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Hiring is anticipated to dip by three percentage points in the fourth quarter of 2014, according to latest manpower statistics.
The Manpower Quarterly Employment Outlook Survey found 19% of respondents expect an increase in hiring compared to the third quarter, while 2% per cent expect a decrease and 73% expect no change. This results in net employment outlook of 17%. Adjusted for seasonal variation, this amounts to a 16% increase in anticipated hiring Q3.
The crucial finance, insurance & real estate sector leads the way with the most optimistic hiring plans at 31%, followed by services, and the public administration & education sectors at 25% and 22% respectively.
On the other hand, the manufacturing sector has taken a beating, with hiring expected to decline by 11%.
Linda Teo, who heads ManpowerGroup in Singapore, attributes this to the recent restructuring across the sector, as well as lower demand for Singapore exports. Hiring expectations have also seen a decline in wholesale & retail trade, pegged at 9%, given the stricter restrictions imposed on the hiring of foreign staff.
Across other Asian markets, Indian employers lead the way in reporting the highest job opportunities, followed by Taiwan and New Zealand.
However, China continues to face labour pressure, with employers forecasting the weakest hiring plans in more than five years.
The Singapore Q4 survey was conducted via interviews with a representative sample of 663 employers in Singapore.