As the class of 2024 steps into the job market, fresh graduates in Singapore are met with a challenging landscape that is both promising and uncertain. While starting salaries have seen a notable increase, securing full-time employment has become increasingly difficult. With the economy grappling with post-pandemic recovery and a softening labour market, graduates must approach their job search with strategy and resilience.

The Current State of the Job Market

Recent data from the 2024 Graduate Employment Survey reveals mixed outcomes for fresh graduates. On one hand, the median gross salary for new university graduates has risen to S$4,313, an increase from S$4,200 in 2022. This uptick in pay is a positive development, reflecting the demand for skilled professionals even in a sluggish economy. However, the percentage of graduates securing full-time permanent positions has dropped to 84.1%, down from 87.5% in the previous year.

The survey also highlighted a decline in part-time and freelance opportunities, with only 89.6% of graduates finding employment within six months of graduation, compared to 93.8% in 2022. This downturn brings the employment rate closer to pre-pandemic levels, suggesting that while the job market is stabilising, it remains competitive and challenging for new entrants.

Industry Insights: Where the Jobs Are

Not all sectors are equally affected by the current economic climate. Graduates specialising in health sciences, information and digital technologies, and business are faring better, with full-time employment rates of 95.9%, 88.7%, and 88.3%, respectively. These industries continue to offer robust opportunities, particularly in the tech sector, where starting salaries remain the highest at S$5,500.

However, it's worth noting that even within high-demand sectors, the competition is fierce. For instance, engineering graduates have seen a slight dip in their median gross monthly salary, signalling potential challenges ahead.

The Tight Labour Market: A Double-Edged Sword

Despite the softening job market, Singapore's tight labour market offers some advantages for fresh graduates. According to Manpower Minister Tan See Leng, the current labour market conditions should benefit graduates in their job search, particularly those with the right skills and qualifications.

However, a significant challenge remains in the form of skills mismatches. As industries evolve, the demand for specific skills outpaces the supply of qualified candidates. This discrepancy is particularly evident in sectors that have seen little employment growth since the pandemic. The government, in collaboration with Autonomous Universities (AUs) and industry partners, is actively working to address these mismatches through regular curriculum reviews and enhanced internship programs.

The Road Ahead: Strategic Job Hunting

Given the current job market dynamics, fresh graduates must adopt a strategic approach to their job search. It’s essential to remain flexible and open-minded, exploring opportunities in adjacent sectors that may not have been part of their initial career plan. Additionally, gaining relevant skills through continuous learning and leveraging internships or temporary roles can significantly enhance employability.

 

Top 5 Tips for Fresh Graduates Seeking Employment

1. Stay Agile and Open-Minded: In a competitive job market, flexibility is key. Consider roles in adjacent industries that align with your skill set, even if they aren't your first choice. Gaining experience in a related field can open doors to your desired career path later on.

2. Enhance Your Skills Continuously: Take advantage of online courses and certifications to stay ahead of the curve. SkillsFuture courses, Coursera, and other platforms offer valuable opportunities to learn new skills, especially in high-demand areas like AI, digital marketing, and data analytics.

3. Leverage Internships and Part-Time Roles: Even if a full-time position isn’t immediately available, internships, part-time, or freelance roles can provide critical experience and networking opportunities. These roles can serve as stepping stones to permanent employment.

4. Utilise Career Services and Networks: Don’t hesitate to reach out to career counsellors, alumni networks, or professional groups for guidance. Networking can often lead to opportunities that aren’t advertised publicly.

5. Prioritise Mental Well-Being: The job search process can be stressful, so it's essential to take care of your mental health. Stay patient, keep a positive outlook, and remember that rejection is a normal part of the journey. Focus on what you can control—upskilling, networking, and staying informed about industry trends.

 

Conclusion: Facing the Future with Confidence

While the job market for fresh graduates in Singapore is challenging, it is not without opportunities. By staying informed, adaptable, and proactive, the class of 2024 can navigate these uncertain times and carve out successful career paths. Remember, the journey may be tough, but the rewards of persistence and resilience are well worth the effort.

 

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References:

https://hrmasia.com/fresh-graduates-in-singapore-get-paid-more-but-fewer-find-jobs/#:~:text=Overall%2C%2089.6%25%20of%20the%20surveyed,with%20pre%2Dpandemic%20employment%20rates.

https://www.businesstimes.com.sg/companies-markets/class-2024-might-be-wild-job-hunt

https://govinsider.asia/intl-en/article/singapore-employers-need-to-hire-on-skills-beyond-degrees-to-address-the-talent-gap-hr-panel

https://www.hcamag.com/asia/specialisation/recruitment/mom-tight-labour-market-to-benefit-singapores-fresh-graduates/480272