced economies where job postings have doubled since the start of the pandemic are Singapore and Australia.
Singapore’s high number of postings shows that despite the recent surge in Covid-19 numbers due to the Omicron variant, job growth in the country has not slowed down and the labour market continues to grow in strength, adds Indeed.
This also poses a great challenge when it comes to recruitment, as the labour market has continuedto favour job seekers, putting them at an advantage as it offers them more choices and allows them to be more selective in terms of pay and benefits.
On Indeed’s portal, job postings in Singapore had increased by 106 per cent by the end of February compared with where they had been on Feb 1, 2020, consistently outpacing many markets where Indeed operates.
“Singapore is on the road to recovery and the strong job creation speaks volumes about the confidence that businesses have in that recovery,” said Mr Callam Pickering, Indeed’s APAC economist, on Mar 28.
“Nevertheless, people’s expectations of jobs and careers have changed throughout the pandemic and that will present a challenge to Singapore businesses. Jobseekers have greater choice in where and how they work and are in a stronger position to bargain for higher wages or better benefits,” he said.
Mr Pickering warned, however, that existing skill shortages are likely to grow more widespread as the country’s economy recovers. This will pose a challenge on a national level, “until Singapore can tap international talent”.
The sectors with the highest number of job postings have been, production, engineering, installation, and maintenance roles. Each of these sectors has seen increases greater than the national average all throughout the Covid-19 pandemic.
Overall, said Indeed, hiring has not only been consistent with strong employment growth but also with Singapore’s already low unemployment rate (2.4 per cent).
/TISG
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