Amidst the dynamic landscape of Singapore's job market, a recent survey conducted by Reeracoen, a prominent provider of human resource services, offers illuminating perspectives on employers' hiring intentions and workforce strategies for the year 2024. This comprehensive survey, encompassing insights from 159 companies across 30 industries, unveils a promising outlook characterised by economic expansion and a robust hiring sentiment.

Highlighted by notable media outlets like Yahoo, the survey underscores Singapore's commitment to cultivating a skilled and adaptable workforce to sustain competitiveness in the global arena. Reeracoen Group CEO, Mr Kenji Naito, emphasises the significance of specialised skill sets in driving Singapore's hiring trends, stating, "The emphasis on specialised skills in Singapore's hiring trends reflects the nation's dedication to staying competitive and innovative in a global market. This focus is crucial for workforce development and continuous learning."

Key Findings:

• Hiring Plans: A significant majority of respondents (59.1%) express intentions to hire in 2024, with nearly half of these companies (49.7%) planning to recruit between 1-3 new employees. Notably, smaller-sized enterprises exhibit substantial growth aspirations, with some planning to expand their workforce by more than ten headcounts.
• Reasons for Hiring: The primary drivers for recruitment include filling vacancies or replacements (35.8%) and accommodating business expansion (34.0%). There is also a discernible demand for individuals possessing specialised skill sets (13.8%).
• Recruitment Methods: The survey reveals that recruitment agencies remain the preferred choice for hiring needs among most companies (88.1%), with platforms like MyCareersFuture and JobStreet also gaining traction.
• Recruitment Agency Success: Impressively, 74.8% of companies leveraging recruitment agencies have successfully hired candidates over the past year, with recruitment outcomes ranging from 1 to over ten new hires per company.

Mr Naito further emphasises, "The surge in hiring plans underscores the economy's resilience and growth potential. The substantial expansion of smaller-sized companies highlights Singapore's role as a hub for business development."

The Way Forward

These findings provide invaluable insights for businesses to formulate strategic workforce plans aligned with emerging hiring trends. Additionally, they present compelling opportunities for job seekers to join forward-thinking companies and cultivate specialised skills. As Singapore continues its journey of economic transformation, continual upskilling and adaptation will be imperative for sustained career success.

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