Overview of Job Market in Singapore 2024

The job market in Singapore remains notably tight in 2024, with new job roles making up nearly half of all vacancies, according to the Ministry of Manpower (MOM) in its latest Job Vacancies Report. This year, the demand for skilled professionals, particularly in teaching, technology, and sales, has skyrocketed as companies adapt to an evolving economy.

Job Vacancy Statistics

As of December 2024, there were 164 job vacancies for every 100 job seekers, a decrease from 176 in the previous year. This tightening highlights the competitive atmosphere for employment, with newly created positions constituting 45.7% of all vacancies—a slight dip from 47.3% in 2023, yet part of a broader upward trend.

Trends in Different Sectors

The information and communications sector has particularly thrived, with 75% of its job vacancies originating from new roles created in 2024. This reflects the sector's robust dynamism and the increased need for technical expertise due to the rapid advancement of technology. Conversely, the retail trade and food and beverage sectors have experienced declines in new job opportunities, attributed to a shift in consumer spending towards overseas travel—a trend that has reshaped local economic activity.

Rise in PMET Roles

Over the past decade, the share of Professional, Managerial, Executive, and Technician (PMET) roles in the job market has risen significantly, climbing from 43.4% in 2014 to 57.7% in 2024. This trend parallels the growing educational attainment of the workforce, with sharp increases in employment within the information and communications, financial services, and professional services sectors. Between 2014 and 2024 alone, employment in these areas swelled by 227,500 positions for residents.

Interdependence of Local and Foreign Talent

During a recent visit to KPMG, Manpower Minister Tan See Leng emphasized the interdependence of local and foreign talents within the growth sectors, suggesting that the rising employment rates reflect complementarity, rather than competition, between resident and non-resident workers.

Hot Jobs of 2024

The most sought-after professionals this year are in teaching and training—excluding pre-school educators—as industries increasingly seek expertise in areas like artificial intelligence, data science, and cyber security. Software, web, and multimedia developers continue to rank high among in-demand positions, consistently commanding lucrative salaries ranging from $6,000 to $12,000 per month. Other high-demand roles include commercial and marketing sales executives, civil engineers, financial and investment advisers, industrial and production engineers, and healthcare professionals like nurses.

Challenges in Non-PMET Roles

Meanwhile, non-PMET roles remain critical for organizations, with positions for waiters, cleaners, shop assistants, receptionists, and construction workers being the hardest to fill. Challenges such as long working hours, low compensation, and demanding physical labor contribute to staffing difficulties in these fields.

Job-Matching Efficiency Improvements

An encouraging trend is the decline in the proportion of job vacancies that remain unfilled for six months or more, which decreased from 41.4% in 2014 to just 19.4% in 2024. This improvement primarily reflects effective strategies implemented to ease labor shortages.

Conclusion

As Singapore continues to navigate through a post-pandemic economic landscape, the demand for highly skilled talent—especially in teaching and technology—remains pivotal in fostering resilience and growth, making 2024 a year of unparalleled opportunities in the job market.