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Understanding The Job Market in Singapore

August 11, 2020
Singapore is undoubtedly a rich country. It's become a major business and financial hub where big money comes in and gets spent! But all of that just means that the workforce must be stable here. For Singapore to have reached its current status, people had to work hard and maintain strong industries in the country. And with that said, it does make one wonder what the current state of the job market really is right now. Is it a good time to move to Singapore to find work? Well, some of these points might tell you!

Understanding The Job Market in Singapore


The Current Unemployment Rate in Singapore

Currently, the unemployment rate in Singapore is at 6.8%. The resident half of that is at 3.3% while the citizen half is at 3.5%. Though it's not that high of a rate, it is a substantial increase from before, with the resident half having only been just 3.2% and the citizen half at 3.3%. Notably, residents aged below 30 saw the highest rise in unemployment, followed by those in their 40s, making it a total of 76,200 people unemployed as of the moment. Though it can't be helped nowadays, seeing as the COVID-19 pandemic did result in multiple layoffs and even some closures of companies. 


The Current Employment Rate in Singapore

Meanwhile, the employment rate in Singapore also isn't looking that rosy. According to Dollars & Sense, the first quarter of 2020 saw the shaped drop in total unemployment, with around 25,600 people left unemployed. Manpower industries such as construction and manufacturing were affected the most, having lost thousands of employees in a span of a few months, a lot of which were foreign workers. The former lost a whopping 5,800 people while the latter lost 3,300 people. The retail industry, on the other hand, lost 5,400 people and the entertainment and recreation industry lost 2,300 employees. 


Understanding The Job Market in Singapore


The Number of Job Vacancies in 2020

Ironically, however, the number of job vacancies also declined, leaving only few opportunities left for the unemployed in Singapore. Last March 2020, the number of job vacancies in the country reached a new low at 46,300. It's said to have been the lowest since a decade earlier in 2009 when it reached a record low of 24,700. Consequently, this new decline means there's a disproportionate ratio between the number of job vacancies to the number of unemployed people, which is currently at 71:100. This means for every 100 unemployed persons, there are only around 71 job vacancies they can apply to. 


A Stagnant Resignation Rate

The good news is not a lot of people resigned this 2020. The resignation rate was steady at 1.7%, positively low with no signs of increasing so far.  This means the higher unemployment rate of earlier this year was mostly a result of many layoffs, possibly due to the COVID-19 pandemic. Furthermore, it says a lot about the working culture in many Singaporean companies, having most employed people satisfied enough to continue with their work. However, with this steady rate, this means there was also no decrease of resignations as well, which should be a point of concern but not necessarily a cause for alarm. 


Understanding The Job Market in Singapore


Sectors Hiring A Lot These Days

The silver lining in all of this is that there are still some sectors looking to hire in Singapore. Since a lot of people from the manufacturing industry were laid off, and now that Singapore is slowly but surely rising up after the worst of COVID-19 pandemic has passed, there are now a lot of job vacancies open here. While other sectors such as information & communications, public administration & education, health & social services, and the financial sector continue to look for many new employees, both domestically and abroad. These are the types of jobs you should focus on looking at if you want to work in Singapore. 


Singapore's Most In-Demand Skills

In terms of skills, however, the most in-demand in Singapore are those related to technology and online. Software development is one, especially since many people in the country and abroad have become so reliant on mobile apps nowadays. Digital marketing is, unsurprisingly, another as well. Many companies in Singapore look to expanding their digital presence and both skills are highly needed for such. And finally, there's cyber-security. It's no secret that cybercrime is rampant nowadays, even going as far as affecting international politics. For many companies and corporations out there, cyber-security is a must to keep their businesses going without a hitch. 


Understanding The Job Market in Singapore


Singapore may be a well-off country and one of the richest in the world but do they really reflect the current state of the job market in the country? Will you be able to get a job yourself if you want to work and move here?

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