SINGAPORE, 10 September 2014 – According to the latest Manpower Employment Outlook Survey results released today by ManpowerGroup Singapore, Singapore employers report favourable hiring intentions for Quarter 4 2014. 19% of the surveyed 663 employers forecast an increase in staffing levels, 2% anticipate a decrease and 73% expect no change.
Once the data is adjusted to allow for seasonal variation, the Outlook stands at +16%. Hiring prospects weaken by 3 percentage points when compared with the previous quarter and decline by 4 percentage points year-over-year.
“Although confidence in the US economy has improved steadily and China’s economy has stabilized, employers remain generally cautious in their hiring activities especially since the outlook for the eurozone remains mixed,” said Ms Linda Teo, Country Manager for ManpowerGroup Singapore.
Employers anticipate an increase in staffing levels in all seven industry sectors during the coming quarter. The most optimistic hiring plans are reported in the Finance, Insurance & Real Estate sector with a robust Net Employment Outlook of +31%. Strong job gains are also reported in the Services sector and the Public Administration and Education sector, with Outlooks of +25% and +22%, respectively.
When compared with the previous quarter, Outlooks decline in four of the seven industry sectors, most notably by 11 percentage points in the Manufacturing sector. The Wholesale Trade & Retail Trade sector Outlook is 9 percentage pointers weaker and declines of 7 and 5 percentage points are reported in the Transportation & Utilities sector and the Mining & Construction sector, respectively. However, hiring prospects strengthen in three sectors, including an increase of 9 percentage points reported by Services sector employers and an 8 percentage point improvement in the Finance, Insurance & Real Estate sector.
“The dip in demand for local exports coupled with the restructuring of the manufacturing industry is has affected the employment outlook in the manufacturing sector. Meanwhile, the manpower crunch is also being felt in the Wholesale and Retail sectors. These sectors are traditionally reliant on foreign labour, and thus are feeling the heat of the stricter restrictions,” said Ms Teo.
Positive hiring prospects across region
Opportunities for job seekers are expected to remain positive across the region, with the strongest hiring plans again reported by employers in India, Taiwan and New Zealand. Outlooks are relatively stable in six countries and territories quarter-over-quarter and dip slightly in two, but improve in six countries and territories when compared year-on-year. The forecast is not as bright in China where employers report the weakest hiring plans in over five years, as well as the weakest job prospects in the Asia-Pacific region.
About ManpowerGroup Singapore
Established in 1996 in Singapore, ManpowerGroup works with a range of manufacturing, resources, mining, transport and logistics, government, blue chip investment and retail banks, IT vendors and outsourcers, telecoms service providers and infrastructure, utilities and engineering services companies. In Singapore, the ManpowerGroup suite of solutions is offered through ManpowerGroup™ Solutions, Manpower®, Experis™, and Right Management®. More information on ManpowerGroup Singapore is available at www.manpower.com.sg.
ManpowerGroup™ (NYSE: MAN) has been the world’s workforce expert, creating innovative workforce solutions, for more than 65 years. As workforce experts, we connect more than 600,000 men and women to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands — Manpower®, Experis™, Right Management ® and ManpowerGroup™ Solutions— we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2014, ManpowerGroup was named one of the World’s Most Ethical Companies for the fourth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.
Note to Editors
The next Manpower Employment Outlook Survey will be released on 9th December 2014 to report hiring expectations for the first quarter of 2015. The Manpower Employment Outlook Survey is available free of charge to the public through their local Manpower representative in participating countries. To receive e-mail notification when the survey is available each quarter, interested individuals are invited to complete an online subscription form at http://investor.manpower.com/alerts.cfm.