A mismatch in the labour market can be indicated by an imbalance between job seekers and job postings. This gap between skills demand and its supply in Singapore has shortened and the rate of mismatch has decreased from 44 percent in January 2015 to 36 percent in May 2019.
The results can be attributed to Singapore’s strong economy in which both employers and job seekers have adjusted to the evolving jobs landscape. As per Indeed, Singapore’s results are comparable to the United Kingdom’s mismatch rate but are much lower than Australia and a little higher than the United States and Canada.
Further, deep diving in the various domains and industries, the report by Indeed highlights talent shortages to be most prevalent in the technology sector. Particularly for technology and sales roles such as software engineering, sales executives and business development, there are fewer skilled candidates to satisfy employer demand. However, Singapore’s tight labour market with an unemployment rate of just 2.2%, means the misalignment is less of a problem than it is in some economies.
Meanwhile, occupations with lower educational requirements such as customer service, driver and teachers have fewer available employment opportunities and an oversupply of candidates to job postings.
“Mismatch in Singapore, has gradually declined over the past four years. Indeed data reveals a dynamic Singaporean jobs market. The island nation is positioning itself as a technology hub, which is readily observable in our data,” shared Indeed economist, Callam Pickerin.
Here are the top 10 roles which are highest in demand but have greatest shortages of talent in Singapore:
- Software Engineer
- Sales Executive
- Business Development Manager
- Software Architect
- Account Manager
- Full Stack Developer
- Data Scientist
- Marketing Executive
- System Engineer
- Sales Engineer
To be better prepared for the rapidly transforming business environment and to lead the innovations that disrupt the world of work, Singapore witnessed a skilling movement named SkillsFuture in 2014. Realizing the need of re-skilling and up-skilling, SkillsFuture was launched to better position Singapore for this constant change with an emphasis on lifelong learning and skills mastery. Since then it has been supporting many and has been preparing them for the emerging skills through various programs. Such programs have so far helped the country bridge the gap between skills demand and supply. However, the journey still continues as new disruptions keep emerging and the demand keeps on changing.
As Dr. Soon Joo Gog, Chief Futurist, Chief Research Officer at SkillsFuture SG, shared in one of her interviews with People Matters, "For individuals, the challenge is that most Singaporeans tend to rely on their employers for training opportunities, which is a traditional mode of thinking. Individuals need to realize that learning and training do not end once they finished school, and they cannot rely solely on employers to chart out a training roadmap for them."
Job seekers must take ownership of their own skills development based on their strengths, interests and the demand in the job market.