Saturday, March 10, 2012

Singapore workers expect gloomy job prospects in 2012

It is the job hunting season and the best time to find a job in Singapore but this year employees look more pessimistic about the prospects as well as salary increment. 54 per cent of about 1,700 workers polled by Singapore based Berkley Recruitment Group Asia have thought that there are enough or lots of job opportunities down from 80 per cent of last year and lowest since 2010. This is due to the uncertainty about the global economy and the gloomy job outlook in financial services sector.[1]

Salary increment expectations are also creeping and only 12 per cent of the respondents thought that they would get 10 per cent or more salary increase in a year of near 6 per cent inflation. This is independent of increment by a new job or existing job. On the other hand 23 per cent have already received or expecting a salary freeze this year. This number was 16 per cent last year.

Singapore employees are the gloomiest in South East Asia but they are more optimistic than the ones in USA (45% thinks there are at least enough jobs) and Britain (44% thinks there are at least enough jobs) and France (42% thinks there are at least enough jobs).

Just a year ago, Singapore job market was employee's market where there were plenty of jobs for the people in Singapore. But now in 2012 job hunting season, Singapore job market is gradually becoming an employer's market. Hiring in the services sector is quite strong, which is worrying since service sector jobs are usually low paying unproductive jobs where each employee is easily replaceable at least employer's usually think like that.

For the star employers in Singapore, agressive hiring may be also over:

"Berkley Chief Executive Steve Greenwood said he had not seen bulk hiring in banks nor huge investments in new sites or facilities from the pharmaceutical sector."

On the other hand, same group has recently reported that job prospects are still bright for professionals and execs in Singapore:

"PROFESSIONALS and executives in Singapore have been on a roll, with many having multiple job offers thrown at them. And the pay and career prospects of these staff up the job ladder - especially those in
the pharmaceutical and life sciences, information technology and commercial sectors - have been given an extra boost in the war for talent in a hot job market that's getting hotter.

Compared to a global average of 43 per cent, nearly two in three - 66 per cent - of  the 2,706 professionals and executives polled here in the final three months of 2010 were approached by three or more headhunters in the past year.

Some 82 per cent, up from 75 per cent in the third quarter, saw a pay increase coming in 2011, according to the poll taken by the Berkley Recruitment Group which has offices in Singapore and Europe.

Some 27 per cent of those polled, against 19 per cent in the previous quarter and a  global average of 13 per cent, were looking to a raise of more than 10 per cent. Twenty-seven per cent of the professionals and executives felt the chances for a promotion had improved in the past 12 months. The global average was 23 per cent. The quarterly poll was taken to gauge the jobs market sentiments of professionals and
executives, which clearly have grown more upbeat.

'Confidence in the Singapore jobs market continues to soar at the professional and  executive level,' says Steve Greenwood, Berkley's chief executive in Asia."
Source: Bright Job Prospects For Professionals, Exec

[1] The Straits Times, Singapore workers fear though times

1 comment:

  1. Interesting article! I just wish that job hunting in Singapore will increase more in 2013. Anyway, thanks for sharing this one. I enjoyed reading it.

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