Hiring activity cools in tech, manufacturing amid broader caution by employers

HIRING demand has cooled in the once-hot sectors of tech and manufacturing, recruiters told The Business Times, as companies restructure and manufacturers face slowing demand for goods. But tech talent is still sought after in other industries.

Recent tech layoffs globally and in Singapore have made headlines. Demand for technology roles was high in the second and third quarters of the year, but has slowed in the final quarter, said Betul Genc, country manager for Singapore at Adecco.

“Digital transformation and growth escalated during the pandemic where tech firms scaled up extensively,” she noted. Now, facing high inflation and economic uncertainty, Big Tech firms are rethinking their strategies and laying off employees to restructure, she added.