Job vacancies hit 6-year high with 47.3% surge in Singapore’s labour market

SINGAPORE: Singapore’s labour market witnessed a remarkable surge in job vacancies, reaching a six-year-high in 2023, with vacancies soaring by 47.3%.

According to recent reports, this surge, the highest since 2018, reflects a dynamic shift in the country’s economic landscape.

The Ministry of Manpower released data indicating that the proportion of newly created positions rose significantly to 47.3% in 2023, compared to 41.8% in 2018, underscoring the economy’s evolving needs.

This increase in job openings was predominantly propelled by business expansion and restructuring initiatives across various sectors.

In particular, the demand for Professionals, Managers, Executives, and Technicians (PMET) positions surged to 57.2% in 2023, up from 39.2% in 2013, with a notable emphasis on roles within the technology sector.

Software developers and system analysts emerged as some of the top vacancies within the PMET category.

Employers demonstrated a growing preference for skilled workers, as evidenced by 74.9% of vacancies prioritizing relevant experience and skills over academic qualifications in 2023, compared to 67.1% in 2017.

Moreover, 68.3% of employers expressed openness to hiring candidates with lower qualifications but possessing relevant experience or skills.

Efforts to address the shortage in non-PMET jobs have yielded positive results, with the proportion of unfilled vacancies for at least six months declining to 23.5% in 2023.

These efforts have been bolstered by initiatives aimed at technology adoption and skills upgrading.

The government has reaffirmed its commitment to supporting upskilling and reskilling endeavours through the Career Conversion Programmes (CCPs) and Jobs Transformation Maps (JTMs).

Employers are encouraged to embrace skills-based hiring practices and enhance job attractiveness to tap into a broader talent pool.

Initiatives such as Flexible Work Arrangements (FWAs) and job redesign, facilitated by the Productivity Solutions Grant, seek to not only improve job accessibility but also promote a supportive work environment conducive to sustainable growth and productivity.