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Employment state of affairs in Singapore stays constructive, though the job market is displaying indicators of cooling in yet one more report. In accordance with the newest Q3 launch by ManpowerGroup Singapore, the Internet Employment Outlook index fell to simply 13%, which is the bottom studying since 2022.
NEO is measured as a easy distinction between the share of firms anticipating a rise in hiring and people which predict cuts.
In fact, as ever, these are solely averages, and your state of affairs goes to rely not solely on particular trade but additionally the sort and dimension of firm you’re both working for or are occupied with.
Manufacturing leads the rating, which isn’t a shock given the affect that AI has had on demand for regionally made electronics and semiconductors.
Virtually all different industries have suffered precipitous drops, nonetheless.
Whereas the IT sector is secure and fairly strongly constructive, it’s not proof against layoffs—just like the latest spherical simply introduced at Shopee.
In the meantime, Finance & Insurance coverage dipped into adverse territory after shedding 13 factors. It might seem that a few of the most profitable jobs in Singapore is likely to be more durable to seek out this quarter.
It could be compounded by the truth that lots of the firms within the sector make use of hundreds of individuals.
Sure, you learn that proper: the NEO rating for firms of 5000+ workers and over is adverse 26%, after dropping 29 factors. Put merely, extra giant employers are planning workforce reductions than new hires.
That is an alarmingly low studying, particularly in comparison with the worldwide common of a constructive 24%.
The truth is, all firms using 50 pax or extra are reporting a major drop in hiring sentiments, though no different group sank into adverse territory.
In the meantime, hiring seems to be booming on the backside finish, with a internet constructive of 42% for companies underneath 10 workers and 34% for these over 10 however underneath 50. Each have additionally recorded sturdy constructive swings forward of Q3, defying the adverse sentiments of bigger companies.
That is unlikely to deliver consolation to these cautious of potential layoffs on the greatest employers, since smaller companies are not often in a position to match the pay and advantages, until, maybe, for the lowest-paid roles.
In comparison with 2025, Singapore’s employer sentiments have worsened reasonably, at -11 factors. The worst performer globally is UAE, which shouldn’t be a shock given the fallout from the conflict with Iran which has disrupted native enterprise and led to flight of hundreds of individuals, with at the moment no established date of return to normalcy.
However not all is unhealthy on the planet, as UK, US or Sweden are reporting decently constructive attitudes (among the many developed nations) regardless of the geopolitical turmoil.
That stated, all of them are grappling with a lot greater unemployment charges than Singapore (at the moment round 3% for residents), with the US at 4.3%, UK at round 5% and Sweden at a whopping 8.7%. Maybe this explains why extra firms predict their headcounts to extend quickly, whereas Singapore is sort of identified for struggling fairly persistent scarcity of expertise.
Learn different articles we’ve written on Singapore’s present affairs right here.
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