Manpower Employment Outlook Survey: Q3 2014

Manpower Employment Outlook Survey:

Singapore employers report favorable hiring prospects for Quarter 3 2014; strongest labor markets being Transportation & Utilities sector and the Finance, Insurance & Real Estate sector

According to the latest Manpower Employment Outlook Survey results released today by ManpowerGroup Singapore, employers in Singapore report favorable hiring prospects in Quarter 3 2014. Once the data is adjusted to allow for seasonal variation the Outlook stands at +19% with a net employment outlook of 20%.

22% of employers anticipate an increase in payrolls with hiring prospects remain relatively stable quarter-over-quarter with an improvement of 5 percentage points year-over-year.

“As Singapore becomes one of the most competitive economies in Asia, the fight for business efficiency and the best talent intensifies. However, the way companies hire and retain talent has changed more in the last five years than in the past 50 years. Companies have become more innovative and flexible in their hiring practices in their bid to attract talent and to increase their (labor) productivity,” said Ms Linda Teo, Country Manager of ManpowerGroup Singapore.

A sample of 700 employers took part in the survey with 22% reporting an increase in payrolls, 2% forecasted a decrease with 60% expecting no change.

Employers in all seven sectors reported healthy growth forecasts in the third quarter of 2014. The most optimistic hiring plans are reported by employers in the Transportation & Utilities sector and the Finance, Insurance & Real Estate sector with Net Employment Outlooks of +24% and 23% respectively. Mining & Construction sector employers forecast an active hiring pace with an Outlook of +22% while the Outlook of +19% in the Public Administration & Education sector reflects upbeat hiring intentions. Respectable Outlooks of +16% and +15% are reported in the Manufacturing sector and the Services sector, respectively.

However, when compared to the previous quarter, hiring prospects decline in five of the seven industry sectors by varying degrees. Transportation & Utilities sector employers report a considerable decrease of 11 percentage points while Outlooks are 7 and 5 percentage points weaker in the Services sector and the Wholesale Trade & Retail Trade sector, respectively. Elsewhere, Outlooks strengthen in two sectors, most notably by 9 percentage points in the Manufacturing sector. “There is a positive and renewed confidence in the US and Europe economy which will help to push the demand in exports or any trade-related goods in Singapore,” said Ms Linda Teo, Country Manager of ManpowerGroup Singapore.

Hiring prospects mixed across the region

Elsewhere in the Asia Pacific region, payroll growth is expected in all eight Asia Pacific countries and territories during the next three months. Weaker Net Employment Outlooks are reported in five countries and territories when compared with the previous quarter, with employers in two countries reporting stronger hiring prospects.

When compared to last year at this time, hiring plans improve in all eight countries and territories. The strongest labor market is expected in India, while for the ninth consecutive quarter the region’s weakest job opportunities are expected in Australia.