Three in four employers believe they hold power in negotiations
Hiring sentiments in Singapore have improved as nearly half of employers there expect an increase in hiring in the last quarter of the year, according to the latest data from ManpowerGroup.
Its latest Employment Outlook Survey for Singapore showed that 46% of employers anticipate an increase in hiring, 17% expect a decrease, while 36% aren't sure about it yet.
As a result, Singapore's Net Employment Outlook (NEO) is at 29%, nine percentage points higher than the previous quarter, but seven percentage points lower year-over-year.
Source: ManpowerGroup's Employment Outlook Survey (Singapore Findings)
"Overall, the fourth quarter of 2024 signalled a gradual improvement in the labour market. That said, we are at a tipping point where the economy and job market could either move towards recovery or face a further slowdown," said Linda Teo, country manager of ManpowerGroup Singapore, in a statement.
"Given Singapore's open economic landscape, it remains to be seen if hiring optimism will continue amid global uncertainties."
According to the report, eight in nine sectors in Singapore expect to increase headcount in the upcoming quarter.
Hiring sentiments per sector
Meanwhile, employers in eight out of nine sectors covered in the survey have positive hiring sentiments in the fourth quarter, with only the Energy and Utilities sector reporting a -30% NEO.
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The Financials and Real Estate sector emerged as the most optimistic one when it comes to hiring in the fourth quarter, with a 64% NEO.
Source: ManpowerGroup's Employment Outlook Survey (Singapore Findings)
Teo attributed the high hiring anticipation in the sectors to technology.
"The growing emphasis on quantum and artificial intelligence technologies within financial institutions is anticipated to fuel job creation in Singapore's Financials and Real Estate sector," she said.
Negotiating power during hiring
Amid strong hiring sentiments, 77% of employers in Singapore believe they hold the power in negotiations, particularly on the topics of pay (75%), work location (78%), and flexible hours (68%).
Teo, however, advised employers to "rethink" their negotiating tactics during recruitment due to intensifying competition for skilled talent.
"Employers who want to attract and retain skilled talent should be willing to demonstrate flexibility and a willingness to meet the needs of their employees so they can position themselves as employers of choice," she said.