Singapore: Employment Bounce Back

This is good for Singapore. This is Business Times Singapore on line report circa 7 December 2009.

'A gloabl Human Resource Consultancy, Manpower Inc, released yesterday their report that hiring momentum has steadily picked up in Singapore.

The further added that 2010 may see job prospects that match pre-crisis levels, as their survey results show employers expect a third consecutive quarter of positive hiring.

The net employment outlook—the difference between the proportion of bosses likely to recruit more and those likely cut jobs—rose to 26 per cent. This seasonally adjusted figure was nine percentage points up from Q4’s outlook — and a sharp 60-point turnaround from the survey’s negative result in Q1 this year.

Back then, Singapore had the worst overall employment outlook among the 35 countries and territories that Manpower surveyed worldwide. But its current outlook for Q1 2010 surpasses all markets but India.

Manpower Singapore country manager Peter Haglund said: “The labour market appears to have turned the corner. Employers are telling us they see an improved hiring climate in the months to come.”

Of 699 employers interviewed across seven industry sectors in October, the majority — 65 per cent — expect to retain their present headcount in Q1 next year.

Twenty-seven per cent plan to raise headcount, nine points up from this quarter, while 5 per cent plan to cut staff strength and 3 per cent are unsure of plans.

Job prospects seem brightest in the finance, insurance and real estate sectors, which has a net employment outlook of 37 per cent.

The public administration and education sector expects brisk hiring too, with an overall net outlook of 36 per cent. Services reported a net outlook of 31 per cent, while manufacturers also expect to add headcount, with a net outlook of 20 per cent in the coming quarter.

But in the transport and utilities, and wholesale and retail trade sectors, caution remains. Haglund said that “employers in both sectors still project positive hiring, but at a slower pace compared with last quarter”.

With labour market conditions overall showing improvement, higher employee turnover can be expected, Haglund said. “Fierce competition among employers to hire the best talent’ will mean ‘companies need to work on their employer branding to ensure they retain and attract the right talent.”

The latest official data estimates total employment here to have risen by 15,400 jobs in the third quarter, ending losses in the first and second quarters of this year.

I think Singapore is bouncing back like a rubber ball. Kudos to the Singaporean government.