2017 Q4: Strong 4Q Year-Over-Year Growth Of 9.6% in Online Jobs Across All Sectors
JobTech’s Online Jobs Census, covering all sectors in Singapore, shows 4Q2017 recording a strong year-over-year growth of 9.6% in the number of online jobs, as compared to the same period a year ago.
Key driving sectors of this strong recovery in number of online jobs include: Banking & Finance, Healthcare, Logistics, Real Estate and Retail & Wholesale. These leading recovery sectors collectively added close to 2,000 more online jobs into the market as compared to 4Q2016.
Although the Healthcare sector posted the most number of jobs for 4Q2017 across the recovery sectors, Banking & Finance showed the highest growth rate with approximately 700 more jobs than the same period last year, which is equivalent to more than 35% year-over-year growth for the sector. Export-driven sectors such as Logistics and Retail & Wholesale are also experiencing an advance uplift in 4Q2017 due to better global economic outlook for 2018, outperforming the same period a year ago with 28% and 11% more online jobs respectively.
In terms of the number of online jobs, the Electronics & Semiconductor sector continues to decline in 4Q2017 after its fall in online job counts a quarter ago. The sector’s smaller hiring appetite in 4Q2017 has reduced its hiring level back to 2.5% below that of 4Q2016, making the last quarter of 2017 the second consecutive quarter of negative growth for the Electronics & Semiconductor sector.
For sectors such as Marine & Offshore, Tourism & Hospitality and Construction, their year-over-year online jobs growth rates in 4Q2017 were also recorded to be significantly lower than the market average.
2017 Jobs Market Review
In 2017, the employment demand from the 5 growth sectors: Finance; Professional Services; Communications and Information; Wholesale Trade; and Healthcare, supported by the Ministerial Workgroup launched in July 2017, have grown faster than the overall job market.
The growth rate for these sectors were all above the overall average market growth rate for online jobs across 2017. Banking and Finance grew 260 basis points (bps) above the market, Healthcare at 40bps above the market, Professional Services and Communications and Information at 40 bps above market average, and Whole Sale and Trade grew on par with the market rate.
The top hiring companies that are supporting the growth of employment demand in each of these 5 sectors are listed below in rank order.
2017 was a turbulent year for the Singapore jobs market, where we saw some recovery in employment demand amid uncertainties. Against a backdrop of slower global economic growth and domestic market restructuring, Singapore experienced fluctuations in the level of online job opportunities over the past 4 quarters. However, the jobs market is expected to stabilize in 2018, where growth rates for different sectors are likely to converge due to various economic forces at play.
2018 Jobs Market Outlook
JobTech data shows that Singapore is still at the onset of the next wave of digitization and there will be an increasing need for more technical talents in both the local and regional markets. Skills clusters that will help jobseekers build a competitive edge include: technical troubleshooting; software engineering; quality auditing; data analysis and hardware configuration. These clusters of skills also recorded considerable percentages of the total demand from local employers in 2017.
Possessing a set of versatile and transferable soft skills can also prove to be advantageous. Soft skills such as effective communication; meticulousness; being both a team player and independent at work; analytical in problem solving and good public presentation skills have also been top on the list of job requirements across all sectors in 2017.
According to the Chairman of JobTech, Mr. Philip Yeo, “Singapore’s growth needs to be sustained by smart and talented labour. To build a smart nation, we must first nurture our local Singapore talent. Singaporeans who are willing to work hard and learn new skills can create a smarter and better future for themselves and their families.”
JobTech recommends jobseekers and students to prepare themselves in the areas of science and technology, which are likely to continue their demand for talents in the domestic jobs market. Technical skills such as general programming, applications development and database management can be acquired through either self-learning or attending structured courses for better employability.
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