In Singapore, employers are anticipated to be more inclined to hire in the last three months of 2024 compared to the previous quarter. However, hiring sentiment remains weaker than it was a year ago. The ManpowerGroup Employment Outlook survey reveals that Singapore's net employment outlook determined by subtracting the proportion of employers planning layoffs from those intending to hire has risen to 29% for the fourth quarter.
This figure is 9 percentage points higher than in the third quarter but remains 7 percentage points lower than the same period in 2023. Approximately 46% of the 525 employers surveyed expect to increase hiring, while 17% anticipate a reduction. More than 30%, or 36%, foresee no change in their staffing levels, and 1% are uncertain.
Hiring demand is highest in the finance and real estate (64%); transport, logistics, and automotive (44%); and industrials and materials sectors (39%). Only the energy and utilities sector indicated a net negative score of 30% meaning that more companies in this sector are planning to cut their headcounts than hire. By company size, those with a headcount of between 250 to 999 are the most likely to hire, with 58% of the respondents saying such.
Meanwhile, 50% of companies with 1,000 to 4,999 employees plan to hire in the fourth quarter. In contrast, companies with 10-49 employees are least likely to expand their workforce, with only 4% expressing hiring intentions. This is followed by companies with over 5,000 employees, where only 8% indicated plans to recruit more staff. Among the 525 employers surveyed in Singapore, 92% reported that they lack the talent necessary to achieve their environmental, social, and governance (ESG) objectives.
