Singapore hiring slows by 11% in 2024

The country saw a 45% decline in tech roles.

The job market in Singapore has experienced an 11% decline in hiring over the past year.

In a report by foundit, the country’s retail sector saw a 9% decline in hiring, largely due to the growing dominance of e-commerce.

The hospitality industry recorded a 15% drop in recruitment, indicating weaker workforce demand.

“This low performance might be attributed to limited promotional initiatives, tighter visa norms and technological shifts such as jobs being outsourced to artificial intelligence (AI) and automation,” the report noted.

Singapore also saw a 45% decline in tech roles.

Moreover, the marketing & communications sector saw a 9% decline in hiring, primarily due to budget cuts in traditional marketing roles.

The HR & administration sector also experienced a 12% drop in hiring, as companies increasingly outsource administrative tasks and adopt automation to cut costs.

“The evolving employment landscape across Southeast Asia is shaped by key factors such as digital adoption, workplace dynamics, and shifting compensation strategies,” said V Suresh, CEO of foundit.

“In Singapore, technology and efficiency are redefining industry roles,” he said. “Overall, businesses that strike a balance between technology-driven strategies and employee well-being will be best positioned to navigate these shifts and sustain long-term growth."

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