Singapore recorded a 14% year-on-year decline in online recruitment activity in July 2023 when compared to the same month a year ago, according to the foundit Insights Tracker (fit).

The index climbed down from 139 in July 2022 to 120 in July 2023. The tracker also revealed that it has become more challenging over the last six months, witnessing a 6% decline in job demand.

Foundit added that despite the country's moderate economic growth, the labour market revealed an optimistic hiring outlook for professionals in hospitality & travel, real estate, and healthcare fields.

Sekhar Garisa, CEO, foundit, said, "Although the labour market revealed signs of vulnerability that resulted in a subdued rate of hiring, Singapore has showcased tremendous resilience in certain sectors and job roles.”

“Singapore is an international hub for hospitality & tourism, and there is always enough scope for growth,” Garisa added. “The island city lures visitors and businesses from around the globe, which is also a testimony to the increase in job demand in the import/export sector. We expect to see better hiring intentions in the coming quarter as companies also revisit their talent requirements.”

The index showed that 3 out of 15 industry sectors monitored by the tracker saw growth in online recruitment activity between July 2022 and July 2023.

The import/export (2%) sector experienced a slight increase in job demand, showcasing a subtle uptrend attributed to the growth in Singapore's total merchandise trade in the first quarter of 2022, particularly in the import of food and healthcare products. The oil & gas (0%) sector and retail/ trade and logistics (0%) sector exhibited stability with no change in job demand compared to the previous year.

However, a few other significant sectors experienced a decline in online recruitment activity. IT, telecom/ISP (Internet Service Provider), BPO/ITES, and production/manufacturing sectors witnessed a significant reduction in hiring by (-26%) and (-20%), respectively. These downturns can be linked to the challenges posed by global uncertainties, contributing to the pronounced impact on these sectors.

In terms of functional roles, hospitality & travel and real estate professionals saw the most significant demand in July 2023. They recorded a growth rate of (8%) driven by the surging demand from both international visitors and local patrons. Also, the soaring prices for residential properties and the apprehension about future price escalation prompted individuals to purchase, which has led to a high demand for real estate (8%) professionals. 

On the other hand, job roles in the software, hardware, and telecom industries experienced a significant 35% decline year-on-year, owing to the dip in industrial production in the country. Industrial production logged the tenth consecutive month of contraction, which affected job roles, including marketing & communications (-18%) and legal (-12%). 

The foundit Insights Tracker (fit) is a comprehensive monthly analysis of online job posting activity conducted by foundit.in. Based on a real-time review of millions of job listings from a wide range of online career platforms, the index offers a snapshot of online recruitment activities nationwide.