Optimism on hiring, but there’s a catch

It is reassuring that job prospects in Singapore are looking up despite global economic uncertainties, with nearly half of employers polled here planning to continue to hire staff in the last quarter of 2023. This is revealed by the just-released results of a survey of 510 public and private sector employers that was conducted in July 2023 by recruitment company ManpowerGroup. A total of 48 per cent of the respondents expected to increase their staffing levels in the fourth quarter. Another 12 per cent anticipated a decrease, while 38 per cent of employers reported no plans to change their headcount, and 2 per cent were unsure. Similarly good prospects for workers are promised by the results of the Singapore Business Federation’s Survey on Manpower and Wages, which covered 282 businesses, comprising small and medium-sized enterprises as well as large companies, across all major industries in July. It found that most employers here look set to offer staff pay rises in the year ahead.

Taken together, the two surveys point to the presence of hiring optimism and wage growth, signs that speak of the strength of Singapore’s economic fundamentals even as the global environment sours. True, there are sectors that will face challenges, but there are also sectors that expect to do well. Hence the reality of differentiated and sustainable wage growth that reflects productivity levels in various sectors.