In Singapore, the overall online hiring activity remained on an upward, growing 2% in the third quarter, a new survey by Monster reveals.
Among industries, BFSI continues to exhibit the single most notable growth with 4% in a quarterly comparison.
Also, IT, Telecom/ISP and BPO/ITES sectors also saw substantial growth in Singapore and the region throughout the third quarter with a combined 8%, 6% and 5% for Singapore, the Philippines and Malaysia respectively – making them among the best performing sectors in Southeast Asia in terms of online recruitment demand.
“While the gig economy offers vast opportunities to businesses, companies still need to adjust and seamlessly integrate this new workflow,” said Abhijeet Mukherjee, CEO of Monster.com – APAC and Middle East.
With job scopes continuing to shift due to technological innovations, it’s up to HR leaders to define the way freelancers, part-timers and full time staff collaborate and share their workload, he said.
The report reveals that 2018 has brought growth across a number of industries in Singapore, with employment growth doubling in the third quarter, compared to the previous three months, the island state is set for a positive trajectory, while business sentiment remains positive until the end of the year.
Singapore’s economy as a whole has performed slightly better than the government’s forecast had expected, growing by 2.6% over the past three months, according to the Ministry of Trade and Industry (MTI) – although growth was slower than the first half of the year.
Although the Singapore government is expecting a slower growth rate for the second half of the year overall, the nation was named the second most competitive country in the world by the World Economic Forum’s annual competitive survey, which reflects shifts in new, digital technologies and their adoption across infrastructure, institutions and areas of business.
With Singapore leading the way as the regional centerpoint in terms of technological adoption, Southeast Asia is looking towards the island nation when it comes to developing a digital economy. Developing into an economic powerhouse, Southeast Asia’s consumer market is continuously growing and driven by a mobile-first world.
