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SINGAPORE : It is still a job seeker's market in Singapore in the months ahead.
According to the latest Manpower Employment Outlook Survey, the active pace of hiring is expected to continue in the fourth quarter, with the net employment outlook at a seasonally adjusted +23 per cent.
The figure is derived by subtracting the percentage of employers expecting a decrease in headcount from the percentage of employers expecting an increase.
Net employment outlook for Q3 was +21 per cent.
Of the 699 employers interviewed across seven industry sectors in Singapore, 25 per cent expect an increase in headcount, 3 per cent anticipate a fall, while 70 per cent foresee no change to their workforce.
After adjustment to account for seasonal variation, employers reported the same outlook when compared to the previous quarter, but hiring prospects have improved by 8 percentage points compared to last year.
"The fourth quarter outlook indicates that an active pace will continue through the end of the year. And employer hiring expectations have levelled out at a +20 per cent to +25 per cent, which is a clear improvement from last year," said Peter Haglund, country manager of staffing consultancy Manpower Singapore, which conducted the survey.
"Current levels of employer optimism may be more sustainable than the survey results that peaked above +50 per cent in 2007 and early 2008," he added.
While the employers in all seven industries forecasted a positive headcount growth for the next quarter, the Public Administration & Education sector reported the strongest hiring prospects, with a net employment outlook of +29 per cent.
This was a 3 percentage point increase from the previous quarter.
Compared to the previous quarter, the Wholesale Trade & Retail Trade Sector Outlook improved by 13 percentage points, to +27 per cent.
However, hiring prospects in the other five sectors weakened quarter-over-quarter.
The employment outlook in the Transportation and Utilities sector declined by 16 percentage points, to +7 per cent, while employers reported a 10 percentage point decline in the Services sector to +17 per cent.
A steady hiring pace is anticipated by employers in the mining and construction sector, and in the finance, insurance and real estate sector.
These are still stronger hiring intentions compared to the Q4 of 2009, said Manpower Singapore.
Haglund said hiring expectations in the Service industry has declined for three successive quarters, and "it will be interesting to see how this develops in Q1 2011."
"It is also evident that the competition to woo talent is back sooner than expected. Companies with the best HR strategies will stand a stronger chance to move forward, as long as they understand it is critical to have strategies in place to attract and retain talent," he added.
This means, addressing career opportunities and individual development instead of just "paying the highest salary." - CNA /ls
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