18 January 2024
Trends in the Recruitment and Job Placement Market in Singapore, October-December 2023
JAC Group, which operates recruiting businesses in 11 countries around the world, has summarized the market trends for recruitment in Singapore, where it has offices, from October to December 2023.
Singapore: Changes in the HR Market Prompt Strategic Company Responses to New COMPASS Work Visa Standard
Number of job offers YOY：80%
Number of job openings YOY (past 3 years)：
| 2021 | 2022 | 2023 | |||||||||
| Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec | Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec | Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec |
| 131％ | 100％ | 112％ | 90％ | 151％ | 96％ | 156% | 68％ | 157％ | 59% | 95％ | 91％ |
＜Market Overview in Singapore＞
Singapore's economy continued to slow in Q4 2023, with year-over-year GDP growth at 2.1%, and the full-year 2023 forecast down to 1.2%. This slowdown stems from sluggish global demand for semiconductors, impacting the precision instruments and machinery industries. Despite this, the Consumer Price Index (CPI) fell below 4% for the first time in two years, reaching 3.6% year-over-year. This decline was partially attributed to a surge in international travel spending and a slowdown in domestic consumption.
＜Local Hiring Trends among Companies in Singapore＞
The introduction of COMPASS in September 2023 has led many companies to adopt a wait-and-see approach, causing a downward trend in new hires amidst an uncertain economic climate. Hiring needs are primarily focused on replacing retiring staff rather than expansion. Companies heavily reliant on PMETs (Professionals, Managers, Executives, and Technicians) with salaries over S$3,000 are particularly impacted by COMPASS, facing challenges in replacing expatriates and recruiting skilled workers. This has spurred a rise in consultations on HR strategy and employment issues. Some firms are prioritizing Singaporeans and permanent residents, while those with close to 24 PMETs explore ways to manage headcount, including using temporary staffing services. These shifts demonstrate the significant impact of the new work visa system on company employment strategies.
＜Job-Seeker Trends in Singapore＞
Job seeker registration trended downwards in October-December, consistent with previous years as individuals often await year-end bonuses and raises. Beyond this seasonal factor, industry mobility remains low, creating a seller's market where companies seek talent, but find few candidates matching their specific needs. The introduction of COMPASS in September 2023 has further intensified the preference for job seekers who do not require visas, such as Singaporeans and permanent residents.
Managing Director of JAC Recruitment Singapore
Fahad Farook
■JAC Recruitment Singapore Overview
https://www.jacgroup.com/en/locations/country/singapore
■JAC Recruitment Singapore Website
https://www.jac-recruitment.sg/
【JAC Recruitment Asia: Job Listing Comparison Report (Previous Quarter and YOY)】
| Change from previous period (Jul.-Sep.) | Year-on-year comparison | |
| Singapore | 91% | 80% |
| Malaysia | 87% | 99% |
| Thailand | 79% | 130% |
| Indonesia | 117% | 94% |
| Vietnam | 91％ | 155％ |
| Korea | 60％ | 78％ |
| India | 79％ | 122％ |
| Japan（※） | 95% | 100% |
*Recruitment related to overseas business of Japanese companies
Note: The number of job openings at Asian companies may increase or decrease depending on the strategies intentionally adopted by the Asian companies (e.g., specializing in jobs with high annual salaries or jobs for specialists). Therefore, increases or decreases in the number of job openings at Asian companies do not directly reflect the performance of each company.
