Employment to reach pre-recession hiring rate in 2010
2010 is projected to be a great year for job seekers in Singapore as hiring is predicted to reach pre-recession rates, says a survey by Manpower Singapore.
Singapore’s seasonally adjusted Net Employment Outlook stands at +26%, indicating a relatively stable labor market.
Employer optimism for the third consecutive quarter is on the rise as out of 699 employers interviewed across seven industry sectors in Singapore, 27% expect to increase headcount, 6% anticipate a decrease, while 65% foresee no change to their workforces.
Hiring intentions in Singapore have also improved quarter-over-quarter by 9 percentage points. Year-over-year, recovery has been strong with a steep improvement of 60 percentage points. This hints that the worst of the recession may be over and job seekers are likely to find many more job opportunities in the market than a year ago at this time.
“The labor market appears to have turned the corner; our Q1 2010 survey is telling us that the positive trend from the previous two quarters continues,” said Peter Haglund, Country Manager of Manpower Singapore. “The survey supports the views that the worst might be over for Singapore’s labor force. Employers are telling us that they see an improved hiring climate in the months to come. Although the overall hiring outlook is back to levels before the recession, we still see signs of cautious hiring in Transportation & Utilities and Wholesale & Retail Trade sectors. Employers in both sectors still project a positive hiring but at a slower pace compared to
last quarter.”
Employment increases are expected during the Quarter 1 of 2010. It is likely that the most robust hiring prospects will be in the Finance, Insurance & Real Estate sector, where Net Employment Outlook is at +37%; as well as in the Public Administration & Education sector, which has an Outlook of +36%. Hiring in the Mining & Construction sector and Services sector are also set to rise with Outlooks of +33% and +31%, respectively.
“As the labor market eases, companies need to work on their employer branding to ensure that they can retain and attract the right talent. If programs have yet to be put in place to build on a compelling employer brand, it is important to establish the plans now. Success depends on having the right team in place, and with improving labor market conditions we expect high employee turnover – especially if people feel their employers have treated them poorly. So the willingness of people to change jobs and stronger demand will lead to fierce competition among employers to hire the best talent. Also recognize that the top priorities to unleash a talent’s potential are individual development as well as career prospects,” said Peter Haglund.
Employer optimism increased from Quarter 4 2009 in all eight countries and territories surveyed in Asia Pacific region. Hiring plans are strongest in India, Singapore, Taiwan and Australia, with Japanese employers reporting the weakest – and only negative – Outlook.
The next Manpower Employment Outlook Survey will be released on 9 March 2010 to report hiring expectations for the second quarter of 2010.
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