Editor’s Note: This is the first part of a two-part series exploring Singapore's labour market dynamics in 2024. As we navigate global uncertainties, understanding key trends is crucial for both companies and workers. Stay tuned for part two as we delve deeper into strategies for success in the coming year. Join us on this journey of adaptation and optimization in Singapore's dynamic labour market.

Introduction

As we step into 2024, it's crucial for both Singaporean companies and workers to understand the dynamics of the labour market, especially in the face of global uncertainties. The Labour Market Report for the fourth quarter of 2023 sheds light on key trends and implications for businesses and employees alike.

Resilience Amidst Global Challenges

Despite global headwinds and inflationary pressures, Singapore's labour market remained resilient in 2023. Total employment saw an increase of 88,400, driven primarily by non-resident employment growth. While labour demand cooled over the year, the number of job vacancies showed a slight uptick in December 2023, indicating a moderately tight labour market.

Challenges and Opportunities

However, challenges persist, particularly in sectors affected by global economic uncertainties. The incidence of retrenchment rose in 2023, largely due to business restructuring. Yet, the majority of retrenched workers were able to re-enter employment within six months, highlighting the adaptability of Singapore's workforce.

Optimising Opportunities

As we look ahead, there are several strategies that both companies and workers can employ to optimise opportunities in the evolving labour landscape:

1. Embrace Transformation: With global headwinds expected to continue, business restructuring and reorganisation may persist. Companies should embrace transformation initiatives to stay competitive, leveraging tools like the Jobs Transformation Maps (JTMs) to redesign jobs and upskill workers.

2. Government Support: The government is committed to supporting businesses and workers through initiatives like the Productivity Solutions Grant (PSG-JR) and Career Conversion Programmes (CCPs). Employers can tap into these resources to transform and reskill their workforce.

3. Career Development: Workers should take an active role in their career development, making use of platforms like the MyCareersFuture job portal to explore new opportunities and pathways. Career matching services offered by Workforce Singapore (WSG) and NTUC’s Employment and Employability Institute (e2i) can provide additional assistance in the job search process.

Looking Forward

As we navigate the complexities of the labour market in 2024, collaboration between employers, workers, and government agencies will be key. By embracing transformation, leveraging government support, and investing in career development, Singaporean companies and workers can adapt to emerging challenges and thrive in the evolving landscape.

Footnote: For more detailed insights, you can access the full Labour Market Report for the fourth quarter of 2023 on the Ministry of Manpower's website. Data from the Labour Market Report 4Q 2023, Manpower Research & Statistics Department, MOM.

Stay tuned for Part Two of our series, where we delve deeper into strategies for success in Singapore's labour market in 2024. Together, let's navigate the future of work with confidence and resilience.

 

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Reference Links:

https://www.mom.gov.sg/newsroom/press-releases/2024/0314-labour-market-report-in-4q-2023

https://www.humanresourcesonline.net/labour-demand-cooled-over-the-course-of-2023-singapore-s-q4-labour-market-report

https://www2.staffingindustry.com/row/Editorial/Daily-News/Singapore-s-FY-2023-employment-growth-driven-by-non-residents-68701

https://www.straitstimes.com/singapore/jobs/employment-in-singapore-grows-by-88400-in-2023-even-as-retrenchments-doubled

https://finance.yahoo.com/news/retrenchment-in-singapore-615-of-laid-off-workers-re-entered-workforce-6-months-post-retrenchment-in-q4-2023-124127455.html