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Outlook for online hiring in Singapore 'extremely positive': report
THE overall outlook for online hiring in Singapore is "extremely positive", and with emerging technologies disrupting entire industries, the demand for skilled talent is bound to continue in the second half of the year, according to global employment firm Monster's Employment Index Q2 2018.
It cited the quarterly job forecast by the Manpower Group as saying that 17 per cent of local employers here are expecting to increase staffing within the next quarter, with employers in the finance and insurance industry stating the highest hiring intentions.
The report noted that Singapore’s banking and financial services sector remained the strongest in online hiring activity among all industries throughout April, May and June year on year.
"Considering the strong links between the finance and technology sector, as well as Singapore’s position as a leader in emerging technologies, both industries continue to show solid and steady growth, which is expected to carry over until next year," it said.
In recent years, Singapore has firmly managed to establish itself as a fintech hub, increasing its quarter-on-quarter overall fintech investment between Q1 and Q2 2018.
"Leading efforts in the region, Singapore is a great example of how favourable regulatory initiatives can result in innovation and economic growth. By instituting a business-friendly environment and regulations, Singapore has managed to solidify the country as the first port of call for regional investments. In comparison, other countries still lag behind, as Thailand’s laws and tax regulations, for example, have significantly impeded foreign investment." it said.
According to the OECD, Singapore’s GDP (gross domestic product) is expected to grow by 2.3 per cent on average year on year within 2018-2022.
"While trade-related services and manufacturing have gained momentum, it’s the strong emphasis on digitalisation across industries as well as the government’s proactive commitment to investing in infrastructure that fosters the growth drive," the report said.
"Thanks to that investment, Singapore has managed to manifest the digital economy as a major contributor to its output. However, it’s essential to leverage worker skills in order to retain its leadership position in the region."