5 Trends Impacting Singapore's 2023 Jobs Outlook

If you are looking for jobs in Singapore, you might be feeling overwhelmed. After all, job hunting can be a difficult task post the pandemic era. But it doesn’t have to be. If you look at the trends and use a professional agency to help you plan your next move, you can find yourself gainfully employed with options to boot. Here are some incredible trends in the job market outlook for Singapore in 2023:

Region Specific Hiring Patterns

Survey Says
International vs. Local
Regional Job Growth

Singapore jobs are up, according to surveys. In fact, 93% of companies that were recently surveyed said they will be hiring new people on board. This is right on target for the average in Asia.

This news should come as a welcome surprise to those who thought that the economic turmoil of the last few months was going to affect the job market here. Luckily, the numbers are fairly regional specific. Thanks to the fact that jobs in Singapore are mostly local, job hunters should have a better time than other regions.

Big Three Are Growing

Digital
Healthcare
Technology

If you have been searching for a job for any length of time, you might know that there are three main industries that move the needle. They are digital, healthcare, and technology. When one or all of these is doing well, it brings higher salaries and more options.

Digital

Singapore happens to have a a great environment for tech savvy employees and contractors. This is for a couple of reasons. Firstly, Singapore is a relatively small area compared to other digital powerhouses in Asia like China or Japan. Secondly, in Singapore, internet, AI and programming jobs are on the rise. The demand for digital knowledge is stronger than it has been in a long time, leading to higher salaries.

Healthcare

Singapore is known for one of the most robust healthcare systems in the world. First class people demand first class services, especially when it comes to health. If you work in any health field, expect to have openings available to you soon that might not have been open before.

Technology

Technology is booming in Singapore. It’s already a hi-tech place, but it’s still trending upwards. With high standards of living and a great, safe reputation, it’s no wonder technology companies are growing here.

For example, a local financial technology (fintech) company has received investments. This company will likely grow and hire more as they do. Keep an eye out for other fintech companies poised for large growth like this if you’re a technology buff.

Change in Worker Type

Employees Out
Contractors In
More Options

More companies are finding it difficult to meet their headcount number. They need a flexible solution to solve this problem. That’s why almost 70% of companies are choosing to go with contractors in technology, biz support, and operations. It allows them to meet their quotas and keep the budget in line. They also have access to bigger pools of talent.

What this means for contractors is that they can start to express their value in unique ways. Instead of competing on salary negotiations, you can compete on flexibility. Show them that you have wiggle room in your schedule. That way, when the big moment comes, you’re ready to take advantage of the opportunity at hand.

Another benefit for job seekers is that you don’t need to sign contracts. Long term working arrangements are sometimes a thing of the past if you find the right employer. You can focus on working smart, not on committing everything for an unsure outcome.

Shortages

Talent Choice
Competing Salaries
Specific Skill Sets

There will be talent shortages in Singapore for sure. Companies used to want to search for the perfect candidate, leaving a position vacant for months. However, with the fast moving technology and digital sectors, companies will find this increasingly difficult.

Candidates that have special knowledge like geography and work experience will cause them to hold out. However, they might soon find that hiring a great candidate over the perfect one is the right choice.

For those looking for work, this means that you have the upper hand. When the labor pool is not large enough to meet demand, pay can go up and flexibility too. Those wanting to be hired should showcase their extra skills like the ability to learn quickly and acquire new skills that may be more suitable to their ideal positions.

Changing Hiring Priorities

Speed of Hire
Great over Perfect
Growth over Ego

Employers might need to change how they approach the whole hiring situation. The ideal candidate might seem good on paper, but might not be applicable in a real life business situation long term.

Idealistic thinking could frustrate employers, and alienate contractors and employees. Every moment that a job sits empty, growth is compromised. Imagine day after day of a sales, technology, operations, or management position going unfilled.

The lost productivity can never be gotten back. And this is the lesson that companies will need to learn in Singapore’s new economy. Speed will beat perfection in the market of 2018.

With the way the market is today in Singapore, long gone are the days where you need to worry about finding employment. If you have any of the in demand skills, you can find work with the help of a professional. However, even if you don’t possess the skills you need today, there is opportunity to be trained and moved into the right role eventually.

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