Hiring Trends for 2024; Key Findings from Q4 2024 Labour Market Report.
In this month’s newsletter, we bring you the latest insights on hiring trends for 2024, based on the Ministry of Manpower’s Job Vacancy 2024 Report. We also highlight key findings from the Q4 2024 Labour Market Report.
Additionally, we share valuable perspectives from the World Economic Forum’s Future of Jobs Report 2025, exploring workforce strategies and the evolving trends and skills required for 2025–2030.
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Hiring Trends in 2024
The Ministry of Manpower released the Job Vacancy 2024 Report on March 28, 2025. Here’s a summary of the key trends:
1. Job Creation Driven by Business Expansion
- 45.7% of vacancies in 2024 were newly created positions, primarily due to business expansion.
- The majority (54.7%) resulted from the expansion of existing business functions as the economy grew.
- More companies expanded into new functions, increasing from 24.4% in 2023 to 31.2% in 2024.
- Information & Communications (75.1%) led in job creation, followed by Professional Services (49.1%) and Financial & Insurance Services (48.9%).
- Retail Trade and Food & Beverage Services saw declines in new job creation as business growth slowed.
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2. Increasing Demand for PMET Roles
- PMET vacancies rose to 57.7% in 2024, up from 57.2% in 2023 and 43.4% in 2014.
- Growth sectors driving this demand include Information & Communications (15.0%), Financial & Insurance Services (10.4%), and Professional Services (10.2%).
- These roles are largely filled by resident PMETs, with 227,500 new local hires in the past decade, compared to 22,100 EP and S Pass holders.
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3. Decline in Long-Term Job Vacancies
- Vacancies unfilled for six months or more have decreased to 19.4% in 2024, down from 23.5% in 2023 and 41.4% in 2014.
- The largest decline occurred in non-PMET vacancies was due to efforts such as foreign manpower access, technology adoption, job redesign, and skills upgrading.
- PMET jobs (14.4%) show stronger hiring outcomes.
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4. Hiring Challenges
- Non-PMET vacancies (27.2%) remain harder to fill, particularly in labor-intensive industries like Administrative & Support Services, Food & Beverage, Accommodation, and Retail.
- Common unfilled non-PMET jobs include bus drivers, cleaners, waiters, shop sales assistants, and receptionists, primarily due to physically demanding tasks, unfavorable schedules, and unattractive pay.
- PMET vacancies are often difficult to fill due to specialized skill shortages, unattractive pay, and lack of relevant experience, with initiatives from agencies like Workforce Singapore (WSG) and SkillsFuture Singapore (SSG) helping close these skill gaps.
5. Shift Towards Skills-Based Hiring
- 78.8% of job openings in 2024 did not require specific academic qualifications (up from 74.9% in 2023).
- Among these, 66.0% of employers considered other factors such as skills and experience when selecting candidates
- 58.1% of vacancies were open to candidates with lower qualifications than originally stated, reflecting a more inclusive hiring approach.
- Employers found skills-based hiring led to:
- Faster recruitment
- A broader talent pool
- Better employee performance
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Click here for full report
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Labour Market Report 4Q 2024
The Ministry of Manpower released the 4Q 2024 Labour Market Report on March 19, 2025. Here’s a key summary of the findings.
Total Employment
Total employment grew by 44,500 in 2024, down from 78,800 in 2023.
Resident employment rose by 8,800, reversing a 4,600 decline in 2023. Growth was driven by higher-skilled sectors, including:
- Financial & Insurance Services
- Health & Social Work
- Professional Services
- Information & Communications
However, declines were seen in lower-skilled sectors like:
- Food & Beverage Services
- Administrative & Support Services
Non-resident employment grew more slowly in 2024 (+35,700) than in 2023 (+83,500). The increase was mainly among Work Permit holders (+39,400), filling blue-collar roles. Meanwhile, Employment Pass (EP) and S Pass numbers remained stable as firms adjusted to COMPASS and higher salary requirements.
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Unemployment
The unemployment rates (overall: 1.9%, resident: 2.8%, citizen: 2.9%) and resident long-term unemployment rate (0.8%) remained low and stable in December 2024, reflecting continued labour market tightness.
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Retrenchment
There were 13,020 layoffs for the full year of 2024, down from 14,590 in 2023.
The number of employees subject to shortened working hours and temporary layoffs also decreased from 3,110 in 2023 to 2,210 in 2024. This reflects a favorable overall business and economic environment in 2024.
The number of layoffs increased from 3,050 in the third quarter of 2024 to 3,680 in the fourth quarter of 2024.
In particular, in the financial and insurance services, layoffs jumped from 270 to 620. This was due to an increase in the proportion of companies that laid off workers due to rising costs.
Along with the increase in layoffs, the number of employees eligible for shortened working hours and temporary leave of absence has also increased to 660, which remains at pre-pandemic levels (less than 1,000).
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Job Vacancies
Job vacancies rose to 77,500 in December 2024, up from 61,500 in September 2024.
Around 70% were in roles typically filled by residents, particularly in:
- Professional Services
- Information & Communications
- Financial & Insurance Services
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Market Outlook
The labour market is expected to continue expanding in the near term. MOM’s survey shows more employers plan to increase wages and headcount in the next three months compared to September 2024. However, global trade tensions and slower domestic economic growth could soften labour market performance.
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Workforce Strategy: Navigating Key Trends and Skill Shifts in 2025 – 2030
The World Economic Forum’s Future of Jobs Report 2025 provides essential insights that can guide HR practitioners and leaders in preparing for the evolving workforce landscape.
Based on insights from 1,000 leading global employers, representing more than 14 million workers across 22 industry clusters and 55 economies, the report examines how these macrotrends influence jobs, skills, and workforce transformation strategies planned for the 2025-2030 period.
Macro Trends Shaping the Global Labor Market by 2030:
- Technological Change: AI, automation, and energy tech advancements will transform industries, creating new roles and driving demand for skills in digital literacy, AI, cybersecurity, and big data.
- Economic Uncertainty: Rising living costs and economic slowdowns will increase the need for skills in creativity, resilience, and adaptability, as slower growth may displace jobs.
- Green Transition: Climate change mitigation and adaptation will drive job growth in renewable energy, environmental engineering, and electric vehicles, alongside a demand for environmental stewardship skills.
- Demographic Shifts: Aging populations in high-income economies and growing working-age populations in lower-income economies will boost demand for healthcare, education, and mentoring roles.
- Geoeconomic Fragmentation: Geopolitical tensions and trade restrictions will reshape business models, increasing demand for security, cybersecurity, and resilience skills.
Key Findings:
- 170 million new jobs are expected to emerge by 2030, fueled by global macrotrends. This growth is expected to be offset by the displacement of 92 million current jobs, resulting in a net growth of 78 million jobs
- Demand for roles driven by technological advancements, particularly in AI and robotics, is surging. By 2030, the fastest-growing job roles will be largely shaped by these developments, alongside the increasing digital access.
- 39% of the skills required for jobs will transform or become obsolete by 2030.
Core Skills Projected in 2025-2030
In 2025, the top 10 core skills are as follows:
- Analytical thinking (69%)
- Resilience, flexibility and agility (67%)
- Leadership and social influence (61%)
- Creative thinking (57%)
- Motivation and self-awareness (52%)
- Technological literacy (51%)
- Empathy and active listening (50%)
- Curiosity and lifelong learning (50%)
- Talent management (47%)
- Service orientation and customer service (47%)
Skills on the Rise from 2025 to 2030
In the next 5 years, employers expect technological skills, particularly AI, big data, cybersecurity, and technological literacy, to grow the fastest. Alongside these,creative thinking, resilience, flexibility, curiosity, and lifelong learning will also become increasingly important.
Key rising skills include leadership, talent management, analytical thinking, and environmental stewardship, highlighting the need for adaptable leaders in an evolving, interconnected world.
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Barriers to Organizational Transformation
Skill gaps in the labor market are seen as the primary barrier to business transformation, with 63% of employers citing this issue for the 2025-2030 period. This challenge, which was also identified as a top barrier in the 2023 report, persists across most industries and regions. The second biggest barrier is organizational culture and resistance to change (46%), followed by outdated regulatory frameworks (39%) and inadequate data/technical infrastructure (32%).
Talent availability has also decreased, with only 29% of employers expecting improvement, while 42% foresee a decline. However, 70% of employers are optimistic about talent development within their organization by 2030.
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Workforce Strategy
- Upskilling is the top strategy for employers between 2025-2030, with 85% planning to adopt it. This priority spans across all economies, with high-income economies (87%) slightly ahead of upper-middle-income (84%) and lower-middle-income (82%) ones.
- Process & Task Automation: 73% of employers aim to accelerate automation, though this is slightly down from 80% in the previous year.
- Workforce Composition: 70% of employers intend to hire staff with emerging skills, 51% will transition staff from declining roles to growing ones, and 41% expect staff reductions due to skills obsolescence.
- Technology Integration: 63% of employers plan to enhance their workforce with new technologies, with automation being more prevalent in high-income economies (77%) compared to other regions.
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Business Practices to Increase Talent Availability
- Employee Health and Well-being: Supporting employee health and well-being has become the top priority for increasing talent availability from 2025-2030, with 64% of employers now focusing on this area. This is a significant rise from 9th place in 2023, and it ranks first in eight sectors, including Insurance and Pensions Management (85%).
- Reskilling and Upskilling: 63% of employers prioritize reskilling and upskilling to grow their talent pool, especially in the Government and Public sector, where 80% of employers see these measures as crucial.
- Improving Talent Progression: Improving talent progression and promotion remains a key focus for 62% of employers, continuing to be a priority from 2023.
- Higher Wages: 50% of employers, particularly in the Education and Training sector (61%), identify higher wages as important for attracting talent.
- Diverse Talent Pools: The emphasis on tapping into diverse talent pools has increased significantly, with 47% of employers now focusing on skills-first approaches, up from 10% in 2023.
- Workplace Flexibility: Offering flexibility, such as remote work and support for caregivers, is growing in importance, with 27% of employers enabling cross-border remote work and 26% supporting caregivers.
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Click here for full Future of Jobs Report, 2025 by World Economic Forum
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