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More companies plan to hire in first quarter of 2010 |
Cindy: More companies plan to hire in first quarter of 2010
Posted on: December 09 2009
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Singapore - The worst may be over for Singapore''s labour force, and job seekers can expect to see more hiring opportunities at the start of 2010 as the employment market returns to its pre-recession levels.
According to the latest Manpower Employment Outlook Survey results released today by Manpower Singapore, 27% of the 699 employers across seven industry sectors in Singapore say they expect to increase headcount, while 65% foresee no change to their workforce. On the other hand, 6% anticipate a decrease in their staff workforce.
Currently, the country''s seasonally adjusted Net Employment Outlook of +26% indicates a relatively stable labor market with employer optimism continuing to improve for the third consecutive quarter.
The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers that expect to see a decrease in employment at their location in the next quarter.
In fact, employers in all seven industry sectors predict headcount gains during the first quarter of 2010. The most robust hiring prospects are reported in the finance, insurance and real estate sector, and in the public administration and education sector.
While hiring intentions have strengthened in six of the seven industry sectors quarter-after-quarter, the wholesale trade and retail trade sector saw a decline by 4%. Employers in the mining and construction sector reported the highest improvement of 28% this quarter, followed by employers in the services sector (20%), the finance, insurance and real estate sector (18%), and the public administration and education sector (17%).
Overall, employers in all seven industry sectors report steep improvements in the Outlook, including a 73 percentage point increase in the finance, insurance and real estate sector and a 66 percentage point increase in the services sector year-over-year.
"As the labour market eases, companies need to work on their employer branding to ensure that they can retain and attract the right talent. If programmes have yet to be put in place to build on a compelling employer brand, it is important to establish the plans now," says Peter Haglund, country manager of Manpower Singapore.
"Success depends on having the right team in place, and with improving labor market conditions we expect high employee turnover - especially if people feel their employers have treated them poorly."
The willingness of people to job hop will also lead to fierce competition among employers to hire the best talent, Haglund adds. However it is also important for employers to recognise that the top priorities to unleash a talent''s potential include both individual development as well as career prospects.
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