The job market in 2019 also performed better than its initial forecast, casting an upbeat outlook on the scenario for job creation and hiring in Singapore in 2020. The optimism surrounding the 2020 job market is further fueled when the Ministry of Manpower (MOM) corrected public falsehoods of rising local PMET retrenchment.
The ManpowerGroup, a publicly-listed global workforce solutions company, conducted an Employment Outlook Survey for Q1 2020. The survey found that 79% of the 630 Singaporean employers surveyed plan to keep their workforce levels steady this year. On top of that, Singapore’s Q1 2020 Net Employment Outlook, which represents the difference in the percentage of employers expecting to increase and decrease, is set to increase by about 9%.
With 2020’s job market seeming rather positive, here are 4 job sectors with the strongest outlook for 2020 that you should be paying attention to.
#1 Public Administration & Education
The public administration and education sector is forecast to grow by a Net Employment Outlook of +22%. Public administration refers to the implementation and study of implementing government policies. It is a preparatory step for civil servants who wish to enter the public service. Public administrators refer to individuals working in public departments and organisations, through all levels of the government.
Education jobs, on the other hand, may include roles that span curriculum development, coordinating programmes or managing ad-hoc tasks that include career, placement and education support within schools and training centres.
Examples of jobs in this sector: Administrative officers, Operations manager, Education officers, Curriculum planners, Teachers, Principals.
#2 Finance, Insurance & Real Estate
Finance, insurance, and real estate is a job sector that is expected to have a favourable hiring climate with a Net Employment Outlook of +15%.
This sector generally refers to these 3 types of jobs: management of money, banking, investments, and credit (finance), the coverage of loss in exchange of premiums (insurance), and the sale of land and property (real estate).
Digital transformation in the finance industry has led to the transformation of roles and thus, increased employment opportunities within financial institutions and financial services companies.
Examples of jobs in this sector: Financial advisor, finance manager, horticulture manager, fire safety manager, senior facilities executive.
#3 Mining & Construction
Singapore has been identified as a potential mining hub since a few years back, on the basis of its location at the crossroads of the metals and minerals supply in Asia Pacific. Companies in Singapore also offer a range of services crucial to mining firms, such as the financing of projects, to the sale and marketing of commodities such as coal and gold.
Hence, it is no wonder that employers anticipate a Net Employment Outlook of +12% for the mining and construction industry. Interestingly, hiring intentions in this job sector has improved by 2 and 6 percentage points when compared to the prior quarter and at the same time 1 year ago.
Interestingly, there is rising interest among mining companies to list in the local market due to clearer listing regulations in the mining and oil gas sector implemented by the Singapore Exchange (SGX) in 2011 and 2013.
Examples of jobs in this sector: Mining engineer, mechanics, technical officers, construction manager, project planner, site manager, building and construction professional.
#4 Transportation & Utilities
The transportation and utilities sector is expected to have its strongest hiring pace in 2 years for Q1 2020. The Net Employment Outlook stands at +12%, an improvement of about 19 percentage points compared to the previous quarter. This figure also stands 8 percentage points higher than it was 1 year ago at the same time.
Possible reasons include the awarding of a massive construction project amounting to S$3.14 billion for the 21.5km long North South Corridor linking Admiralty Road West to East Coast Parkway. More jobs may be created too with the first of 5 stages of the Thomson-East Coast Line opening earlier this year too.
On the other hand, advancements in key energy technologies for the utilities industry is expected since the carbon tax was introduced, as firms face stricter regulations in our commitment to meet energy sustainability requirements. The embracing of technology to streamline business processes and increase work efficiency and productivity will possibly lead to a renewed demand in hiring in the utilities sector as well.
Examples of jobs in this sector: Utilities technician, facilities engineer, technical officer, transport manager, transport supervisor.
Lifelong Learning And Constant Reskilling
Another interesting finding in the survey conducted was the fact that employers in all 7 industry sectors expect to add to their payrolls during this quarter. Even if you’re not looking to make a change in industry, you can consider upskilling yourself to make a case for a pay raise.
Alternatively, employees considering to move their careers towards any of these sectors as they are on the uptake can consider making use of grants and resources provided by Workforce Singapore to upskill themselves.
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