Positive trends in Singapore’s 2024 job market

Photo by Pavel Danilyuk

A survey by Reeracoen provides insightful revelations about employers’ hiring motivations and workforce plans across 30 industries in Singapore for 2024. The survey of 159 companies indicates a promising hiring outlook amidst economic expansion and new business ventures.

Notably, demand for specialised skill sets signals Singapore’s emphasis on building a skilled, future-ready workforce.

Reeracoen Group CEO Mr Kenji Naito affirms, “The emphasis on specialised skills in Singapore’s hiring trends reflects the nation’s dedication to staying competitive and innovative in a global market. This focus is crucial for workforce development and continuous learning.”

Key Findings:

  • Hiring Plans: Out of 159 respondents, 95 (59.1%) have hiring plans for 2024, with about half of these companies (49.7%) looking to hire between 1-3 headcounts. Smaller companies show a trend of significant expansion, with some planning to hire more than ten headcounts.
  • Reasons for Hiring: The primary reasons include filling vacancies or replacements (35.8%) and catering to business expansion (34.0%). There is a notable demand for individuals with specialised skill sets (13.8%).
  • Recruitment Methods: Most companies (88.1%) rely primarily on recruitment agencies for hiring needs, with other platforms like MyCareersFuture and JobStreet also used.
  • Recruitment Agency Success: Among those using recruitment agencies, 74.8% successfully hired candidates in the past year, with hires ranging from 1 to over ten staff per company.

Mr Naito added, “The surge in hiring plans underscores the economy’s resilience and growth potential. The substantial expansion of smaller-sized companies highlights Singapore’s role as a hub for business development.”

The findings are integral for businesses to make strategic workforce plans aligned with emerging hiring trends. The positive sentiment also presents opportunities for job seekers to join growth-oriented companies and develop specialised skills. As Singapore charges ahead with economic transformation, continuous upgrading will be vital for long-term career success.