singapore market outlook 2021.

04/01/2021 02:46

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The fear of uncertainty due to the virus outbreak has very much dictated the economic climate in 2020. Businesses are likely to remain cautiously optimistic in 2021, depending on the rate of market recovery. We expect most firms in Singapore to further tighten their budgets and re-allocate their resources accordingly, with the majority going to digital initiatives. These areas of focus will also be where we would see more hiring activities.

2021 employment trends and skills demand

Companies in industries that are driven by growth and consumption, like banking and financial services, e-commerce, healthcare, logistics and technology are likely to remain robust in Singapore, with some even looking to expand. The growth in these industries is largely driven by the increasing use of digital technology by both businesses and consumers.

As organisations strengthen their capabilities to capitalise on the growing digital economy, the talent demand for technologists and digitally-adept professionals will increase exponentially in 2021.

However, companies in industries such as aviation, hospitality, tourism and construction are expected to undergo further business restructuring in the near future. They should remain conservative when it comes to hiring, and will likely re-engineer some roles within the organisation to meet new or additional demands.

In our 2021 edition of the Singapore Market Outlook, which looks into talent recruitment trends and forecast of in-demand jobs, we will dive into three key areas - information & communication technology, biomanufacturing & chemicals as well as consumer (sales & marketing).

key highlights to the 2021 job market in singapore

  • COVID-19’s impact on Singapore’s labour market and businesses
  • In-demand jobs and skills in technology, biomanufacturing & chemicals, and sales & marketing
  • Anticipated job mobility and candidate expectations across industries

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