WORKERS should always be worried about job prospects, says Adrian Choo, career coach and chief executive of human resource consultancy Career Agility.
“Nobody’s job is guaranteed, hence workers need to stay sharp, skilled and well-networked for other roles that might pop up,” he explains. “Do not be complacent as the market is volatile.”
That might seem a little harsh, but according to People at Work 2024, a survey released in June by human resources management solutions firm ADP, a relatively large share (27 per cent) of Singapore employees say they feel insecure in their jobs.
Nearly 81 per cent of workers here also have only one source of income – the largest share of any Asia-Pacific country.
Just this week, recruitment agency ManpowerGroup’s Employment Outlook Survey showed that employers are maintaining a cautiously optimistic approach.
Of the 525 employers in Singapore surveyed about their hiring plans for the next quarter, 45 per cent plan to hire, with the transport, logistics and automotive sector having the strongest hiring intentions.
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Meanwhile, 20 per cent of respondents anticipate a decrease in their staffing levels, while 34 per cent do not expect any change. The net employment outlook after seasonal adjustment is 25 per cent, weakening 4 per cent from both last quarter and year on year.
Used as a bellwether of economic and labour market trends, net employment outlook is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire.
“Despite a slight slowdown in hiring intentions from the previous quarter, the local labour market remains resilient, serving as a source of stability and consistency during these uncertain times,” says Linda Teo, ManpowerGroup Singapore’s country manager. “Given that the survey was conducted in October 2024, just before the US presential elections, employers are likely practicing cautious optimism.”
Dr Xu Le, lecturer from the department of strategy and policy at the National University of Singapore Business School, says sectors such as artificial intelligence (AI), healthcare and financial services continue to experience strong demand for skilled professionals.
“This trend is driven by advancements in technology, the growing need for digital transformation and the prioritisation of health and sustainability initiatives,” she says.
That said, certain groups – such as workers in roles with high substitutability – could face significant challenges in securing well-paying jobs or re-entering the workforce.
In addition, she notes that sectors closely tied to the economic outlook of foreign markets may experience hiring caution from employers due to the need for businesses to manage risks and adapt to fluctuating external conditions.
Essentially, the job market in 2025 will present both opportunities and challenges, says Yvonne Teo, ADP’s vice-president of human resources (Asia-Pacific).
On the one hand, Singapore’s commitment to becoming a global hub for innovation and technology will continue to create new opportunities, particularly in areas such as AI, fintech and sustainability. On the other hand, global economic uncertainties and ongoing disruption could lead to shifts in demand for certain skills.
“For employees, it is vital to stay competitive through continuous upskilling to mitigate risks and seize emerging opportunities,” she says. “Employers, too, have a role to play in fostering resilience through training programmes and career development initiatives, ensuring their workforce is prepared for the future.”
