61% of Singapore workers found it harder to find a new job in 2024, an implication of changes in businesses’ demand for talents and skills, a LinkedIn report shows.
The figure exceeds the global average of 50%, said the report, which polled more than 1,000 Singapore workers in November and December 2024.
Pedestrians walk along the promenade near the financial business district in Singapore on October 14, 2024. Photo by AFP |
The biggest challenges employees faced were finding a suitable job which aligns with their personal expectations, negotiating compensation and making the job application unique among a large number of candidates, said the report.
LinkedIn, the world’s largest professional network, also found that half of the 500 hiring professionals it polled separately said finding qualified employees were more difficult last year.
Among the applications they received, only 3.4% met all the required and preferred qualifications.
Chua Pei Ying, LinkedIn’s Asia-Pacific chief economist, told The Straits Times that these figures show a rapid change in the labor market.
She added that if an employee remains in the same job, the skill sets needed in Singapore are set to change by around 70% by 2030 compared with 2016, due to technological advances and other changes.
Another report by LinkedIn revealed that employers are looking for more than just people with technology and finance skills.
In Singapore they still need employees in engineering, sustainability and food and beverage services which are not yet supplanted by AI.
A report by professional services firm Aon, found that the average pay in Singapore is expected to increase by 4.4% this year, lagging behind Vietnam, Indonesia and Thailand.
Singapore’s economic growth is expected to slow from 4% last year to 1-3% in 2025, according to a government estimate.
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