In 2009, Singapore’s labour market remained resilient despite the economic recession. Though our GDP contracted by an estimated 2.1% overall, the labour market held up relatively well. Our unemployment rate (3.4% seasonally-adjusted for 3Q09) remains comparatively lower than that in many other countries (such as US, Germany, Australia and Hong Kong which recorded unemployment rates of 5% to 9%). Since 3Q09, the labour market has shown encouraging signs of turnaround. In that quarter, overall employment grew, after two quarters of contraction.
Buoyed by the recovering economy, business and hiring sentiments have improved. For example, the Department of Statistics (DOS)’s business expectation survey for the services sector for 4Q09 showed that a net weighted balance of 17% of firms in the services sector are expecting better business for the next six months ending Mar 2010. Similarly, the Hudson Report on Hiring and HR Trends in Singapore released in 4Q09 reported a significant improvement in hiring expectation, with 34% of respondents expecting to increase headcount, up from 26% in the previous survey done in 3Q09. This improved hiring sentiment is felt across many industries, including healthcare, banking & financial services, information technology and manufacturing.
New jobs will be created through the course of 2010 and beyond, in particular, from the pipeline of new investments in the manufacturing industry. In electronics, Elbau (a leading European manufacturer of customised sensors and Microsystems) is opening a S$6.5 million production facility in Singapore. This new facility will be the company’s first overseas plant in Asia and will create specialised jobs in the area of design and production of highly complex sensors. In aerospace, key companies such as Rolls Royce and Pratt & Whitney are slated to start operations over the next few years at the new Seletar Aerospace Park, creating exciting employment opportunities for aeronautical engineers and technicians.
Biomedical giants have boosted their presence locally. Investments in the biomedical industry include Lonza (S$40 million cell therapy plant), GlaxoSmithKline (S$600 million vaccine plant) and Agilent Technologies (new life sciences manufacturing facility). The medical technology segment has also benefited from investments from cardiac pacemakers Medtronic and contract research organization Quintiles. These companies have started hiring after their groundbreaking ceremonies in 4Q09.
Emerging industries like energy, environment and water technologies, and interactive & digital media will also create career opportunities when new investments are realized. For example, leading Japanese games developer Koei has announced plans to expand its studio and hire in the next two years. As Koei and other companies such as Ubisoft and Lucasfilms’ studio expand their operations in Singapore, there will be job opportunities in the creative sector. There are both skilled jobs and apprenticeship positions on offer for those interested in joining this vibrant sector.
Employment in the services sector will continue to grow. The tourism sector will receive a boost from the Integrated Resorts when they commence operations later this year, as well as other exciting projects such as Gardens by the Bay and the rejuvenation of the Orchard Road retail belt. The two Integrated Resorts will need about 20,000 workers when fully operational and will generate positive economic spin-offs for the food & beverage, retail, hospitality and security sectors. Events such as the annual Formula One night race and the Youth Olympics this year will also add to the growth of the sector.
With Singapore’s ageing population, there will be continued demand for healthcare services. The opening of new hospitals, such as the Khoo Teck Puat Hospital in 2010 and the Jurong General Hospital in 2014, will create demand for doctors, nurses, pharmacists and allied healthcare professionals. There will also be demand for jobs in the social services & childcare sector, with 200 new childcare centres expected by 2013, creating job opportunities for childcare teachers and other childcare professionals.
Looking ahead, Singapore’s labour market is expected to continue to improve in tandem with the recovery in the economy. As our economy undergoes restructuring to remain globally competitive, there will be continued demand for knowledge- and skills-intensive jobs. So long as graduates keep an open mind to opportunities in new growth areas and equip themselves with the relevant skills, they will be well-positioned to reap the rewards in a wide range of job opportunities and challenging careers across the economy.
