Jobs in Singapore, Global financial and trading hub
Singapore is a small city state, a global financial and trading hub, with a nearly $300 billion economy, 5.6 million population, $51,431 per capita income and a workforce of over 3.6 million.
· Construction lost 12,500 jobs while manufacturing lost 4,300. The service sector gained 9,900 jobs.
· Overall unemployment remained unchanged from September 2016 at 2.1% from March 2017.
· Total employment decreased by 2,700in March 2017.
· 4,220 workers were maderedundant in February, with layoffs in manufacturing and services decreasing, but increasing in construction.
· Although Finance, Insurance & Real Estate job seekers have good news with a 16 percent net employment outlook during the first 3 months of 2016, their opportunities might be waning when compared to previous reports.
· Employers in the Mining & Construction sector forecast a 10 percent increase in total employment in quarter 1 of 2017.
· In the Public Administration & Education Sector job seekers should take advantage of the 19 percent project increase in employment.
· Job seekers in the Singapore Services Sector can expect more opportunities as employers expect to increase employment by 25 percent.
· Transportation & Utilities Sector employers report a increase of 20 percent in the first quarter of 2017.
According toSandbox Advisors: -
The following sectors indicate weaker hiring compared to the previous quarter:
On the other hand, these sectors have indicated an intention to increase their staff:
There is a significant impact of Brexit on Singapore’s job market. Impact of Brexit is mainly on the financial markets, more than on economies. Following the Brexit vote, the British pound has declined sharply in value, and the US dollar and Yen have strengthened in global markets. Other Asian currencies including the Singapore dollar also weakened against the US dollar, as is typical when there is a sudden increase in risks in the markets. The resulting movement of the S$ on a trade-weighted basis has been orderly and contained. Stock markets also fell immediately after the Referendum, and have since recovered.
Here’s a look at the five trends that will impact the Singapore job market in 2017:
1. Hiring patterns will be consistent with the region.
2. Digital, technology and healthcare are likely to be the country’s fastest-growing sectors.
3. Nearly 70% of companies surveyed are already using contractors, especially in operations, technology and business support. Contracting offers flexibility in terms of headcount and budget.
4. Certain sectors/industries will still face talent shortages. Searching for an ideal candidate to fill certain roles, for example, in the fast-moving digital sector, will continue to be an uphill battle for many companies, who require candidates with specific skills including broad geographical knowledge and clearly determined levels of work experience.
5. Employers will need to keep an open mind. While hiring the ideal candidate is logical from a business perspective, such an approach may not be sustainable in the long run.
Some top recruiting agencies of Singapore
This recruitment agency specializes in careers pertaining to the construction, oil and gas sectors. They strive to develop a friendly environment for clients, candidates and consultants to interact.
Aegis Recruitment is a popular agency in Singapore, with an excellent reputation. It is staffed with experienced professionals who are always ready to help.
ØAmerican Association Career Resource Centre
This recruitment agency specializes in providing expats with job support. Foreigners seeking job opportunities in Singapore will find its invaluable services helpful, with access to an exclusive job board and career workshops.
ØCareer Hub Consultants
Established in 2011, Career Hub Consultants maintains a strong reputation in the country and has delivered almost 500 talented employees to more than 100 businesses.
Egon Zehnder is a global company, providing services such as executive search, board consultation, and leadership strategy services. The consultants are industry specialists with experience in business, backed by research professionals.
This agency provides recruitment and contractor management services to the world’s leading companies. They offer careers in engineering contractors, petrochemical corporations, hydrocarbon operating companies and major construction organizations.
Spencer Stuart is an international firm, with 55 offices in 30 countries. They are partnered with a diverse range of organizations, recruiting executives and high-flying professionals.
Startup eco system & few successful startups and their business verticals
4. Startup eco system & few successful startups and their business verticals , and some failures (If any)
Singapore is 12 on Startup Genome’s 2017 Start-up Ecosystem Ranking.The startup ecosystem in Singapore is valued at US$11 billion, compared to a global median ofUS$4.1 billion. Between 2005 and 2013 the number of startups in Singapore went from 24,000 to 42,000. Around 5,200 of these were tech startups (reported by BASH). Startups in Singapore have access to significant government funding through more than 10 funding bodies, including SPRING Startup Enterprise Development Scheme, the Early Stage Venture Fund Scheme, the Technology Incubation Scheme, and the Sector Specific Accelerator Programme.US$24 billion was the estimated available venture capital in Singapore in 2013 according to the Asian Venture Capital Journal. Singapore is a great place to be a female entrepreneur according to the Mastercard Index of Women Entrepreneurs, which places it as one of the best countries in the world for female entrepreneurs.
According to the reviews given by Tech In Asia, the following are the 5 leading start-ups of Singapore presently:-
o Active AI
In November, Active AI raised US$3 million from IDG Ventures India and Kalaari Capital. Its AI-powered bot looks to help you do things like check recent transactions, transfer money to friends, or pay bills. The startup will work primarily through Messenger and Line, using participating banks’ APIs.
Astroscale is a Singaporean-Japanese startup with lofty goals – as lofty as low Earth orbit, in fact. The company builds microsatellites that detect and remove space debris – the human-produced litter that has resulted from all our space-related activities in the past decades. Debris orbits the Earth at speeds of 7.5km per second and poses a danger to spacecraft and astronauts as well as an environmental hazard.
Carousell is a place where people can buy and sell stuff to each other online. It raised US$35 million for its series B round in August. The funding was dispensed by prominent VCs like Rakuten Ventures, Sequoia India, Golden Gate Ventures, and 500 Startups.
o Ninja Van
Ninja Van has quickly emerged as one of the most notable last-mile logistics services for ecommerce companies in Singapore. It now operates in five more markets in Southeast Asia: Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.
Nugit uses artificial intelligence to aggregate and analyze piles of marketing data and produce insights worded in normal human language. This can help marketers plan their campaigns better, removing a lot of the grunt work involved.