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Singapore-based companies have reported positive growth in 2018 in part due to favourable global market conditions as well as new opportunities that arose from innovative technology. The outlook on 2019’s labour market remains positive for the Smart Nation, with a heightened focus on the information technology and communications sector.
Companies are not just establishing their global or regional headquarters in Singapore, but innovation hubs as well. The startup ecosystem and innovation hubs allow multinational organisations to collaborate with small-and-medium-sized companies and startups to create new innovations that have the potential to improve efficiency and productivity. These hubs promote innovation and foster a culture of creativity, which are important factors that the younger workforce seek in the workplace. As a result, these companies will also have access to a rich multidisciplinary talent pool of highly-skilled professionals.
The healthcare industry – one of Singapore’s key growth sector – will be investing more in preventive care and ensuring earlier diagnosis in an effort to manage the rising healthcare expenditure.
2019 will be a good time for job seekers to understand the market’s demand for their skills and identify opportunities for potential development. It is important more so than ever for candidates to take the initiative to understand key market trends, identify their skills gaps and how they can acquire those in-demand skills to increase their chances of getting the job.
Human resource teams will have to partner with different functions within the company and work closely with line managers to ensure that the workforce is skilled and capable of meeting the organisation’s objectives.
market outlook 2019: randstad singapore
The annual report highlights key economic trends impacting Singapore as well as insights from our leaders on key employment trends for both employers and job seekers. Sectors included in the annual report are:
- Accounting and finance
- Digital marketing
- Information technology
- Life science