With a turnaround in the economy last year and a push by the government for digitization and smart economy, job opportunities have opened up in many sectors.
A report by the Ministry of Manpower (MOM) on labor market performance in the third quarter of 2017 showed an overall improvement in job creation, absorption, retrenchment, and re-entry.
Some Of The Key Highlights of the Report Are:
- The seasonally adjusted unemployment rate came down from 3.3% to 3.2% on a sequential basis.
- The ratio of job vacancies to unemployed people improved.
- Retrenchments were lower.
- Six-month re-entry rate among retrenched residents increased to 66% during this quarter.
Greater demand for skilled labor and those with technical knowledge, necessary for transforming Singapore into a Smart Nation, means that new opportunities are opening up in traditional sectors.
For example, to provide a fillip to the professional services industry and the Infocomm sector and to meet the growing demands of the economy, industry associations and independent bodies have come together to lay down ICT Skills Framework to equip professionals with the latest technological tools and industry best practices.
Let us find out more about the industries most likely to create jobs for Singaporeans in 2018.
Top Job-Creating Industries:
- Financial services: The government and the Monetary Authority of Singapore (MAS) have unveiled plans to add 4,000 jobs to the financial services industry every year. Of this, 1,000 would be created in the financial technology sector which is introducing disruptive technologies to deliver more value and quality to customers. As a result, people with financial knowledge and software development skills will be in great demand in this sector.
- Infocomm: Digital technologies are revolutionizing the service and advertising sectors. With more and more sellers and buyers looking to interact through online, digital marketers, UI and graphic designers, software developers, content marketers, data scientists, and cybersecurity experts will be in great demand. These skills aim to secure and improve user experience and increase interactivity between various stakeholders in a service delivery channel. If you have one of the skills mentioned above, you can plan to make a lateral entry into this sector this year.
- Tourism: Singapore has always attracted tourists. With a return of momentum in the economy, more business executives and expatriates may fly into the country looking for business opportunities and jobs which means that tourist guides, customer service agents, and travel managers will find more opportunities this year.
- Logistics: With a positive outlook for the global economy and better projections for the wholesale and other export-driven industries, the logistics industry may look to add more jobs in the near future. Those with knowledge of supply chain management and operation research may be in greater demand as companies look to improve cost efficiencies reinforce their delivery channels with the use of new technologies. People with software development skills may find favor with employers in this sector, too.
- Retail: With stronger household balance sheets and stable household debt, the country may see a spike in discretionary spending. One of the obvious beneficiaries would be the retail sector. With banks offering credit cards with more benefits and fitness like BankBazaar making card and loan application process easier, players in the FMCG sector, hospitality sector, consumer durables, and e-commerce will look to capture more market share. In order to expand their business reach, they’ll have to hire new labor and people with industry-specific skills, making this industry highly sought after.
- Real estate: With signs of an uptick in demand for new and resale properties after almost three years of lull, major property developers are looking for fresh faces in their teams. Investment analysts, property managers, real estate portfolio managers, and real estate market analysts are likely to see more opportunities this year. If you’re not happy with career prospects in your current job, this is probably the right time to make a career change and get into this rewarding sector.
- Manufacturing sector: The manufacturing sector is expected to add jobs at a phenomenal pace in 2018 after the country recovered from an economic slump and is slowly moving to a higher growth trajectory. Most companies operating out of Singapore are looking to expand their business and hiring is expected to continue to address challenges and opportunities in the sector.
- Aerospace industry: The government is making a push to add 1,000 jobs to this industry by 2020. The Singapore Economic Development Board (EDB) had announced in January 2017 that the government plans to help the industry achieve a manufacturing value-added of S$4 billion in 2020. The government is also encouraging industry associations and key players in the sector to adopt new technologies. This creates an opportunity for people with such skills and specific domain knowledge.
An upswing in the economy and a positive labor market outlook is going to help the country regain its place as a leading financial hub in the Asia Pacific region. This will also encourage more and more foreign direct investors to take a closer look at new opportunities in the country. This should help the country not only sustain its economy but also the pace of job creation.