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1、SINGAPORERGF Quarterly Job Market Index2022 Q4 Job Market TrendsSingapores job market maintains stability in Q4 amid ongoing global economic volatility and troubled outlookSingapores economy grew by 3.8%for the whole of 2022(slower than the 7.6%growth in 2021),with growth in the services sector help

2、ing to offset sluggish performance in the manufacturing sector1.With no positive outcome for the Russia-Ukraine conflict in sight,the persistence of US-China tensions,aggravation of the Covid-19 situation in China,and fears of the US and EU entering recession,the external environment is set to go fr

3、om bad to worse.Bracing for the uncertainties ahead,MTI estimated the economy would grow by between 0.5%and 2.5%in 2023 a pace that it had said is“below trend”2.Hence hiring and wage expectations should also start to taper.On the bright side,downside risks for the major economies are partially offse

4、t by Chinas earlier-than-expected pivot away from its zero-Covid policy,as well as the quickening pace of recovery in international travel and tourism as the rest of the world returns to normalcy.Though the slowdown in Singapores economy in 2022 has presented some risks for the employment market,the

5、 relatively strong performance in Q4 hints that growth in hiring demand across all industries can be expected in 2023,and hence the job market remaining stable.This RGF Quarterly Job Market Index report reflects how the diverse range of ever-evolving global challenges and situations have influenced

6、governmental support and regulation,employers hiring sentiments and strategies,and jobseekers attitudes and behaviour,and consequently,the job market trends that are seen to be prevalent in Q4 2022.Professional Recruitmenthttps:/www.singstat.gov.sg/-/media/files/news/advgdp4q2022.ashx#:text=of%20202

7、2%20and%20by%203.8,growth%20in%20the%20previous%20quarterhttps:/.sg/singapore/singapore-gdp-grew-38-2022-further-weakness-ahead-amid-global-headwinds12 Overall average talent growth remained relatively unchanged quarter-on-quarter.Notably,Financial Services saw a contraction of 80%in talent growth w

8、hile Technology chalked up an increase of 71%.While not as pronounced,talent growth also expanded in Consumer Goods(27%),and conversely,contracted in Healthcare&Life Sciences(31%)and Industrial(18%).The marked talent contraction in Financial Services could be attributed to the exacerbation of the sk

9、ills gap and the strong hiring intentions in this dynamic sector.This is particularly so in the sustainable finance,fintech,data and traditional finance sectors,where reskilling and upskilling are needed.Financial leaders need to incorporate new skills like technology,change management and customer

10、centricity1.Financial executives also require functional training in fields like credit risk,compliance and banking regulation.Moreover,knowledgeable professionals with new skill sets in emerging and evolving fields like sustainability risk management,measurement and assurance are needed,and these w

11、ill need more time to develop.The growth momentum of this sector is also expected to accelerate due to Singapores industry transformation map(ITM)initiative,which aims to bolster the nations strategic position as a leading financial hub,and attract the listing and issuances of green securities and o

12、ther investment-worthy opportunities.On the other hand,the notable rate of talent growth in Technology is likely due to the increasing number of candidates from overseas as international border restrictions have been lifted,as well as IT decision-makers complementing their workforce with recruits fr

13、om unrelated sectors and reskilling workers from similar industries2.Additionally,the Ministry of Manpower has introduced several policy initiatives to strengthen Singapores position as a talent hub and help it regain competitiveness by bridging the widening skills gap.An example is the Overseas Net

14、works&Expertise(ONE)Pass,which allows eligible applicants to work for multiple companies and across industries in Singapore simultaneously3.Talent Growth Rate Plunges in Financial Services,Spikes in TechnologyAverage Talent Growth Per Sector Q3 2022Q4 2021 AverageQ4 2022Consumer Goods219%246%Financi

15、al Services273%TechnologyCorporate ServicesAverage Across Sectors Healthcare&Life SciencesIndustrial193%205%174%149%167%204%148%131%238%203%148%Professional Recruitmenthttps:/content.mycareersfuture.gov.sg/financial-banking-jobs-singapore-hiring-industry-transformation-map/https:/ Overall average hi

16、ring demand in Q4 2022 remained relatively unchanged as compared to Q3 2022,and rose 18%year-on-year.Healthcare&Life Sciences and Corporate Services saw increases of 26%and 16%respectively,while the other sectors showed declining rates in Q4 2022 as compared to Q3 2022.These findings take into accou

17、nt the performance of the Singapore economy in the first three quarters of the year,the latest external and domestic developments,as well as factors like the year-end holidays,annual leave clearance and bonus.And looking ahead to 2023,GDP growth rates in most major economies are expected to moderate

18、 further from 2022 levels,with sharp slowdowns projected in the US and Eurozone1.For instance,the manufacturing sector shrank 3 per cent year-on-year in Q4 2022 on the back of output contractions in the electronics,chemicals and biomedical manufacturing clusters.This is a reversal from the 1.4 per c

19、ent growth in the previous quarter;and more weakness is expected for the export-oriented manufacturing sector due to the slump in regional trade activity.On the other hand,the services industries grew 4.1 per cent year-on-year in Q4,slower than the 5.8 per cent growth in Q32.All sectors within the g

20、roup of services sectors posted expansions during Q4 as activities continued to recover with the lifting of domestic and border restrictions since April 2022.Hiring Demand Aligns with Darkening Global Environment and OutlookAverage Hiring Demand Per Sector141%119%83%72%111%98%84%118%122%92%137%72%11

21、8%Q3 2022Q4 2021 AverageQ4 2022118%Consumer GoodsFinancial ServicesTechnologyCorporate ServicesAverage Across Sectors Healthcare&Life SciencesIndustrialProfessional Recruitmenthttps:/www.singstat.gov.sg/-/media/files/news/advgdp4q2022.ashx#:text=of%202022%20and%20by%203.8,growth%20in%20the%20previou

22、s%20quarterhttps:/.sg/singapore/singapore-gdp-grew-38-2022-further-weakness-ahead-amid-global-headwinds1 2 The overall average interview acceptance rates in Q4 2022 fell by 15%as compared to Q4 2021.With the exception of Financial Services,interview acceptance rates across sectors remained below the

23、 Q4 2021 benchmark.Healthcare&Life Sciences saw the highest rate of decline(46%)in interview acceptance rate.Though less severe,rates have also declined in Industrial(22%),Corporate Services(21%)and Financial Services(15%).These findings are reflective of the current macroeconomic and geopolitical e

24、nvironment,which have presented companies with many uncertainties1.Aside from this,companies are also facing challenges such as the lack of candidates to fit specialist/niche roles that are pertinent to the growth of their respective industries.For instance,AI is slowly becoming a part of the health

25、care ecosystem and an important skill that employees need to possess when trying to land jobs in the sector.Banking and insurance professionals are also expected to be conversant with data analytics as they have to rely heavily on digital technologies to manage financial transactions and serve their

26、 clientele better.Conversely,Consumer Goods and Technology saw increased interview acceptance rates of 15%and 11%respectively.The revival of retail operations and increase in consumer spending due to the fast-recovering economy could account for the former,while the latter might be attributed to Sin

27、gapores aspiration to grow its status as a regional tech hub amid a severe talent crunch.Chinas Tencent and Bytedance,and US-based Zoom Video Communications are among the companies that are expanding their presence in Singapore,and thus fuelling the war for tech talent.In the 2022 Global Tech Trends

28、 survey,64%of tech decision-makers state a shortage of workers with IT skills to be one the biggest risks facing their industry2.Average Interview Acceptance RateConsumer GoodsIndustrialTechnologyCorporate ServicesFinancial ServicesHealthcare&Life Sciences101%80%68%78%98%126%90%99%87%79%116%94%Q4 20

29、21Flagging Interview Opportunities Reflective of Dimmer Economic OutlookQ4 2021 AverageQ4 2022Average Across Sectors 85%100%Professional Recruitmenthttps:/ 2The average offer rejection rate in Q4 2022 rose by 38%as compared to Q3 2022.The most significant increase was seen in Financial Services(266%

30、),and this is congruent with the marked contraction of talent growth in this sector.Healthcare&Life Sciences and Technology also showed increased offer rejection rates(ORR)of 120%and 94%respectively.These findings correspond with the intensifying level of competition for talent acquisition and the d

31、ire lack of suitable candidates,particularly those with highly specialised and soft skillsets in emerging fields.The group of sectors,comprising information and communications(supported by continued strong demand for IT and digital solutions),and finance and insurance(primarily supported by activiti

32、es auxiliary to financial services),grew by 2.9%year-on-year in Q4,extending the 3.6%growth in the previous quarter1.Aside from jobseekers having the benefit of multiple job offers to choose from in this candidate-driven market,escalating living costs may be another factor driving them to become mor

33、e selective,as they might be more concerned about the deterioration of their financial situation due to the pervasive effects of inflation.Conversely,the ORR for Industrial fell by 57%in Q4 2022 as compared to Q3 2022.This finding is reflective of the lacklustre performance of Singapores export-orie

34、nted manufacturing sector,which shrank 3%on year in Q4,compared to 1.4 per cent growth in the previous quarter2.The outlook for Singapores electronics and semiconductor manufacturing remains bleak,and growth for 2023 is expected to flatline amid challenging macroeconomic conditions and weaker extern

35、al demand amid the global slowdown.Average Offer Rejection RateConsumer GoodsIndustrialTechnologyCorporate ServicesFinancial ServicesHealthcare&Life Sciences291%133%223%140%100%13%280%159%6%61%25%9%Q3 2022Financial Services Candidates are the most Selective in Picking JobsQ4 2021 AverageQ4 2022Avera

36、ge Across Sectors 86%48%Professional Recruitmenthttps:/www.singstat.gov.sg/-/media/files/news/advgdp4q2022.ashx#:text=of%202022%20and%20by%203.8,growth%20in%20the%20previous%20quarterhttps:/.sg/singapore/singapore-gdp-grew-38-2022-further-weakness-ahead-amid-global-headwinds12 Average Lead Time from

37、 Screening to Interview Stage(Days)Average Across Sectors:5d5dQ3 2022 Q4 2022Legend:Consumer GoodsIndustrialTechnologyCorporate ServicesFinancial ServicesHealthcare&Life Sciences5d4d5d4d5d4d4d6d6d5d7d4dAverage Lead Time from Screening to Interview Stage Remains Relatively UnchangedProfessional Recru

38、itmentIn Q4 2022,hiring demand for the Technology sector is seen to be lower as compared to Q3 2022.In addition to GAFA and MNC retrenchments,startups are also laying off staff on regular basis.As a result,the tech recruitment market has taken a hit,and many companies are taking a relook at their he

39、adcount and hiring plans for 2023.On the other hand,job-seeking activities have increased.The expatriate workforce is gradually rising to the pre-pandemic level as borders have opened up and more foreigners are keen to work in Singapore.While there is an increase in the number of backend developers,

40、data scientists and cybersecurity candidates,there is still some difficulty in maintaining the talent supply.Although Q3 saw a number of high-profile tech giants announcing layoffs,vacancies in the sector remained high in Q4,suggesting that these retrenchments were a consequence of restructuring eff

41、orts within these organisations.On the whole,hiring activity within the Technology sector remained relatively high.As the challenges facing China and Hong Kong during 2022 persist,we see an increasing number of Chinese tech companies seeking to expand their presence in Singapore.Consequently,this ha

42、s fuelled demand for certain roles,particularly in the Fintech/Financial Services companies that are seeking to capitalise on Singapores status as a leading financial hub in the region.As a result,clients are struggling to find candidates with the full spectrum of prerequisite skills while talent po

43、ols are slowly recovering from the loss of niche skills sets due to the pandemic.We also see the continuing trend of companies pulling out all the stops to retain their existing staff rather than face the pain of replacing staff.As such,they are making counter offers to staff who are intending to re

44、sign,giving them the advantage of getting salary increments without making a job change.YOSHIKO KINOSHITADirector,IT&Digital RGF Professional Recruitment SingaporeThe RGF Quarterly Job Market Index is conducted to inform candidates and employers on larger trends within the job market,including talen

45、t pool size per sector,actively hiring sectors,time taken to interview and interview acceptance rate.All analyses are based on data from RGF Singapores database of over 100,000 candidates,covering middle-management and specialist roles only.The global brand of the Recruit Group,RGF,abbreviated from

46、Recruit Global Family,is committed to delivering total human resource solutions of superior quality so individuals and companies of all sizes realize their full potential.We provide a one-stop solution for every talent need,from C-suite and senior business leaders to staff level roles.With three ser

47、vice brands,RGF International Recruitment is the leading recruitment service provider in Asia and provides a wide range of recruitment solutions across 17 cities.We deliver strong cross-border recruitment solutions at all levels and across all industries and functions.For more information visit www.singapore.rgf- About This ReportAbout RGF