One-third of employers anticipate weak hiring environment
This marks the weakest net employment outlook in 11 years.
About 38% of employers are expecting a decline in hiring activities, whilst 46% are not expecting any changes, according to a survey by ManpowerGroup Singapore. After accounting for seasonal variation, the net employment outlook stands at -28%.
This suggests that hiring intentions have been the weakest amongst employers since 2009, ManpowerGroup Singapore said. However, two-thirds or 66% of employers surveyed expect hiring levels to return to pre-COVID-19 situation within the next 12 months.
Respondents of the survey project that there will be a slash in payrolls in the coming quarter. With a reported 57%plunge in the net employment outlook, the mining and construction sector is forecast to be the weakest labour market followed by services and manufacturing sectors with -35% and -21%, respectively. The finance, insurance and real estate as well as transportation and utilities sectors reported outlooks of -3% and -1%, respectively. The only sector projecting a positive employment outlook is the public administration and education sector, which showed a +10% outlook.
Out of all the Asia Pacific countries and territories, Japan is anticipating the strongest labour market, whilst the weakest markets are expected to be Singapore and Australia.