- Singapore’s Net Employment Outlook (NEO) for Q4 2024 is +29%, improving 9% from Q3 2024, but weakening 7% year-over-year.
- Across the sectors, the Financials and Real Estate industry report the strongest outlook of +64%, the strongest hiring sentiment in Singapore and globally.
- More than 7 in 10 Singapore employers believe they hold the power in negotiations.
- 92% of organizations in Singapore do not have the talent they need to meet their Environment, Social, and Governance (ESG) goals.
- Nearly half (47%) of companies in Singapore have formal LGBTQIA+ inclusion strategies, and another 25% are developing them.
SINGAPORE, Sept. 10, 2024 /PRNewswire/ — Hiring sentiments in Singapore gain momentum as employers gain confidence, reveals the latest ManpowerGroup Employment Outlook Survey.
Out of the 525 employers in Singapore surveyed about their hiring plans for the October to December period, 46% plan to hire, 17% anticipate a decrease in their staffing levels, while 36% do not expect any change. The Net Employment Outlook (NEO) after seasonal adjustment is +29%, growing 9% from last quarter, but weakening 7% year-over-year.
Used internationally as a bellwether of economic and labor market trends, the NEO is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire.
Employers in eight of nine sectors expect to increase headcount, with the most competitive sector being Financials and Real Estate, with a NEO of +64%, rising 49% from last quarter and 18% since the fourth quarter of 2023.
“The growing emphasis on quantum and artificial intelligence (AI) technologies within financial institutions is anticipated to fuel job creation in Singapore’s Financials and Real Estate sector,” comments Ms. Linda Teo, Country Manager of ManpowerGroup Singapore. “Overall, the fourth quarter of 2024 signaled a gradual improvement in the labor market. That said, we are at a tipping point where the economy and job market could either move towards recovery or face a further slowdown. Given Singapore’s open economic landscape, it remains to be seen if hiring optimism will continue amid global uncertainties.”
- Hiring sentiments gain momentum as employers gain confidence in Q4 2024: Singapore’s NEO for Q4 is +29%, increasing 9% from Q3 2024, but down 7% year-over-year. While 8 out of 9 sectors report positive hiring outlooks, hiring sentiments are weaker in 3 sectors compared to Q3.
- Singapore’s Financials and Real Estate sector ranks first globally: The sector beats the global average NEO by 32 points, reporting an Outlook of +64%, an improvement of 49% from Q3 and 18% year-over-year.
Besides employment outlooks, the report also shed light on Singapore employers’ sentiment on the Gen Z workforce, strategies for retention and diversity and inclusion, as well as the ESG skills gap.
- Balance of power still favors employers: More than 7 in 10 employers in Singapore believe they hold the power in negotiations. This includes matters regarding pay (75%), working location (78%), and flexible hours (68%).
- Singapore employers believe Gen Z employees feel stressed despite being supported in personal well-being: Even as 84% of employers believe Gen Z employees are supported in work-life balance and personal well-being, 69% perceive their Gen Z workforce as feeling stressed daily.
- Employers prioritize work-life balance as they focus on worker retention: As they focus on increasing worker retention, employers in Singapore are working to increase work-life balance (61%), train managers to better support workers (50%), and reduce worker stress (48%).
- Employers are implementing various measures to better support their LGBTQIA+ workforce: Top three measures include hiring to increase diverse representation (57%), implementing company-wide diversity education and training (56%), and implementing non-discrimination policies (53%).
“While employers may believe they hold the power in negotiations, as the competition for skilled talent intensifies, employers may need to rethink their negotiating tactics,” Ms. Teo says. “Employers who want to attract and retain skilled talent should be willing to demonstrate flexibility and a willingness to meet the needs of their employees so they can position themselves as employers of choice.”
Employment Outlooks Across the Asia Pacific
- Hiring managers across the Asia Pacific region anticipate the second strongest regional Outlook (27%), an increase from the previous quarter (+4%) but decreased when compared to the same time last year (-5%).
- India (37%), Singapore (29%), and China (27%) continue to report the strongest Outlooks in the region. The most cautious Outlooks were reported by employers in Hong Kong (8%).
- The strongest Outlook globally for the Financials & Real Estate (64%) industry vertical was reported by employers in Singapore.
To view complete results for the fourth quarter 2024 ManpowerGroup Employment Outlook Survey, visit: www.manpowergroup.com.sg/meos. The next survey will be released in December and will report hiring intentions for the first quarter of 2025.
ABOUT THE SURVEY
The ManpowerGroup Employment Outlook Survey is the most comprehensive, forward-looking employment survey of its kind, used globally as a key economic indicator. The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity.
SURVEY METHODOLOGY
The methodology used to collect NEO data has been digitized in 42 markets for the Q4 2024 report. Survey responses were collected from July 1-31, 2024. Both the questions asked, and the respondent profile remain unchanged. The size of the organization and sector are standardized across all countries and territories to allow international comparisons.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding labor demand in certain regions, countries, industries, and economic uncertainty. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2023, which information is incorporated herein by reference. ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this release, except as required by law.
ABOUT MANPOWERGROUP SINGAPORE
Established in 1995 in Singapore, ManpowerGroup works with a range of manufacturing, resources, mining, transport and logistics, government, blue chip investment and retail banks, IT vendors and outsourcers, telecoms service providers and infrastructure, utilities and engineering services companies. In Singapore, the ManpowerGroup suite of solutions is offered through Manpower®, and Talent Solutions. More information on ManpowerGroup Singapore is available at: www.manpowergroup.com.sg
ABOUT MANPOWERGROUP
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2024 ManpowerGroup was named one of the World’s Most Ethical Companies for the 15th time – all confirming our position as the brand of choice for in-demand talent.
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