Singapore labour demand cooling, workers urged to be adaptable

As employment openings may continue to decline due to a lower economic development projection, employees in Singapore are encouraged to be adaptive and open to working in different industries, according to labour watchers.

This occurs as there are hints of a slowing in the demand for labour. The recent labour market data from the Ministry of Manpower (MOM) showed that there the open positions in June decreased, with 87,900 vacancies compared to 99,600 in March. 

In March of last year, there were a record number of 126,000 open positions.

“Given the weak external environment and economic growth for the rest of the year, labour demand could ease further and be uneven across industries,” MOM warned. 

Analysts predicted that in the coming months, the forecast for labour demand would be muted. However, growing industries are still hiring, accounting for more than a quarter of openings in June. These industries include professional services, information and communications, as well as financial services.

Manpower experts said workers will need to constantly upskill to stay relevant.

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Chief of Staff Asia