Singapore's Job Market Heats Up in 2024

As we step into 2024, Singapore's job market remains incredibly competitive, with nearly half of the available positions being newly created roles. This was revealed in the Ministry of Manpower's (MOM) latest Job Vacancies Report, which underscores the dynamic nature of the local labor landscape.

With the number of job vacancies rising significantly, the demand for talent in industries like teaching, software development, and marketing is at an all-time high. In December 2024, there were 164 job openings for every 100 job seekers, a slight decrease from 176 in the previous year. However, this tight labor market highlights the ongoing growth and changing needs across sectors.

Interestingly, newly created positions accounted for 45.7% of all job vacancies in 2024, down from 47.3% in 2023. Despite this slight dip, the trend of developing new jobs continues upward, showing that businesses are pivoting and adapting in order to remain competitive. Particularly in the information and communications sector, an impressive 75% of job vacancies were new posts created within the year.

On the flip side, the retail and food and beverage sectors experienced a slowdown, which may be attributed to changing consumer behaviors as more residents opt for overseas travel, impacting local spending.

The profile of the workforce has also evolved significantly over the last decade. In 2014, professional, managerial, executive, and technician (PMET) roles comprised just 43.4% of job openings. Fast forward to 2024, and that share has risen sharply to 57.7%, demonstrating the increased levels of education within the Singaporean workforce and a shift towards higher-skilled roles.

Areas such as information and communications, financial and insurance services, and professional services have seen substantial growth in resident PMET employment, adding 227,500 jobs in the last ten years. Manpower Minister Tan See Leng highlighted the vital collaboration between local and foreign professionals in these high-demand sectors during a recent visit to KPMG.

Hot Careers on the Horizon!

In 2024, the role of teaching and training professionals is the most sought after, especially in specialized areas like AI, data science, and cybersecurity. As industries rapidly evolve, there’s an escalating need for skilled trainers to prepare workers for the future. "It's not surprising to see this demand," noted Associate Professor Yeo Li Pheow, who pointed out that companies are increasingly focused on upskilling their workforce.

Software, web, and multimedia development also continue to shine, with top salaries ranging between $6,000 to $12,000 per month attracting highly skilled candidates. Other positions in high demand include marketing executives, civil engineers, financial advisers, and nurses.

The financial advisory sector, in particular, has seen a surge in job openings, driven by a volatile global economic environment that has heightened interest in risk management strategies.

Yet, not only PMET roles are competitive. The market is also in need of non-PMET workers such as waiters, cleaners, and construction staff, though these positions come with challenges like long hours and tough working conditions.

With the skills gap being a notable barrier, roles like financial advisers and educators remain difficult to fill, not just due to a shortage of relevant experience but also because the specialization required is often hard to come by.

Improving Job Matches and Opportunities!

Fortunately, the landscape is improving; the proportion of job vacancies remaining unfilled for more than six months dropped from 41.4% in 2014 to 19.4% in 2024. This remarkable progress is largely attributed to strategic initiatives that enhance access to foreign labor, foster technological adoption, and prioritize skills development.

Moreover, the MOM has observed a significant increase in job-match efficiency. As employers increasingly focus on skills rather than just academic qualifications, the percentage of PMET job openings where educational background isn't the primary consideration has skyrocketed from 42% in 2017 to 70.3% in 2024.

With 15,040 organizations responding to MOM's survey, employing over 1.8 million workers, the findings reflect a promising future for Singapore's job market as it continues to adapt and thrive amid global changes.

Don't Miss Out!

Whether you're in tech, finance, or education, seize the opportunity to carve your niche in a flourishing job landscape today!