What are top 5 in-demand jobs?
Singapore came out as the second fastest-growing market in the Asia-Pacific (APAC) region by number of organisations hiring – a trend that is expected to stay.
Deel's "State of Global Hiring Report" revealed that Singapore is only behind Australia as APAC's top market in terms of the number of organisations hiring.
The result is "no surprise" as Singapore businesses seek global recruits amid talent shortage, according to Karen Ng, Deel's regional head of expansion and market lead Singapore, ASEAN, India.
She added that the trend is even expected to stay: "Not only for the year ahead, but in the long term."
According to Ng, hiring of global and hybrid workforce is now supported by companies' "more sophisticated" HR strategy, corporate infrastructure, and digital tools.
"This in turn allows them to stay competitive and nimble, where they can turn to global hiring to secure in-demand talents like software engineers – of which are sought after by markets around the world, or to retain talent who choose to move abroad," Ng said.
The report further revealed that the top five job positions Singapore employers are looking to fill are:
Singapore firms are also mostly hiring from Indonesia, China, Vietnam, the United Kingdom, and India, according to the report.
On the other hand, Singapore workers are also in demand in markets including Canada, United States, UK, Australia, and Hong Kong. They are mostly hired for roles including traders, software engineers, and sales.
On a bigger scale, APAC led the rest of the world as the fastest-growing region that is hiring workers overseas, according to the report, which analysed over 260,000 worker contracts across 160 countries.
APAC is followed by Latin America; Europe, the Middle East, and Africa; and then Northern America.
The top three fastest-growing APAC markets by organisations' rate of hiring include Australia, Hong Kong, and India.
In terms of the number of workers getting hired, the top three fastest-growing nations include Thailand, Uzbekistan, and Kyrgyzstan.
The top three countries by the number of workers getting hired include the Philippines, India, and Pakistan.
For the most popular roles in APAC, the top three include software engineer, sales, and product.
Overall, Deel's "State of Global Hiring Report" found that global hiring "sustained its momentum throughout the year," with 89% of all 2022 contracts for remote workers.
However, terminations increased toward the end of 2022, 42% of contracts ended due to terminations. Workers in the UK, Mexico, Spain, Portugal, and the US saw the greatest per cent increase in terminations throughout 2022.
"Compensation rates also suffered. Data shows reductions in new worker salaries for accountants, customer support agents, consultants, designers, and software engineers," the report said.
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