Annual hiring demand declines 22% in Singapore: foundit Insights Tracker

- The country's annual hiring activity witnessed a (-22%) drop annually, showcasing a negative economic shift in the market - Software, Hardware, Telecom leads all other industry sectors charted the steepest annual decline of (-50%) in February 24 - Legal sector saw a significant annual surge of (+6%) showcasing its resilience and adaptation in the region

foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for February 2024, formerly published as Monster Employment Index (MEI). According to the fit report for Singapore, job roles across sectors have declined, indicating broader economic challenges confronting both Singapore and the global economy.

The tracker also reveals a year-on-year (YoY) decline of (-22%) in e-recruitment, as the index dropped from 138 in Feb 2023 to 108 in Feb 2024. Additionally, a month-on-month (MoM) analysis also indicated a decrease – thus reflecting an unequivocal job market. The declining index values signal an opportunity in the labour market for job seekers to invest in upskilling, thereby aligning their qualifications more closely with employer expectations.

Commenting on Singapore’s job trends for February 2024, Sekhar Garisa, CEO, foundit, said, “Our findings indicate that there is a strong demand for the talent alongside a discrepancy in the job seeker profiles available in Singapore market. Singapore has always been the doorway for economic development in Southeast Asia and foundit is committed towards harnessing this talent pool further. Our latest cutting-edge recruitment platform directly addresses the issues faced by recruiters. Recruiters now have access to a holistic recruitment solution. They can now access talent from both active and passive sources, candidate profiles enriched with Smart Insights, AI-powered Magic Search that provides personalised search results and sophisticated outreach and collaboration tools. We have been dedicated to doing more than just problem-solving since rebranding in 2022—rather, we want to anticipate and create for the future.”

Keeping the above scenario in mind, foundit has further launched our cutting-edge hiring solution, which has brought an 80% improvement in the recruiter productivity. The app helps recruiters evaluate and select individuals based on their relevant skills and abilities, over more conventional credentials like academic degrees.

Import/Export Sector recorded a positive (+1%) annual growth in hiring activity, while the BFSI, IT/ Telecom/ISP, and the Advertising, Market Research, Public Relations, Media, and Entertainment industries recorded a substantial deceleration in hiring activity, with a YoY decrease of (-36%), (-35%) and (-32%) respectively. This trend can be attributed to economic slowdowns, recessions, or uncertainties that lead to reduced investments, and lower demand for services.

When it comes to the hiring trends in the functional areas, legal is the sole function to exhibit a positive growth trend. The Software / Hardware / Telecom, Finance & Accounts and Real Estate demonstrated a weakened annual demand in hiring in February’24 at (-50%), (-34%) and (-32%), thus indicating the most significant decline in e recruitment amongst all monitored functions.

The decline can primarily be attributed to significant advancements in technology, particularly in artificial intelligence, which have enabled the widespread adoption of automated customer service solutions.

Moreover, businesses are undergoing transformations and reassessing their expenses, seeking to integrate as many technological innovations as possible to reduce costs.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.

Period for the report 

The period considered for the foundit Insights Tracker (fit) data is Feb 2023 to Feb 2024

About foundit – APAC & Middle East 

foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has assisted over 75 million registered users to find jobs, upskill, and connect with the right opportunities across 18 countries. Additionally, foundit has been recognised as a Great Place to Work, reflecting its dedication to fostering a supportive and dynamic work culture.

Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches, and precision hiring. foundit strongly believes that a job title doesn’t define one’s potential and leverages technology to dig deeper to curate opportunities central to the needs and aspirations of each user.

To learn more, about foundit in APAC & Gulf, Visit:
Philippines: https://www.foundit.com.ph
Malaysia: https://www.foundit.my
India: https://www.foundit.in
Gulf: https://www.founditgulf.com
Singapore: https://www.foundit.sg
Hong Kong: https://www.foundit.com.hk
Indonesia: https://www.foundit.id

Contact: 
Namrata Sharma
Namrata.sharma@adfactorspr.com
+6581383034

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