SINGAPORE - The job market in Singapore is proving to be more competitive than ever in 2024, according to the Ministry of Manpower (MOM) annual Job Vacancies report. With nearly half of all job vacancies representing newly created positions, the landscape for employment opportunities is vibrant and dynamic.

In December 2024, there were approximately 164 job vacancies available for every 100 job seekers, a decrease from the 176 vacancies recorded in December 2023. This slight decline showcases a balance as more vacancies arise amidst a robust employment climate.

New roles account for a staggering 45.7 percent of all vacancies in 2024, although this marks a minor downturn from 47.3 percent in 2023. The continuous rise of newly generated positions highlights the evolving needs of industries in Singapore. Notably, the information and communications sector shines with a remarkable 75 percent of its job vacancies stemming from new roles, demonstrating the sector's rapid expansion and competitive edge.

Meanwhile, traditional sectors such as retail and food & beverage have seen a decline in the number of new job openings, as consumer spending trends shift towards international travel destinations. This pivot points to a broader economic change affecting local businesses.

A decade-long perspective reveals a significant transformation in the job market; professional, managerial, executive, and technician (PMET) roles now comprise 57.7 percent of job vacancies—a notable increase from 43.4 percent in 2014. This shift corresponds to an increasingly educated workforce eager to fill positions in strategic sectors such as IT, finance, and professional services, with PMET employment in these areas increasing by 227,500 in the past ten years.

During a visit to KPMG on March 28, Manpower Minister Tan See Leng emphasized the complementary relationship between local and foreign talent in growth sectors, showcasing that both demographics are contributing to the burgeoning job market.

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The 2024 landscape reveals that teaching and training professionals are the most sought-after roles, not including pre-school educators. Following closely behind are software, web, and multimedia developers—whose salaries can soar anywhere from $6,000 to $12,000 per month—making them exceptionally attractive employment options.

Other in-demand roles include marketing sales executives, civil engineers, financial advisors, industrial engineers, and healthcare workers including nurses. However, non-PMET roles such as waitstaff, cleaners, and shop assistants show persistent demand despite challenges in recruitment due to long hours and low pay compared to the demanding nature of the work.

The labor market is not without its challenges; financial and investment adviser positions are particularly tough to fill due to a lack of candidates with essential skills. Likewise, positions in teaching require specific qualifications and experience, narrowing the pool of potential applicants.

Improved Job Matching and Recruitment Trends

The report indicates a significant decrease in the number of job vacancies that remain unfilled for over six months, falling from 41.4 percent in 2014 to just 19.4 percent in 2024—largely attributed to improvements in non-PMET roles. This trend signals enhanced job match efficiency, evident in declining unemployment and vacancy rates.

MOM reports that recruitment practices are shifting towards skills-based hiring, with employers increasingly valuing practical experience over traditional academic credentials. The percentage of PMET vacancies where academic qualifications are not the primary hiring factor has surged from 42 percent in 2017 to an impressive 70.3 percent in 2024.

This analysis stems from a comprehensive survey conducted across 15,040 establishments, capturing insights from 1,857,400 employees within the private and public sectors—delivering a response rate of 85.6 percent.

The future of Singapore’s job market remains bright, reflecting a period of diversification and innovation where opportunities abound across various sectors! Are you ready to seize your dream job in this thriving landscape? Stay tuned for more updates!