Singapore’s labour market continued to flourish on all fronts in the first quarter of 2022, with total employment expanding to 42,000.
According to the findings of the Singapore Salary Guide released in collaboration with Singapore-based HR solutions and recruitment company PERSOLKELLY, SkillsFuture Singapore, resident employment exceeded pre-pandemic levels at 3.9% higher than in December 2019, while unemployment rates have continued to trend down to pre-pandemic levels.
The report highlights key trends and challenges that are impacting and transforming Singapore’s industries and workforce, as well as consolidates the latest salary and job developments across key industries.
The report further reveals that Singapore saw a rise in growth sectors such as financial services, information, and communications, professional services, as well as health and social services among residents employment. However, consumer-facing sectors saw a decline largely due to the seasonal pattern of temporary workers hired for year-end festivities leaving in the following quarter.
Job vacancies continued to rise, reaching a new high of 126,100 in Q2 2022. Due to a decline in unemployed people and an increase in vacancies, the ratio of job vacancies among the group also increased to its highest since 1998.
With border restrictions relaxing significantly, the non-resident workforce is expected to make entry in significant numbers, catching up with resident employment growth and alleviating the current labour market tightness. At the same time, amid a weaker external economic outlook, businesses are advised to tap government support and continue with restructuring and transformation to maintain their competitiveness, while upskilling local workers to prepare for new and emerging jobs.
Foo See Yang, Managing Director and Country Head, PERSOLKELLY Singapore, said, “The effects of the pandemic and macro-economic challenges had a dramatic effect on the growth of our economy, and affected many sectors and industries. It is encouraging that this year’s growth outlook remains bright and we hope that this year’s salary guide will be able to provide organisations with refreshed recruitment strategies and approaches to help them attract, retain and develop talents.”
The study, which concluded in July 2022, focused on the following themes: Singapore Labour Outlook, Commentaries, as well as Industries.