How hard can it be to get a job in Singapore?

It will be very difficult as 58% of Singapore executives won't be hiring this quarter.

Hiring expectations are falling from the high levels of the last two years, due to an uncertain global market environment, says a new study of over 450 executives across key business sectors interviewed last month.

According to The Hudson Report, 42 percent of respondents across all sectors forecast headcount growth in Quarter Four 2011, compared with 56 percent in Quarter Three.

At 6%, the proportion of respondents forecasting staff cuts is almost unchanged from the previous quarter’s 5%. The decline in expectations is greater than in China but much smaller than in Hong Kong.

A correction appeared inevitable after the strong recovery from the 2008 downturn led to an unbroken rise in expectations for almost two years from Q3 2009.

MANUFACTURING & INDUSTRIAL

Manufacturing & Industrial is the only sector with rising expectations this quarter: 51% of respondents say they will hire more staff, up from 44% in Q3. Manufacturing remains strong in Asia and many companies in this sector are still actively hiring, notably for high tech and specialist roles, as work continues on major expansion projects implemented earlier in the year.

IT&T

The IT&T sector also reports that 51% of respondents have positive hiring expectations, compared with 61% the previous quarter. A large proportion of employers in this sector are multinational corporations and some are now implementing recruitment freezes in the light of continuing market turbulence.

HEALTHCARE & LIFE SCIENCES

In the Healthcare & Life Sciences sector, 44% respondents anticipate headcount growth in Q4. This represents a substantial decline from Q3, when 67% expected to hire more staff, a higher figure than for the other sectors. Most companies are still recruiting for technical and other industry-specific roles but the uncertain economic outlook is making them more cautious about filling commercial positions.

CONSUMER / ADVERTISING / MEDIA

Expectations are at a similar level in the Consumer / Advertising / Media sector, where 43% forecast increased hiring, compared with Q3’s high level of 66%. However, no respondents expect to reduce staff numbers. This sector generally sees a slowdown in hiring for sales and marketing roles in the fourth quarter and employees are less likely to switch companies.

BANKING & FINANCIAL SERVICES

At 30%, the Banking & Financial Services sector reports the lowest expectations in Q4. This compares with 49% in Q3 and is unsurprising in the light of the turmoil in global financial markets. Reduced headcount is forecast by 13% of respondents, a much higher proportion than for any other sector. Many of the leading international banks located in Singapore are focusing on reducing costs to cope with challenging market conditions. This is likely to lead to an overall reduction in hiring in the coming quarter.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

Tags: singapore hiring expectations, singapore employment, singapore executives, Hudson Report