Almost half of Singapore employers plan to hire in Q4: ManpowerGroup poll

HIRING sentiment is gaining momentum in Singapore, with nearly half of employers planning to hire in the last quarter of 2024, based on a survey by recruitment firm ManpowerGroup published on Tuesday (Sep 10).

Some 46 per cent of the respondents expect to increase their headcount in Q4. Another 17 per cent anticipate a decrease, while 36 per cent of employers do not expect changes to staffing levels. The remaining 1 per cent were unsure.

This brought the seasonally adjusted net employment outlook (NEO) for the fourth quarter to 29 per cent, up nine percentage points from the preceding quarter – though it weakened seven percentage points on year.

The NEO is a measure of hiring optimism, calculated by subtracting the percentage of employers surveyed that intend to cut staffing from those that plan to add to their workforce.

“Overall, the fourth quarter of 2024 signalled a gradual improvement in the labour market, said Linda Teo, country manager of ManpowerGroup Singapore. “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.”

The survey of 525 Singapore public and private sector employers was conducted in July 2024. The poll was also carried out in 41 other countries and territories.

Globally, the NEO was 25 per cent, slightly lower than in Singapore: 41 per cent of employers expect to hire; 16 per cent expect reductions; 39 per cent expect no changes; and 4 per cent were unsure.

Sentiment by industry

Most of the nine sectors surveyed in the Republic anticipate staffing increases, with the exception of the energy and utilities industry, with an NEO of -30 per cent.

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The strongest hiring sentiment was recorded in finance and real estate, at an NEO of 64 per cent, rising 49 per cent from Q3 and 18 per cent since Q4 2023. It also ranked first globally for the sector’s outlook, beating the global average NEO by 32 percentage points.

The growing emphasis on quantum and artificial intelligence technologies within financial institutions is anticipated to fuel job creation in the sector, said Teo.

Transport, logistics and automotive (44 per cent), and industrials and materials (39 per cent) reported the next-highest net hiring demand.

But over 80 per cent of employers in these top three industries also reported difficulty in finding the skilled talent they need.

Other manpower concerns

Beyond employment outlooks, the report also looked at Singapore employers’ sentiment in other areas.

When it comes to negotiating pay, working location and flexible hours, 77 per cent of employers in Singapore believe they hold the power.

The vast majority of organisations in Singapore lack the necessary talent to meet their environmental, social, and governance goals.

For worker retention, employers prioritise increasing work-life balance, training managers to better support workers, and reducing stress.

Companies are also making efforts to better support the LGBTQIA+ workforce, through hiring, education and training, and non-discrimination policies.