Q1 2023 Employment Outlook – Employers Set to Increase Headcounts.
What is the latest Q1 2023 employment outlook in Singapore? Find out the emerging trend in workplace to retain talents.
–
Q1 2023 employment outlook
45% of employers surveyed in Singapore plan to increase headcounts
On the other hand, 12% anticipate a decrease and 39% do not expect any changes to their headcount. The resulting net employment outlook (NEO) after seasonal adjustment is a growth of 33%, a 3pp dip from the last quarter, but also 19pp stronger when compared to one year ago.
Micro Organizations
“Micro organizations” were also noted to lead hiring demand in the first quarter of 2023. Companies with under 10 employees continue to report the strongest hiring intentions (+42%) for the second consecutive quarter. Larger organizations with over 250 employees indicated the lowest increase at 30%.
Source: 45% of employers surveyed in Singapore plan to increase headcounts: Q1 2023 employment outlook (humanresourcesonline.net) (humanresourcesonline.net)
–
Emerging Trends in Workplace: Providing work-life balance, flexibility and progression to retain talents.
The pandemic has greatly reshaped the job preferences of candidates. To keep up with the pace of change, more employers need to discover the needs of candidates so that they can better attract and retain talents.
Candidates today are taking a more holistic approach. In addition to looking for a competitive salary, they are also prioritizing better work-life balance, flexibility, and career progression.
Source: Adopting a holistic approach to job satisfaction beyond remuneration | HRM Asia : HRM Asia (hrmasia.com)
–
Increase in Non-resident Employment still below pre-COVID levels.
Non-resident employment increased by 167,000 from December 2021 to September 2022, but still remains 3.9% below pre-COVID levels. There is an increase of 71,000 in non-resident employment in the third quarter of 2022.
This growth was attributed to an increase of 11,300 Employment Pass (EP) holders, 5,900 S Pass holders, and 53,900 holders of Work Permits or other passes.
Manufacturing and Construction sector attributed to the growth.
2 sectors which saw the greatest employment growth were the manufacturing and construction sectors that are more reliant on non-resident workers. The demand was generated from the backlog of construction work from the pandemic.
Source: Number of new EP, S Pass, and other work pass holders in Singapore [Q3 2022] (humanresourcesonline.net)
–
Disclaimer: Please use the information provided in this newsletter at your own discretion and risk. We are not responsible for any losses incurred by users in relation to the information provided in this newsletter and we seek your understanding.
