Online Hiring Sentiment in Singapore Slips Amidst Economic Slowdown

• Sharp drop from 20% year-on-year in Oct to 13% and 8% YoY in Nov and Dec, respectively
• In terms of job roles, Software, Hardware and Telco talent lead with the highest demand

The effect of Singapore’s economic slowdown seems to have finally hit the e-recruitment sector. 2019 ended with only 0.7% growth in GDP – the slowest in a decade – and online hiring sentiment experienced a drastic drop in growth throughout Q4.

Though there was strong 20% annual growth in October, e-recruitment demand eventually slipped to 13% in November, and then even lower to 8% in December, which registered the lowest year-on-year growth since February last year.

The Monster Employment Index (MEI) is a gauge of online job posting activity compiled monthly by Monster.com. It records the industries and occupations that show the highest and lowest growth in local recruitment activity.
“Singapore has always been one of the most stable markets in Southeast Asia. However, current economic conditions seem to have taken a toll on the job market, as online hiring activity experienced a significant slowdown in Q4,” said Krish Seshadri, CEO of Monster.com – APAC and Middle East.

“The Singaporean economy is deeply integrated into international production and supply networks, and the global political scenario has played a role in the economy’s slowdown. As trade tensions begin to dissipate, we can expect the economy and eventually the hiring sector to make a strong comeback in the times to come.”

The IT, Telecom/ISP and BPO/ITES industry, which had been at the forefront of Singapore’s online hiring growth, charted strong growth numbers throughout mid-2019 up until October, when it recorded 47% year-on-year growth before eventually dropping to 29% and 24% respectively for November and December.

Other prominent industries such as Advertising & Marketing also continued to witness a slower pace of demand, dropping from 33% annual growth in October to 21% and 18% in November and December, respectively. The BFSI sector, which has traditionally been one of Singapore’s strongest, was also significantly affected, with demand growth declining to single digit numbers as 2019 came to a close.

Among all 14 sectors monitored by the Index, Production/Manufacturing, Automotive and Ancillary was affected most, as e-hiring demand in the industry plummeted by 4% between December 2018 and December 2019.

In terms of specific job roles, Software, Hardware and Telecom professionals continued to lead the e-recruitment growth, albeit at a slower pace than before. After an annual peak of 37% year-on-year growth in October, the demand slowed with online demand charting 23% and 24% y-o-y for November and December, respectively.

Hospitality & Travel, another key occupation in Singapore, also reflected a downward trajectory during the quarter, going from 33% in October to 27% in November and eventually to 20% in December. Real Estate recorded the steepest annual decline among all job roles, experiencing a 9% dip as the year came to an end.

The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings across Singapore. The Index does not reflect the trend of any one advertiser or source but is an aggregate measure of the change in job listings across the industry.