Which was the only sector to see an increase in hiring activity?
Annual hiring activity declined in Singapore in February 2024, with the Software, Hardware, Telecom industry reporting the biggest drop.
The latest foundit Insights Tracker revealed a 22% decline in e-recruitment, with the index dropping to 108 in February 2024 from the previous 138 in February 2023.
"Our findings indicate that there is a strong demand for the talent alongside a discrepancy in the job seeker profiles available in Singapore market," said foundit CEO Sekhar Garisa in a statement.
According to foundit, Singaporeans should use this opportunity to upskill and align themselves with what employers are looking for in their vacancies.
"Singapore has always been the doorway for economic development in Southeast Asia and foundit is committed towards harnessing this talent pool further," Garisa said.
Two-thirds of employees in Singapore have already expressed their intentions to upskill this year amid fears that they could get left behind in the wake of workplace's AI transformations.
To help employees upskill, the government recently unveiled a $4,000 SkillsFuture Credit top-up for Singaporeans aged 40 and above. It will also grant them subsidies to pursue another full-time diploma starting academic year 2025 onwards.
Hiring activity by sector
By sector, only the Legal sector saw an annual surge of six per cent in annual hiring activity, indicating its resilience and adaptation in the region, according to foundit.
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On the other hand, the Software, Hardware, and Telecom industry registered -50% drop in annual hiring activity, the biggest among the industries monitored in the index.
Finance and Accounts and the Real Estate sectors also registered drops, with a -34% and -32% decline in e-recruitment, respectively.
According to foundit, the declines can be attributed to "significant advancements in technology," with the rise of artificial intelligence allowing the widespread adoption of automated customer service solutions.
There are also businesses reassessing their expenses and are starting to integrate more technology into their workflow to reduce costs.