Should professionals in Singapore put their job search on hold this quarter?

Quarter 4 is usually seen as the "quiet" quarter among recruiters and job seekers in Singapore. With festivities round the corner, year-end pressures and the dangling carrot of getting bonuses for their hard work throughout the year, most people put their job search on hold this time.

In my initial years as a recruiter, I believed that this quarter is more for establishing and building relationships for work in the coming quarters. However, with experience that belief started getting weak and completely shattered last year when I made the most placements in the last quarter across industries and seniority level.

While it's true that the second half of December might be quieter than the rest of the year as some hiring managers are on leave, there are still roles that job seekers can apply for. If we look at the net hiring percentage over the last three years, it becomes clear that the actual hiring activity might not be slow as usually assumed to be.

Last year, the net hiring percentage for each quarter of the year was 16%, 18%, 20%, and 17% respectively. And if we look at 2013, then the hiring was strongest in quarter 4 with the net hiring percentage for each quarter of 2013 as 10%, 17%, 15%, and 21% respectively.*

In fact, if you are actively looking out for a role, this quarter might be a good time to look out for opportunities. Here are four reasons why:

1. There is less competition for the roles: With many job seekers putting their job search on hold due to the myth that hiring activity is minimal this quarter, you will have less competition for relevant positions. Also, professionals who get their bonuses this quarter would want to wait till they get bonuses.

However, a lot of companies do not pay their bonuses this quarter. Employees from those companies should definitely tap into the market now.

Even for the candidates who are expecting bonuses this quarter, most hiring processes can take time to complete. There is likelihood that by the time you get the offer, you would have already received the bonus.

For senior enough and niche roles, employers might also be willing to pay sign-on bonus to compensate for the bonus that you might be missing out on.

2. Companies try to meet their hiring budgets: Managers submit their hiring budgets beginning of every year and once it is approved, they would not want to be too short in making the budgeted hires as that will affect their hiring budget for the coming year. They would therefore ramp up their hiring efforts to make these hires.

This has double advantage for job seekers. Firstly, there is a sense of urgency which will make things move fast. Secondly, hiring managers relax their stringent requirements to the absolutely necessary requirements while recruiting, making it slightly easier to get the role you have been vying for.

3. Additional workforce is required during year end: This time of the year is also one of the busiest times of the year where everyone is busy preparing reports, budgets and hitting the annual targets. If one of their staff decides to leave, hiring managers try to find a replacement much faster than the rest of the year.

There is also additional work for most companies. If you are immediately available, then there will be a lot of contract opportunities to help with the workload and get your foot in the organisation.

More than half the time, these contracts get converted to permanent as there is opportunity either due to expected turnover or if the company has done well the previous year, there are newly created roles due to expansion too.

4. Keeping at your job search now will give better results later: Even if you are not fortunate to start a new job this quarter, keeping at your job search is definitely a smart idea.

You should continue applying for jobs and attending initial interviews this quarter. By the time most people decide to look for a new job after Chinese New Year and prepare their CV, you would already be in final stages to get the role.

So, all the best in your job search efforts this quarter. Keep the momentum and you will be happy with the outcome.

*Source: Manpower Employment Outlook Survey 2014 and 2015