Market Update: Q2 2024 HR Market in Singapore

As we conclude Q2 and the first half of 2024, I wanted to provide an update on the HR market in Singapore. Recent trends and survey data reveal significant shifts and market headwinds that may affect your hiring needs and approach to people management.  

Overall, hiring sentiment in Singapore remains cautious. The latest ManpowerGroup survey indicates a net employment outlook of 20% for Q3 2024. Despite this general softening, 44% of employers plan to increase their headcount in the coming months, demonstrating a continued demand for talent across various sectors.  

In Q2, optimism persisted with a focus on upleveling HR teams amid "HR Transformation," emphasizing quality in confidential searches. Low attrition rates continued as candidates were cautious about lateral moves. 

Specialist roles like Benefits, Compensation, HR Operations, and HR Technology (HRIS, people analytics) were in high demand, supported by innovative Total Rewards offerings. Thorough interview processes reflected client priorities, while skill-based talent management and embedded HR Business Partnerships gained traction. Hybrid work norms (3-4 days in-office) evolved, though candidate commitment remained cautious. 

Sector specific Insights:  

Finance and Real Estate:  

The net employment outlook for the Finance and Real Estate sectors has dropped by 30 percentage points to 15%, as employers exercise caution due to subdued growth and cost challenges. 

Transport, Logistics, and Automotive: 

The transport, logistics and automotive sectors demonstrates strong hiring optimism with a net outlook of 47%, the highest among the nine sectors surveyed. This represents a 22-point increase from the previous quarter and a 28-point rise year-on-year. 

Communication Services: 

The communication sector remains the most challenging, with a net outlook of -33%, down from -29% in the previous quarter.