The annual growth figures for online hiring activities for IT, Telecom/ISP and BPO/ITES industries in Singapore, Philippines and Malaysia remains largely on decline-according to the latest Monster Employment Index (MEI).
MEI is a monthly analysis of online hiring activities of employers in the Philippines, Singapore and Malaysia.
According to the MEI, the overall online demand for IT professionals in these three countries is showing signs of slow recovery.
Among the three markets, Singapore is the only country that registered a positive result with 2 percent year-over-year (YoY) growth between January 2015 and 2016, a five percentage point increase from -3 percent YoY growth between December 2014 and 2015. The IT, Telecom/ISP and BPO/ITES sector also remains one of the top growth industries in this market.
"With more global players in the tech sector bringing their operations into Singapore and expanding their domestic presence, keeping Singapore at the forefront of these business opportunities now becomes a priority for the government, ensuring that job opportunities remain in abundant for Singaporeans. In the coming months, it is likely that we will continue to see growth in demands for IT professionals in the market," said Sanjay Modi, Managing Director of online job portal Monster.com (India, Middle East, Southeast Asia, and Hong Kong).
Philippines recorded a -1 percent YoY growth between January 2015 and 2016, an improvement from -7 percent YoY growth between December 2014 and 2015. Despite this improvement, month-on-month growth of online hiring in this sector remains weak.
According to Modi: "The BPO sector is currently, one of the strongest pillars in the Philippines economy. However, hiring in this sector is likely to take a backseat, as recruiters look to focus on boosting the quality of their hires through the upskilling of current employees as a means to remain competitive and maintain market growth."
Despite having the steepest annual decline, online hiring activity in Malaysia in this industry improved from -33 percent YoY growth between December 2014 and 2015 to -25 percent YoY growth between January 2015 and 2016.
The three markets, on the other hand, showed negative growth in online hiring activities for Software, Hardware, and Telecom sector. Singapore exhibited the least decline with -12 percent YoY growth between January 2015 and 2016. Philippines and Malaysia recorded a -29 percent and -66 percent YoY growth in online hiring for this industry, respectively.
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