Number of online jobs grew 9.6% in Q4

The hunt for online jobs in the banking and healthcare sectors recovered.

The number of online jobs in Singapore grew by 9.6% YoY in Q4, thanks to the addition over 2,000 jobs from four sectors, JobTech revealed.

According to a press release, there was a recovery in the number of online jobs from sectors such as banking & finance, healthcare, logistics, real estate, and retail & wholesale.

Albeit the healthcare sector posted the most number of jobs for 4Q2017 across the recovery sectors, banking & finance showed the highest growth rate with approximately 700 more jobs than the same period last year, which is equivalent to more than 35% YoY growth for the sector.

Export-driven sectors such as logistics and retail & wholesale are also experiencing an advance uplift in 4Q2017 due to better global economic outlook for 2018, outperforming the same period a year ago with 28% and 11% more online jobs respectively.

In terms of the number of online jobs, the electronics & semiconductor sector continues to decline in 4Q2017 after its fall in online job counts a quarter ago. The sector's smaller hiring appetite in 4Q2017 has reduced its hiring level back to 2.5% below that of 4Q2016, making the last quarter of 2017 the second consecutive quarter of negative growth for the electronics & semiconductor sector.

For sectors such as offshore & marine, tourism & hospitality, and construction, their YoY online jobs growth rates in 4Q2017 were also recorded to be significantly lower than the market average.

Here's more from JobTech:

In 2017, the employment demand from the 5 growth sectors: Finance; Professional Services; Communications and Information; Wholesale Trade; and Healthcare, supported by the Ministerial Workgroup launched in July 2017, have grown faster than the overall job market.

The growth rate for these sectors were all above the overall average market growth rate for online jobs across 2017. Banking and Finance grew 260 basis points (bps) above the market, Healthcare at 40bps above the market, Professional Services and Communications and Information at 40 bps above market average, and Whole Sale and Trade grew on par with the market rate.

2017 was a turbulent year for the Singapore jobs market, where we saw some recovery in employment demand amid uncertainties. Against a backdrop of slower global economic growth and domestic market restructuring, Singapore experienced fluctuations in the level of online job opportunities over the past 4 quarters. However, the jobs market is expected to stabilize in 2018, where growth rates for different sectors are likely to converge due to various economic forces at play.

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