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

SINGAPORE
– Media OutReach – 20 January 2021 – Professional
recruitment services firm Michael
Page Singapore launched the Talent Trends 2021 Report, with
a keen eye on Singapore’s job market.
While hiring activities dipped 35% in 2020 during the COVID-19 pandemic, 40% of
employers cited their plans to increase headcount numbers this year –
indicating an optimistic recovery path.

Nilay
Khandelwal, Managing Director, Michael Page Singapore

Nilay
Khandelwal, Managing Director of Michael Page Singapore, says, “Singapore’s economy has turned a corner and remains a stable, secure and
trusted hub, with seamless connections. As the economy recovers, investment
into the market will flourish, and that would drive the demand for talent amid
the business recovery climate.”

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

According to the report, job creation in Singapore’s
technology sector is driving the uptick in employment. Many businesses in Singapore were not ready for the new normal when
technology capabilities had to ramp up quickly to ensure business continuity
during the pandemic. To that end, Singapore’s fintech and e-commerce sectors
became role models for everybody else. These sectors, in particular, remained
buoyant throughout 2020, thus becoming good examples for non-technology
businesses to follow suit.

2021 will see
further drive to upgrade and digitise businesses where technology professionals
skilled in data engineering, data visualisation, software developing and
cybersecurity will see the most demand. According to the report, 80% of
technology professionals state renumeration and benefits as their top
consideration when accepting a job offer.

Considering
the increased competition for high-potential professionals, Nilay Khandelwal
advises, “Tech professionals are currently in great demand, hence it is
pertinent for employers to ensure they are not a part of a talent auction
process and are paying in line with market standards to attract the right
talent.”

As a viable option to bridge skill gaps
arising from increased investment in digital tools, 20% of companies in
Singapore cited prioritising short-term contractors/temporary employment in
their 2021 hiring strategy. This spiked in the back end of 2020 particularly
across digital, procurement and technology, since travel and borders remain
closed. This is likely to continue in 2021 as businesses in Singapore make more
strategic recruitment plans and hire for the future.