Hiring and Retrenchment Trends: Singapore's Employment Growth in Q2
Wednesday, 18 September 2024, 10:38
Significant Employment Growth in Q2
Total employment in Singapore witnessed a remarkable growth rate, more than doubling in the second quarter of 2024.
Factors Driving the Surge
- Non-resident Employment: The primary driver of this growth has been an increase in non-resident employment.
- Local Hiring Status: While non-residents see growth, local hiring faces challenges amidst ongoing retrenchments and layoffs.
- Market Reactions: The job market reacts dynamically to global economic shifts.
Addressing Layoffs in the Current Climate
The phenomenon of layoffs persists in multiple industries, leading to a complex dialogue about job security and economic stability.
- Challenges: Job seekers confront hurdles as competition escalates.
- Opportunities: The growth in non-resident roles may provide niches for skill-based employment.
Overall Implications: The increase in employment, particularly in non-residential sectors, signifies a potential shift in hiring strategies across Singapore's economy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.