Online hiring in Singapore surges year-on-year but employers stay cautious amidst restructuring: Monster.com

Online hiring activity in Singapore has seen an overall surge year-on-year but steep declines were recorded in certain sectors.
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Online hiring sentiment in Singapore has seen a stark increase amidst an optimistic hiring outlook for 2018, with steep growth recorded in certain sectors, says a recent study.

Based on findings from the latest Monster Employment Index (MEI) released on Monday (Apr 23), online hiring activity reported a marked 6% year-on-year overall growth between February 2017 and February 2018.

Monster.com

The MEI, conducted by global employment website Monster.com, gauges online job posting activities compiled monthly and records the industries and occupations that show the highest and lowest growth in local recruitment activity.

It is based on a real-time review of millions of employer job opportunities obtained from a “large representative selection” of career websites and online job listings in Singapore, according to Monster.com.

The index is an aggregate measure of the change in industry-wide job listings and does not reflect trends of any one advertiser or source.

The banking, financial services and insurance (BFSI) sectors continued to record sharp annual growth in online hiring activity at 26% year-on-year, down slightly from the 30% growth recorded in January 2018.

Among all occupational groups monitored, engineering and production continued to lead annual growth at 16% for the fourth month running.

The customer service sector, on the contrary, went through a 6% year-on-year decline in online demand, the steepest drop witnessed by professionals in the industry.

The government, public sector and defence sector also showed a notable year-on-year 4% decline among all sectors.

Monster.com

“After a muted and cautious outlook in 2017, we’re seeing an improved hiring momentum as the economy eases at the start of the first quarter in 2018, ” said Abhijeet Mukherjee, CEO of Monster.com for Asia-Pacific & Middle-East.

“As companies in Singapore transform and digital organisational models emerge, it is no surprise that matching talent to the right opportunity will continue to be the most critical tack for employers and talent acquisition leaders.”

Employers will continue to be cautious despite renewed confidence when raising headcount as businesses go through constant re-examination and restructuring to increase productivity, he noted.

“In the near term and in line with the MEI, there will be a steady demand for banking and finance talent in niche roles such as Blockchain, Fintech, AI and Robotics as financial institutions continue to expand their digital capabilities.”