Driven by a positive business outlook for 2014, Singapore-based companies have indicated strong hiring plans for Q3 2014. This is according to the Manpower Employment Outlook Survey: Q3 2014 released by the Manpower Group released on Tuesday.
700 employers across 7 industries were interviewed about hiring prospects between July and September 2014. The industries include 1) finance, insurance real estate, 2) manufacturing, 3) mining construction, 4) public administration education, 5) services, 6) transportation utilities and 7) wholesale trade retail trade.
According to the survey, 22% of the employers surveyed expect an increase in employment, up from 20% in Q3 2013. 2% expect to cut their headcount, down from 5% the same period last year. In addition, 60% of employers said there will be no change in employment while 16% responded that they don’t know.
Hiring outlook across industries
The transportation utilities and finance, insurance real estate sectors reported the strongest net employment outlook (NEO) outlooks in the survey. The NEO for these sectors was reported to be 24% and 23% respectively. This is followed by the mining construction (22%), the public administration education (19%), the manufacturing (16%), services (15%) and wholesale, trade retail sectors (14%).
Commenting further on these results, Mr. Satish Bakhda, Chief Operating Officer, Rikvin said, “The survey indicates that hiring outlook is positive across all industries measured. This could be due to Singapore’s positive macroeconomic outlook that it is on track to grow 3.8% this year, on the back of 4.9% growth in Q1 2014. Furthermore, the recovery of labor market in the U.S. is expected to support consumer spending that may raise demand for capital expenditure and IT upgradation. The Eurozone is also expected to emerge from two consecutive years of economic contraction. As such, the overall positive business outlook has resulted in new plans for hiring employees in the third quarter.”
Singapore still a top destination for global professionals
Rikvin recognizes that Singapore’s appeal to professionals from all over the world will still buoy its labour competitiveness and support employers’ wishes to hire in Q3 2014. According to the recently published Global Professionals on the Move report by HR firm Hydrogen, Singapore was ranked as the seventh most popular destination for global professionals. However, there are concerns that the impending Jobs Bank will make it harder for employers to hire talent from overseas.
Commenting on this, Mr. Bakhda said, “It remains to be seen whether the Fair Consideration Framework will make it more challenging for companies to apply for a visa to work in Singapore for a potential employee, for example. On one hand, businesses have to be smart about applying for the Employment Passes for foreign workers. Singapore still welcomes candidates in sectors where there is a scarcity of trained workforce and in the sunrise sectors the Government is trying to develop.”
“On the other hand, we expect that the Jobs Bank to improve employers’ visibility of local job seekers and possibly help them source candidates based in Singapore. In any case, we are optimistic that Singapore has other strengths that inspire a positive business and hiring outlook. We are also positive that Singapore continues to remain attractive as one of the Asian cities to advance one’s international career,” affirmed Mr. Bakhda.
Established in 1998, Rikvin has partnered with thousands of investors, entrepreneurs and professionals who want to work or do business in Singapore. Rikvin’s areas of expertise include company Singapore company registration, accounting, taxation and other related corporate services. Rikvin is also a licensed employment agency and offers a full spectrum of Singapore work visa services for foreign professionals who wish to relocate to Singapore.
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Hiring Outlook in Singapore Remains Strong for Q3 2014: Rikvin