Singapore's job vacancy to unemployed person ratio will continue to rise between 2.72 to 3.62, according to research from Singapore-based recruitment firm Reeracoen.

Aside from unemployment rates, Singapore also faces an acute skills shortage. Estimates from Reeracoen suggest Singapore will need to add another 1.2 million workers with digital skills by 2025 to remain competitive. A pandemic-driven rise in digital business models has only amplified the problem. Particularly acute is the issue of youth unemployment in March 2022; it was 5%, well over the age of 30 to 49 at 2.5%, the firm added.

Reeracoen said Singapore employers can close their workforce gap by revisiting their hiring strategies and expectations.

This includes using recruitment experts to help employers match suitable candidates and vice versa to find the right fit the first time, decreasing entry skill requirements, and investing in tools and in-house training instead.

Furthermore, it advises considering offering flexible working arrangements to allow for the hiring of semi-retired/retired adults and stay-at-home parents, committing to diversity, inclusion, and equity, and lowering expectations and requirements while offering opportunities and upskilling. With these adjustments, companies can broaden the hiring pool to include talent from outside their industry that can contribute to change or find new ways to succeed, the group added.

"We know of many Singapore workers who are seeking a career switch and fresh graduates trying to make a start in life," said Reeracoen's Regional General Manager, Kosuke Soejima, "These talents may not have all the experience and skills needed for certain jobs yet, but with upskilling, we believe they can do a good job."