Employment in Singapore Recovers as 40% of Companies Increase Headcount in 2021: Survey

January 19, 2021 - 10:35
Employment in Singapore Recovers as 40% of Companies Increase Headcount in 2021: Survey

SINGAPORE- Media OutReach - 20 January 2021 - Professionalrecruitment services firm MichaelPage Singapore launched the Talent Trends 2021 Report, witha keen eye on Singapore's job market.While hiring activities dipped 35% in 2020 during the COVID-19 pandemic, 40% ofemployers cited their plans to increase headcount numbers this year -indicating an optimistic recovery path.

NilayKhandelwal, Managing Director, Michael Page Singapore

NilayKhandelwal, Managing Director of Michael Page Singapore, says, "Singapore's economy has turned a corner and remains a stable, secure andtrusted hub, with seamless connections. As the economy recovers, investmentinto the market will flourish, and that would drive the demand for talent amidthe business recovery climate."

In view of the economic demands, the sectorsearmarked for highest hiring activity are technology & telecommunications,banking & financial services, industrial & manufacturing, FMCG as wellas professional services.

According to the report, job creation in Singapore'stechnology sector is driving the uptick in employment. Many businesses in Singapore were not ready for the new normal whentechnology capabilities had to ramp up quickly to ensure business continuityduring the pandemic. To that end, Singapore's fintech and e-commerce sectorsbecame role models for everybody else. These sectors, in particular, remainedbuoyant throughout 2020, thus becoming good examples for non-technologybusinesses to follow suit.

2021 will seefurther drive to upgrade and digitise businesses where technology professionalsskilled in data engineering, data visualisation, software developing andcybersecurity will see the most demand. According to the report, 80% oftechnology professionals state renumeration and benefits as their topconsideration when accepting a job offer.

Consideringthe increased competition for high-potential professionals, Nilay Khandelwaladvises, "Tech professionals are currently in great demand, hence it ispertinent for employers to ensure they are not a part of a talent auctionprocess and are paying in line with market standards to attract the righttalent."

As a viable option to bridge skill gapsarising from increased investment in digital tools, 20% of companies inSingapore cited prioritising short-term contractors/temporary employment intheir 2021 hiring strategy. This spiked in the back end of 2020 particularlyacross digital, procurement and technology, since travel and borders remainclosed. This is likely to continue in 2021 as businesses in Singapore make morestrategic recruitment plans and hire for the future.