Survey shows strong hiring intentions for Q4 2023
A recent survey has unveiled that approximately 48% of employers in Singapore have expressed their intention to expand their workforce in the fourth quarter of 2023. Despite facing the challenges posed by the country’s slowing economic climate, this positive outlook was revealed in the ManpowerGroup Employment Outlook Survey, which included responses from 510 employers across various sectors.
According to Ms. Linda Teo, the Country Manager of ManpowerGroup Singapore, employers are maintaining a cautious yet confident stance in light of the global economic slowdown and concerns about a shortage of talent. Many organizations are adopting a “wait-and-see” approach by keeping their hiring levels steady.
Conducted in July 2023, the survey encompassed both private and public sector employers in nine different sectors. The Transport, Logistics, and Automotive sector displayed the strongest anticipation of hiring demand, with an increase of 60%. The Health Care & Life Sciences sector also exhibited robust hiring prospects, with a 53% expected increase in staffing levels. Conversely, the Consumer Goods & Services sector had the lowest anticipated hiring activity, with a modest 23% increase expected.
Among the respondents, 12% anticipated a reduction in their staffing levels, while 38% expected their headcount to remain unchanged during the fourth quarter.
The survey findings highlight that a substantial 83% of employers in Singapore are grappling with a shortage of talent, prompting 35% of them to consider hiring older workers as a solution to this issue.
Regarding the most valued skills identified by survey participants, communication, collaboration, and teamwork ranked highest at 38%, followed closely by critical thinking and analytical skills at 33%.
In addition, the survey revealed that workforce productivity is influenced significantly by successful work-life balance, with 45% of organizations recognizing it as a key driver.
