Like most countries, Singapore enjoys an employment rebound after two years of coronavirus problems. Recent employment numbers show that hiring is increasing in the island nation. Unfortunately, employee wages will remain flat over the next 12 months.
According to Singapore’s Ministry of Manpower (MOM), total employment significantly increased in the fourth quarter of 2021. Resident employment, which includes both citizens and legal residents, outpaced nonresident employment for the first time in several years. This suggests increased employee demand in the tourism, retail, and food and beverage industries. Part-time jobs for students should also be vital.
COVID Shutdowns and Restrictions
When COVID-19 occurred in Singapore, the government’s reaction was similar to that observed in the rest of the world. Offices were shuttered, non-essential businesses were temporarily closed, and people stayed home. The resulting lack of tourism significantly affected Singapore’s economy. It has not been a pretty picture.
Things are improving as the world slowly gets back to normal. In addition, technology is helping people find jobs quickly and efficiently. WorkClass.co, a leading hiring platform, relies on mobile technology and artificial intelligence to help job candidates find employment virtually anywhere in Singapore.
Technology platforms are changing how companies hire by connecting candidates and HR managers without relying exclusively on in-person contacts. As such, it eases the hiring process considerably. That is important given that most of the world is still nervous about COVID-19 despite every attempt to put it behind us.
Tens of Thousands of Jobs
The MOM reports an increase of 47,400 jobs during the fourth quarter, returning to the actual hiring numbers. That is a net gain of nearly 50,000 jobs when you account for a 2,400 job decline in the previous quarter. Growth was spread across all sectors, with some seasonal employment opportunities growing faster.
MOM officials expect to see continued improvement through 2022. They are basing their predictions on easing COVID restrictions and more international travelers arriving.
Resident employees gained the most financial services, communications, and information technology jobs. Other professional sectors did equally well in hiring residents. As for nonresident employees, they saw the most significant increases in the construction sector. MOM numbers indicate some 15,800 new construction jobs in the fourth quarter.
After three-quarters of lackluster performance, 2021 will still show an overall decline in employment. Still, unemployment across the island state has fallen to 2.6% among both residents and nonresidents, which is reason for optimism.
Wages Will Remain Flat
Despite the excellent employment numbers out of Singapore, employees will have to be content with flat wages for now. Only 25% of the companies surveyed by MOM said they intend to raise wages during the first quarter of 2022. Companies say their biggest concern is rising business costs that could prevent significant wage increases this year.
Inflation is a big problem in most developed countries right now. As long as inflation remains high, the cost of doing business will also stay high. As a result, wages will suffer for both full-time jobs and part-time jobs for students.
Getting Back to Work
Overall, the good news in Singapore is that people are getting back to work. Companies are reopening their offices and calling employees back. Vacant positions are being filled by both residents and nonresidents. Singapore’s economy should maintain a position of strength.
