Q1 hiring outlook dims, but firms prepared to pay more to attract workers

  • Concerns about an economic slowdown have slightly tempered hiring optimism among employers in Singapore, though they are still prepared to pay more to attract and retain enough staff to gear up growth efforts.
  • Most workers can expect a salary increment of 3% to less than 5%, and about nine in 10 employers plan to award bonuses of one month or more to their employees, a survey of more than 500 companies found.
  • The employers reported a net employment outlook – a measure of hiring optimism, of 33% in 1Q23, a decline for the 2nd straight quarter after a record high of 40% in 3Q22.
  • Although the net outlook was down 3 percentage points from the previous quarter, it is still up 19 percentage points from 1Q22.
  • Singapore employers from nine sectors polled in a quarterly survey reported a net positive outlook, with those in finance and real estate, energy and utilities, and consumer goods and services driving the hiring demand, posting net positive outlook figures of between 39% and 57%, with finance and eeal estate posting the strongest outlook.
  • The weakest labour markets are forecast to be in healthcare and life sciences, communication services, and other industries
  • Companies are increasing their compensation packages to attract and retain employees, especially in sectors where there is a high demand for manpower or high turnover.

External Link : https://www.straitstimes.com/singapore/jobs/s-pore-s-q1-hiring-outlook-dims-but-firms-are-prepared-to-pay-more-to-attract-workers-survey