The hiring intentions of Singapore businesses have rebounded for the second half of the year, reversing the downward trend of the recent quarters.
This is according to the latest Hudson Report: Employment Trends released today (July 3, 2014), which polled 425 Singapore employers about their hiring intentions in May 2014.
Nearly half of the employers polled (47.3 percent) expressed their intentions to increase headcount over the next six months from Q1, while intentions to decrease headcount are down to 3.5 percent.
Breaking down the hiring intentions into sectors, banking and financial services was reported to be the industry with the strongest hiring intentions. In fact, more than half (56.3 percent) of employers intend to hire more staff in the second half of the year.
The information technology and telecommunications (IT&T) and manufacturing industry rank second and third with positive hiring intentions, standing at 52.4 percent and 43.6 percent respectively.
However, employment expectation continues to decline within the consumer sector, with 42 percent of employers looking to increase headcount, down 1.2 percentage point from Q1. Lastly, the healthcare and life sciences sector has the lowest hiring intentions among all surveyed industries - 41.9 percent of employers are looking to increase headcount.
Emmanuel White, Regional Director of Hudson Singapore, said that the growing business sentiment is having a positive effect on the recruitment market. He said: "Business confidence is high on the back of a healthy expansion in the global economy and the expected growth of Singapore's GDP is at two to four percent for 2014."
"Compared to a year ago, the picture is much more positive. We've gone from headcount freezes to companies now looking to expand their workforce, and open roles are being replaced immediately. It's encouraging to see the upbeat hiring sentiment with most industries in Singapore, but the marketplace remains challenging and uncertainties in the global macroeconomic environment remain," White said.
He added: "The new Fair Consideration Framework which will come into effect in the coming August sets out stricter rules on hiring of foreign professionals with an objective to urge all employers to consider Singaporeans fairly in filling jobs. It pushes businesses to reconsider their strategy in attracting and maintaining a competitive workforce to ride the wave of growth."
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