Online recruitment in Singapore grew by 19% in July and August 2019 and 18% in September 2019, year-on-year, as per the latest Monster Employment Index for Singapore.
As per the index, the IT industry recorded maximum growth among all sectors, which started out with a 44% year-on-year increase in July and reached a high point of 49% in August, and finally settling into a steady pace with 46% annual growth in September.
Monster stated, “While Singapore’s overall economic growth experienced a slowdown in Q3, narrowly escaping a technical recession with only 0.1% growth from last year, this doesn’t seem to have impacted the country’s e-recruitment sentiment, which maintained its upward trajectory this quarter.”
Meanwhile, in terms of specific job roles, all of the 12 occupations monitored by the Index witnessed positive e-recruitment growth, reflecting a strong sentiment overall. This was led by Software, Hardware, Telecom professionals, who posted a 33%, 32% and 29% year-on-year increase in demand for July, August and September, respectively. In the advertising & marketing sector, online hiring rose 34%, 38% and 35% for July, August and September, respectively. Other notable industries this quarter were hospitality and consumer goods, which rank amongst the top growth sectors with double-digit YoY increases in online hiring demand during the quarter.
Krish Seshadri, CEO of Monster.com, APAC and Middle East, stated, “Despite the recent slip in overall economic performance, Singapore has always been and still remains one of the most stable and competitive markets in the region. With the US-China trade tensions easing, we can expect some relief and an uplifted market outlook for the rest of the year.”
It seems that businesses seem to endorse this sentiment given the fact that online recruitment continued to grow at a strong pace throughout the quarter. However, while employment growth was strong in the third quarter, but also that the unemployment rate crept up to 2.3%, its highest level in nearly a decade. However, given the fact that companies in Singapore are ramping up hiring of tech talent to boost their digital transformation efforts, online recruitment is expected to maintain a strong momentum going ahead.