Key highlights from the Labour Market Report for the Third Quarter of 2023
In this newsletter, we are pleased to present the main highlights of the Labour Market Report for the third quarter of 2023.Additionally, we discuss strategies for fostering a harmonious workplace and ways for organizations to nurture a supportive culture for parental leave.
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Recruitment Agency Singapore
Key Highlights of Labour Market Report 3Q 2023
Employment Growth
Total employment in the 3Q was +23,600, the eighth consecutive quarter of growth. Both resident and non-resident employment increased. The bulk of the resident employment growth came from industry-growing sectors such as health and human services, financial and insurance services, and professional services.
Unemployment Rates
The unemployment rate as of October 2023 remains low. (1.9% overall, 2.7% for residents, and 2.9% for Singaporeans).
The long-term unemployment rate among residents as of September 2023 increased to 0.7% from 0.5% as of June 2023, which is comparable to the figure before the spread of the new coronavirus.
Retrenchment
The number of layoffs increased from 3,200 in 2Q2023 to 4,110 in 3Q2023, mainly due to an increase in layoffs in the wholesale business. (Number of liquidation layoffs in the wholesale industry: 480 in 2Q 2023 → 1,270 in 3Q 2023)
For other industries, the number of layoffs was almost the same as in the previous quarter.
Reorganization and structural reforms were the main reasons for layoffs. However, amidst sluggish external demand and rising costs, the proportion of layoffs due to concerns about economic slowdown, poor performance/business failures, and high costs increased.
Cooling Demand
The number of job openings continued to decline from 87,900 in June 2023 to 78,400 in September 2023, as labor demand cooled. However, the ratio of job openings to job seekers remained higher than the number of job seekers, at 1.58. This ratio is higher than it was before the spread of the new coronavirus. Jobs in growth sectors such as health and human services, information and communications, professional services, and financial and insurance services accounted for nearly one-third of all job openings.
Source: https://stats.mom.gov.sg/Pages/Labour-Market-Report-3Q-2023.aspx (mom.gov.sg)
Recruitment Agency Singapore
Creating Workplace Harmony
Workplace harmony goes beyond rules; it’s about trust, understanding, and relationships among employees. Singapore’s new Workplace Fairness Legislation is a step forward, but real harmony needs more than compliance.
How? Focus on collaborative networks, holistic care, and employee voice.
Collaborative Networks
Foster trust through cross-team collaboration and inclusive bonding activities. Encourage informal interactions to build relationships and teamwork.
Holistic Care
Respect diverse needs; offer flexible work arrangements and fair assessments. Avoid assumptions and create an open, supportive environment for honest conversations.
Employee Voice
Value feedback through various platforms and communication styles. Act on suggestions, reward innovation, and establish clear grievance processes.
Harmonious workplaces lead to happier, engaged employees. Beyond laws, fostering this environment benefits everyone—better work quality, industry reputation, and lower staff turnover.
Source: https://www.humanresourcesonline.net/workplace-harmony-isn-t-just-about-following-the-rules (humanresourcesonline.net)
Recruitment Agency Singapore
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How Workplaces Can Foster Positive Attitudes Towards Paid Parental Leave
It is important for workplaces to cultivate a supportive culture for parental leave, an area where many organizations still lag. Here are suggestions for 3 stages to create a supportive environment:
1. Before leave
Establish clear succession plans, written instructions, and communication preferences for the employee on leave.
2. During leave
Employees should avoid work requests and communicate any changes before their return.
3. Returning to work
A gradual return is recommended, including one-on-one meetings, assigning a “transition buddy,” scheduling return on a Thursday for a smoother transition, and easing back into full workload during the first week.
It’s about creating a culture that embraces and supports employees during the parental leave journey.
Source: https://hrmasia.com/how-great-organisations-cultivate-attitudes-to-parental-leave (hrmasia.com)
Recruitment Agency Singapore
Recruitment Agency Singapore
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