Growing Labour Trends in Singapore’s Workforce
Amidst the evolving landscape of Singapore's labour market, two prominent reports have shed light on the prevailing trends shaping the nation's workforce in 2023. The Ministry of Manpower (MOM) Labour Market Report reveals promising growth figures, hinting at a potential turnaround after prolonged economic uncertainty marked by mass redundancies and inflation. On the other hand, Microsoft's Work Trend Index Annual Report (WTI) emphasises the transformative power of AI in the workplace, offering solutions to mitigate the burden of instability.
Examining The Trends
1. Hiring Activity
After grappling with employment stagnation for the past three years, 2023 brings a glimmer of hope for the Singaporean job market. The MOM Labour Report highlights crucial insights:
Uptick in hiring of International Professionals: An increase in international professionals hiring and a decline in unemployment rates signify a shifting job market rather than a contracting one. Notably, total employment is 3.8% higher than pre-pandemic levels, with global talents contributing to 91.5% of the overall employment growth.
Rise in sustainability job opportunities: Employers in Singapore are prioritising candidates who can advise organisations on how to adopt sustainable practices. LinkedIn’s 2023 Green Skills Report reveals that Singapore’s finance workforce has five times as many green skills as the global industry average.
Focus on senior hires: Amidst a steady flow of businesses launching in or expanding into Singapore, strategic senior hires, such as Vice Presidents of Growth and Business Development, remain a common priority for companies.
Backfilling roles: In the aftermath of the Great Resignation, filling vacant positions takes precedence for employers, resulting in only 39% of newly created job vacancies in Singapore in 2022, down from 44% in 2021.
2. AI and Productivity
The integration of AI and technology has significantly bolstered productivity across various industries in Singapore. Microsoft's WTI report emphasises the positive impact of AI on productivity and creativity in shaping the future of work.
Despite the shifting perception of AI from fear to optimism, some Singaporean companies remain cautious about fully integrating AI into their operations. The report indicates that local business leaders are comparatively less enthusiastic about AI adoption than their global and regional counterparts.
However, it is noteworthy that three out of four Singaporean workers express comfort in using AI for diverse work tasks, making Singapore the fastest-growing market for AI talent and innovation in Asia.
What The Trends Imply
These labour trends have promising implications and opportunities for individuals seeking to reshape their careers. Amidst the economic uncertainties, technology's transformative impact opens doors to new job prospects and drives growth across various sectors.
For workers in Singapore, embracing business transformation and exploring industries with high hiring rates is a strategic approach. As the MOM report also advises:
“To remain competitive and resilient amidst a backdrop of a global economic slowdown and a more uncertain business environment, we encourage employers and workers to press on with business and workforce transformation and make full use of government programmes to adapt to the changing environment.”
While navigating through periods of significant change, businesses may face challenges in maintaining productivity while managing costs. At this juncture, Accela Talent's executive search and recruitment capabilities can prove invaluable in identifying professionals for critical roles. Additionally, our reliable HR outsourcing services aid organisations in streamlining costs without compromising service quality.
For companies seeking support during these transformative times, reach out to us at hello@accela.asia and let Accela Talent help you drive success in the ever-evolving landscape of Singapore's workforce.
