SINGAPORE, Aug 6, 2024 – (ACN Newswire) – foundit (formerly Monster APAC & ME), one of the leading talent platform, today published the foundit Insights Tracker (fit) for June 2024. According to the Singapore fit report, the Legal sector has demonstrated remarkable resilience and growth, with a 24% year-on-year increase in hiring activity and a 2% month-on-month rise in June 2024.
The tracker reveals an overall year-on-year (YoY) decline of 9% in hiring activity across sectors, as the index dropped from 122 in June 2023 to 111 in June 2024. However, a month-on-month (MoM) analysis indicates a notable 2% surge, with an index of 109 recorded in May 2024. This uptick suggests that businesses are resuming hiring activities post-economic adjustments, with the legal sector leading the way.
Commenting on Singapore’s job trends for June 2024, Sekhar Garisa, CEO, foundit, said, “The impressive growth in demand for legal professionals, both annually and month-on-month, highlights the importance of legal expertise in today’s complex business environment. While the overall job market continues to navigate through economic adjustments, the Legal sector’s performance is a bright spot, indicating areas of opportunity and growth. This trend, coupled with the overall month-on-month increase in hiring activity, suggests a gradual recovery and adaptation of the job market to new economic realities. In this evolving landscape, continuous adaptation, reskilling, and embracing flexible work models will be crucial for both employers and job seekers.”
IT, Telecom, and Hospitality sectors lead MoM Industry growth indicating positive economic trends
The IT, Telecom/ISP, and BPO/ITES industry, along with the Hospitality sector, showed positive trends with a 3% MoM growth each in June 2024. This growth is primarily driven by businesses increasingly integrating AI and Machine Learning into their operations to enhance automation, efficiency, and insights, as well as a gradual recovery in the tourism and hospitality sectors.
The BFSI sector also experienced a 2% increase in hiring demand over the last month, with heightened interest in roles such as Compliance Officers, Risk Managers, and Legal Experts. Other sectors showing positive growth include Advertising, Market Research, Public Relations, Media, and Entertainment (2%), Retail/Trade and Logistics (2%), and Healthcare (2%).
Challenges persist in several sectors with declining or stagnant hiring trends
While some sectors showed growth, others faced challenges in the job market. The Import/Export industry recorded a substantial deceleration in hiring activity, with a 3% MoM decrease, likely due to ongoing global trade uncertainties and supply chain disruptions.
The Shipping/Marine and Consumer Goods/FMCG sectors also experienced a slight decline of 1% each, reflecting cautious consumer spending and continued logistics challenges.
Several sectors showed no change in their hiring activities. The Government/PSU/Defence, Education, and Oil and Gas sectors showed no change (0% MoM growth) in their hiring patterns, indicating a cautious approach in these industries.
The Production/Manufacturing, Automotive, and Ancillary sector saw only a marginal rise (+1%), suggesting a slow recovery in these traditional industries.