Singapore’s Net Employment Outlook is +4%, the weakest reported in two years
Across seven industry sectors, employers in the Public Admin & Education sector report the strongest Outlook of +19%
Employers in Singapore and China report the weakest Net Employment Outlooks in the Asia Pacific region
SINGAPORE (10 SEPTEMBER 2019) – Based on the latest ManpowerGroup Employment Outlook Survey results, job seekers can expect a tighter job market in the fourth quarter of 2019. Out of nearly 670 Singaporean employers surveyed on their hiring plans for the upcoming quarter, 13% anticipate an increase in payrolls, 8% forecast a decrease and 77% expect no change. The resulting Net Employment Outlook is +4% after accounting for seasonal variation – the weakest outlook reported in two years. Hiring prospects decline by 7 percentage points when compared with the previous quarter and are 8 percentage points weaker in comparison with this time one year ago.
Ms. Linda Teo, Country Manager of ManpowerGroup Singapore, says, “Global and regional trade conflicts, plus warnings of a possible recession, have dampened business confidence in Singapore. Anticipating that business will be affected by the economic downturn, companies are limiting their hiring activity. Some companies are also turning to upskilling their employees instead of hiring new staff.”
Employers in five of the seven industry sectors expect to add to payrolls during the forthcoming quarter. The strongest labor market is anticipated by Public Administration & Education sector employers, reporting an Outlook of +19%.
Elsewhere, employers in Mining & Construction and the Wholesale & Retail Trade sectors expect moderate hiring activity, reporting Outlooks of +10% and +8%, respectively. The Outlook in the Finance, Insurance & Real Estate sector remains relatively stable from last quarter at +5%. Employers in the Manufacturing sector and Services sector report their weakest hiring outlook in a decade, which is at 0% and +2%, respectively. Meanwhile, Transportation & Utilities sector employers expect to trim payrolls, reporting an Outlook of -5%.
Compared to last quarter, hiring intentions weaken in five sectors, most notably in the Services and Transportation & Utilities sectors, where the Outlook declined by 16 percentage points and 13 percentage points respectively.
In a comparison with the final quarter of 2018, hiring intentions weaken in all seven industry sectors. Public Administration & Education sector employers report the most noteworthy decline of 17 percentage points, and Outlooks decrease by 12 percentage points in two sectors ꟷ the Manufacturing sector and the Transportation & Utilities sector. Hiring intentions are considerably weaker in the Services sector where employers report a decline of 10 percentage points, and in the Finance, Insurance & Real Estate sector with a decrease of 9 percentage points.
“While job opportunities may be limited, there remain pockets of opportunity as employers are still hiring to fill the skill gaps in their workforce. Job seekers, especially IT talent, with trending skills such as digital marketing and blockchain will find it easier to secure a job as companies move towards digitalizing their processes,” says Ms. Teo.
Payroll gains are forecast for all eight Asia Pacific countries and territories in the next three months. Hiring plans improve in three countries and territories when compared with the third quarter of 2019 but weaken in four. The strongest labor market in the region is anticipated by Japanese employers for the sixth consecutive quarter, while the weakest Outlooks are reported in both China and Singapore.
NOTE:
Net Employment Outlook: This figure is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this the percentage expecting to see a decrease in employment at their location in the next quarter.
To view complete results for the ManpowerGroup Employment Outlook Survey, visit: www.manpowergroup.com.sg/meos.
About ManpowerGroup Singapore
Established in 1996 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 ManpowerGroup® Solutions, Manpower®, Experis®, and Right Management®. 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®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for over 70 years. In 2019, ManpowerGroup was named one of the World's Most Ethical Companies for the tenth year and one of Fortune's Most Admired Companies for the seventeenth year, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com