"Singapore has continued to demonstrate resilience and adaptability, with significant strides in both economic and social development over the last year. However, the global landscape in 2024 remains shaped by ongoing geopolitical tensions, inflationary pressures, and supply chain disruptions, all of which are contributing to a more cautious economic outlook. While Singapore's economy remains robust, these global challenges are influencing growth trajectories and creating some headwinds for businesses in the region."
From here, the 2024 Manpower Survey by AmCham Singapore reveals critical insights into the current employment landscape, highlighting challenges and opportunities within Singapore's workforce amid ongoing global disruptions.
Elisa Mallis, global vice president of Research at the Center for Creative Leadership, remarked that the 2024 Manpower Survey highlights the dynamic nature of the workforce and the evolving needs of Singapore's business community. She stressed the importance of closer collaboration between business and government to tackle these challenges.
Key Findings
61% of organisations consider a sufficient pipeline of local skilled workers as a critical factor influencing their investment decisions in Singapore.
Flexible Work Arrangements: Approximately 72% of companies provide flexible work arrangements, with a significant increase in support for parenting initiatives.
Inclusive Workforce: Companies are actively implementing measures to foster an inclusive workplace, with 56% adopting workplace health programs and 52% offering parental leave.
Hybrid Work Preferences: The preferred working model is Hybrid-Office First, with 50% of organisations reporting that most employees work onsite but can work remotely occasionally.
Talent Recruitment Challenges: The main barriers to hiring Singaporeans and PRs for senior roles include:
- 45% cite a lack of necessary specialised skills.
- 43% mention insufficient exposure to regional/global operations.
The report concludes of a significant narrowing of the gap in technical skills for entry-level roles.
Workforce Representation: Women comprise 57% of the overall workforce but only 38% of senior-level positions, indicating a need for continued focus on gender diversity.
Local Talent Development: Companies are optimistic about local institutes' ability to prepare graduates for work, with 70% investing in structured training programs.
Government Support: 71% of companies feel supported by government initiatives to meet local manpower needs, indicating a positive sentiment towards programs like the COMPASS Framework.
Outlook on Hiring: In the medium term, 33% of companies plan to expand their workforce, while 55% intend to maintain current headcount levels.
Skillset Gaps: Adaptability, creativity, and critical thinking are cited as challenging attributes to find in Singaporean and PR professionals, though the gap in technical skills is decreasing.
Investment Intentions: 61% of organisations consider a sufficient pipeline of local skilled workers as a critical factor influencing their investment decisions in Singapore.
The findings from the survey reinforce the necessity for collaboration in cultivating a talent ecosystem that drives innovation and resilience in Singapore’s economy.
"A skilled, adaptable workforce that evolves with industry needs is essential for sustainable development," suggested AmCham Singapore CEO Dr Hsien-Hsien Lei.
