In an impressive leap forward, Singapore's job market has marked a significant milestone in 2023. The share of job vacancies that were newly created, rather than those vacated by former employees, soared to 47.3 percent.
This is the highest figure recorded since the commencement of this data series in 2018, a substantial rise from the 38.7 percent observed in 2022. According to the latest Job Vacancies report released by the Ministry of Manpower (MOM) on March 25, this trend underscores a pivotal shift in the employment landscape, attributable to businesses expanding into both existing and new functions. It mirrors the dynamic evolution of our economy and the corresponding shifts in manpower needs.
The Genesis of New Roles
In 2023, the proportion of PMET job vacancies rose to 57.2%, driven by high demand in sectors like tech and healthcare. Technology roles and positions in business development, sales, and nursing remained particularly strong, with employers offering competitive salaries to attract skilled professionals.
The uptick in newly created job roles is influenced by multiple factors such as:
Business Expansion: Increase in new job roles due to business expansion and entry into new markets, demanding varied skills.
Border Reopening: Shift in PMET to non-PMET vacancy ratio reflects border reopening and return of non-PMET workers, especially in construction and some service industries.
Digital transformation: Technological advancements across sectors driving the creation of new positions
Opportunity for Jobseekers
The emergence of new job roles heralds a plethora of opportunities for jobseekers, infusing the market with a renewed sense of dynamism. It encourages not only fresh graduates but also seasoned professionals to explore new domains or transition into roles that align more closely with the evolving market demands. This trend is a clarion call for individuals to embrace continuous learning, reskilland adaptability as essential career traits.
Moreover, the influx of new positions contributes to a more vibrant and competitive job market, urging current employees to enhance their skills to remain relevant. It fosters a culture of lifelong learning and encourages a workforce that is resilient, versatile, and ready to tackle the challenges of tomorrow. Post-pandemic normalisation of economic activities is forcing more employers to look beyond academic qualifications when filling PMET vacancies, as overall vacancies continue to outnumber jobseekers.
In this ever-evolving job market, future-proofing one's career is paramount. Jobseekers can stay ahead of the curve by:
Embracing Lifelong Learning: Engage in continuous education to acquire new skills and knowledge. Leverage online platforms, workshops, and seminars relevant to your field or areas of interest.
Staying Technologically Savvy: As digitalization permeates every industry, understanding and proficiency in digital tools and platforms become indispensable.
Networking: Build and maintain a robust professional network. Connections often open doors to opportunities that might not be visible through traditional job search avenues.
Personal Branding: Develop a strong personal brand that highlights your unique skills, experiences, and professional ethos. A compelling personal brand can make you stand out in a crowded job market.
Flexibility and Adaptability: Be open to change and willing to step out of your comfort zone. The ability to adapt to new roles and environments is a highly valued trait.
Government Initiatives for Skill Advancement and Job Attractiveness
In response to the evolving job market, the government has launched a series of initiatives designed to bolster workforce development and enhance job attractiveness.
Here are ways on how the government assists employees:
Enhanced Support Caps: Starting April 1, 2024, up to $5,000 for general workers and $7,500 for mature or long-term unemployed individuals will be available, with up to $45,000 per trainee for six-month programs. This will extend to all employees enhancing their skills.
Career Conversion Programmes: Employers are urged to utilise Workforce Singapore's programs, which provide up to 90% salary support for roles that are newly created or enhanced.
Subsidies on Course Fees: A 20% subsidy is available through SkillsFuture for mid-career professionals or SMEs.
Jobs Transformation Map (JTM): Employers are encouraged to use JTM for job redesign and reskilling insights, with 16 JTMs completed and four more focusing on areas like AI and Sustainable Finance.
Skills-Based Hiring Advocacy: HR professionals are recommended to pursue certification through the Institute for Human Resource Professionals to align with the latest trends.
Navigating Careers to New Horizons with Charterhouse Asia
In this landscape of opportunity, Charterhouse Asia emerges as a beacon for those aspiring to elevate their career paths or seeking guidance in navigating their professional journey. Our commitment transcends mere recruitment; we aim to forge meaningful connections between talented individuals and organizations where they can truly make an impact.
We understand the nuances of the evolving job market and are dedicated to empowering you with insights, opportunities, and the support you need to achieve your career aspirations. With Charterhouse Asia, you're not just finding a job; you're shaping your future.
Connect with our team here.
