SeizingtheRebound:

TalentinAsia2024

Singapore

2RisingAboveDisruption:TalentinAsia2024

AboutthisReport

RGFsTalentinAsiaReportis

conductedannually,withtheaim

ofbetterunderstandingtheneedsandbehavioursofcandidates

acrossMainlandChina,

Singapore,IndiaandJapan.

ThisreportisbasedonRGF-owneddatacompiledviaatargetedsurveyofmorethan1,100employeesandemployersacross

sevenkeyindustrysectors:

●Banking,FinancialServices&Insurance

●Construction,Property&Engineering

●ConsumerGoods,Retail&Hospitality

●Healthcare&LifeSciences

●ProfessionalServices&BusinessProcessOutsourcing

●Semiconductor,ElectronicsandManufacturing

●Technology,Media&Telecommunications

Thesurveyfindingsandinsightssupplementedwithinsightsfromemployershighlightrespondentstalentsentiment,talentactivity,salaryandcompensation,viewsonartificialintelligence(AI)intheworkplace,upskilling,Environmental,Social,and

Governance(ESG)andFlexibility,andincluderecommendationsforbothtalentsandemployers.

Duetothereal-timenatureofsomeofthisdata,RGFencouragesreaderstouseitsinsightsattheirdiscretion.

3RisingAboveDisruption:TalentinAsia2024

Tableof

Contents

AboutthisReport2

FromourManagingDirector4

TalentinSingapore:AtaGlance5

Anoverviewofourfindings

MarketOverview8

Singaporeemergesfromaslowdownand

isontracktohitprojections

KeyFindings11

TalentSentimentfor2024:Optimismisdeclining12

Talentoptimismis12%lowerthanlastyear

TalentActivity15

Activeandpassivejob-seekingdeclined10%year-on-year

SalaryandCompensation24

Moretalentreceivedincreasesthisyear,albeitlowerthanexpected

AIintheWorkplace31

62%oftalentarenowusingAItoolsintheworkplace

Upskilling34

64%oftalentreceivedtrainingfromtheircompanies

Environmental,SocialandGovernance(ESG)andFlexibility38

ThemajorityoftalentsayESGisanimportantfactor

injoiningacompany

RecommendationsforTalent42

Keepingupwiththemarket,continuouslearningandbecoming

AI-conversantarekeytomaintainingcompetitiveness

RecommendationsforEmployers44

Attracttalentbyoptimisingsalaryandcompensation,

enhancingflexibleworkofferingsandinvestinginthe

productivityopportunitiesinAI

AboutRGF46

4RisingAboveDisruption:TalentinAsia2024

Fromour

ManagingDirector

RomikkaGanguly

ManagingDirector,

RGFProfessionalRecruitmentSingapore

DearReaders,

AsSingaporenavigatesachangingeconomiclandscape,thelabourmarketisbecomingmoredynamicandcompetitive.Talentisincreasingjob-seekingactivitycomparedwiththeircautionin2023dueto

economicrecoveryshiftsaswellasevolvingjobroles.Candidatesaremoreactivelyexploringnewopportunitiesduetolayoffs,remotework,anddemandforspecialisedskills.

Thisincreasedactivityismirroredbybusinesses,whicharehiringmoreespeciallyinthetechnology,

healthcare,andrenewableenergysectors.Companiesarerespondingtorisingdemandand

technologicalprogresswithnewapproaches,suchasremotehiring,enhancingcandidateexperience,

andstrongeremployerbranding,especiallyformillennialsandGenZ.There’salsoanincreasedfocusonflexibility,betterbenefits,andfosteringdiversity,equity,andinclusion.TheseareincreasinglyimportanttowintheglobalwarfortalentinSingapore,whichisinauniquelabourpositionduetoouropeneconomyandinternationaloutlook.

Theriseofremoteworkandthegigeconomyisreshapingtraditionalemploymentmodels,makinga

dynamicandinclusivetalentstrategyessentialforSingapore’sfuturegrowthandglobalcompetitiveness.Companiesmustfocusonupskillingandblendinghumancapitalwithtechnologytostayagileand

innovative.ItisalsocrucialtounderstandthatwhileAIwillinevitablyreplacecertainjobsandtasks,

technologydoesn’tneedtomatchhumancapabilitiestoimpactemployment.Whileworkerreductionisanaturalconsequenceoftechnologicaldisruption,theadoptionofthesetechnologiestakestime.Frommanufacturingtocustomerservice,automationisalreadyreplacinghumanworkersatanacceleratingpace,likelyleadingtojobdisplacementandnecessitatingnewskillsetsforfutureemployability.

TheTalentinAsiaReportprovidesacomprehensiveanalysisoftheevolvingtalentlandscapeacross

Asia,offeringvaluableinsightsforcompanieslookingtooptimisetheirtalentacquisitionandretentionstrategies.Ithighlightsthegrowingimportanceofemployeevaluepropositions(EVPs),because

intoday’scompetitivemarket,attractivesalariesarenolongerenough.Talentislookingforcareer

developmentopportunities,flexibleworkingarrangements,andafocusonemployeewell-being.InsightsfromourreportcanhelpbusinessesrefinetheirEVPstomeetevolvingemployeeexpectationsand

optimisetheirtalentacquisitionandretentionstrategiestoremaincompetitiveintheevolvingAsianmarket.

5RisingAboveDisruption:TalentinAsia2024

TalentinSingapore:AtaGlance

6RisingAboveDisruption:TalentinAsia2024

MostOptimisticIndustries

32%

36%

2024

Optimistic

Neutral

Pessimistic

32%

Optimismisdeclining

88%

Banking,Financial

Services&Insurance

42%

Construction,Property&Engineering

40%

Technology,Media&Telecommunications

Talentactivityisslowingdown

Activelyseekinganewjob

38%

Havenointention

ofchangingjobs

22%

40%

Arenotactivelylookingbutareopentonewopportunities

Topprioritiesforjobseekers

whenlookingforanewemployer

Salaryorbenefitpackage

Lackof

opportunitiesfor

careerprogression

Layoffs/Companyorganisational

changes

2024

56%

38%

35%

2023

55%

44%

21%

Salary&compensationakeyfactorfortalent

40%

Satisfiedwithcompensation

28%

Expectedsalaryincreasewhenchangingjobs(19%in2023)

13%

Averagesalaryincrease(17%in2023)

70%

Percentageoftalentthatreceivedanincrease

7RisingAboveDisruption:TalentinAsia2024

usedintheworkplace

62%

64%

oftalentparticipatedintrainingandupskillingprogrammes

89%

ofprogrammeswerecompany-funded

50%

oftalentsaidtheywereprovidedtrainingonlyuponrequest

oftalentusedAItoolsatwork

AIisincreasinglyUpskillingtalent

ThetopusecasesforAIare:

45%

31%

18%

Dataanalysis

Textor

administrativeaffairs

Contextualorgraphiccontentcreation

56%

TopIndustriesprovidingD&Isupport:

71%

Semiconductor,ElectronicsandManufacturing

57%

Construction,Property&Engineering

56%

Telecommunications,Media&Technology

saidtheircompanieshaddiversity&

inclusionsupportandguidance

IncreasingimportanceofESGfortalent

44%

saytheircompanieshaveESGpoliciesandguidelines

considerESGwhenjoiningacompany

78%

TopindustrieswithESGpolicies:

67%50%

47%

Semiconductor,ElectronicsandManufacturing

ConsumerGoods,

Retail&Hospitalitysector

Healthcare&

LifeScience

81%

saidhybridworkwasbestforproductivity

Hybridisstillthetoparrangementforproductivity

flexibleworkarrangementsofferedbycompanies

Top

69%

52%

35%

2024

Hybridwork-from-homeandofficearrangements

Flexibleworkinghours

Avarietyofleave

entitlementssuchaschildcareorparentalcareleave

2023

Hybridwork-from-homeandofficearrangements

55%

Flexibleworkinghours

34%

31%

Avarietyofleave

entitlementssuchaschildcareorparentalcareleave

8RisingAboveDisruption:TalentinAsia2024

Market

Overview

9RisingAboveDisruption:TalentinAsia2024

In2023,Singapore’seconomyexperiencedslowgrowth,leadingtoamodest

predictionof

1-3%for2024

1.However,theeconomicoutlookbegantoimprovewitha3%expansioninthefirstquarterof2024,followedbya2.9%increaseinthesecondquarter2.

Thisgrowthwasprimarilydrivenbythewholesaletrade,finance&insurance,andinformation&communicationssectors.Ontheotherhand,themanufacturing

sectorfacedcontraction,mainlyduetodeclinesinbiomedicalmanufacturingandpharmaceuticalsoutput.Electronicsandsemiconductorsgrew,fueledbyincreaseddemandforsmartphones,personalcomputers,andAI-relatedchips.Retailtrade

andfood&beverageservicesstruggledasdomesticconsumerstravelledmoreandtouristarrivalsfell,pushingsalesdowntoamodest1.2%year-on-yearincrease3forthefirstquarter,belowthe1.9%projection.

1.WorldBank,(July2024),

TheWorldBankInSingapore

2.MinistryofTradeandIndustrySingapore,(13August2024),

MTINarrows

2024GDPGrowthForecastto“2.0to3.0PerCent”

3.TheStraitsTimes,(5June2024),

Singaporeretailsalesworsethanexpected

inAprilwith1.2%drop

10RisingAboveDisruption:TalentinAsia2024

TheMinistryofTradeandIndustryreviseditsgrossdomesticproduct(GDP)

growthforecastfor2024to2-3%,reflectingthesemixeddevelopments.Alongsideeconomicgrowth,Singapore’slabourmarkethasexpandedonthebackofnon-

residentemploymentgrowth4.Employmentroseby11,300inthesecondquarter

of2024,withnon-residentsaccountingfora12,000-jobincrease,mainlyin

constructionandmanufacturing.However,residentemploymentdeclinedslightly,droppingby600jobsduetoseasonaltrendsinretailandadministrativesupport,suchasreleasingtemporaryworkersthatwerehiredforsales,crowdandsecuritywork.Thatsaid,outward-orientedsectorssuchasfinancialservices,information

andcommunications,andprofessionalservicessawresidentialemploymentgrowth.Overall,forthefirsthalfof2024,totalemploymentincreasedby16,000.

Lookingforward,residentemploymentisexpectedtobenefitfromgrowthinsectorssuchasfinancialservicesandeventsliketheFormula1GrandPrix.TheMinistry

ofManpoweremphasisedtheimportanceofglobaltalenttocomplementthelocalworkforce,especiallygivenSingapore’shigh68.6%labourforceparticipationrate.

4.ChannelNewsAsia,(17September2024),

Singaporelabourmarket

expandsinQ2,withgrowthcomingsolelyfromnon-residents

11RisingAboveDisruption:TalentinAsia2024

KeyFindings

12RisingAboveDisruption:TalentinAsia2024

Talentsentiment:Still

positive,butoptimismisonthedecline

Outlook

2023

48%

32%

19%

Optimistic

Neutral

Pessimistic

2024

36%

32%

32%

Optimismhassteadilydeclinedoverthepastthreeyears,dropping

from54%in2022to48%in2023,andnowreaching36%in2024.

Themostoptimisticindustryin2024wasBanking,FinancialServices

&Insurance(BFSI),with88%ofrespondentsexpressingapositive

outlook.Thisoptimismwasdrivenbypositivecompetitionintheindustry(44%),advancementsintechnologyanddigitaltransformation(38%),

andfavourablechangesincustomerlifestylesanddemands(33%).

Respondentsintheirearlytomid-30salsomaintainedthemostpositiveoutlook(53%),similartotheirstancein2023.

13RisingAboveDisruption:TalentinAsia2024

Pessimism–thepercentageoftalentwhoexpressedtheywererelativelypessimisticorpessimistic–hasrisenfrom8%in2022to19%in2023,andfurtherto32%in2024.Interestingly,theBFSIindustry,whichwas

themostpessimisticin2023(25%),isnowthemostoptimistic,while

ConsumerGoods,Retail&Hospitalitybecamethemostpessimisticsector,with50%ofrespondentsexpressingnegativity.Thisriseinpessimismintheretailsectorlikelycorrelateswiththeslowdowninsalesandgrowth

experiencedduringthefirsthalfof2024.

Themainreasonscitedforanegativeorrelativelynegativeoutlookin

2024werenegativeglobaleconomicpredictions(67%),excessive

industrycompetition(46%),negativelocaleconomicforecasts(44%),

andunfavourablechangesincustomerlifestylesandpreferences(38%).Uncertaintyabouttheslowingeconomyandtheriseofautomation

contributetopessimism,withsixin10Singaporeanssayingtheyfear

losingtheirjobstoAI.Respondentsintheirmid-30sto40werethemostpessimisticgroup(38%),shiftingfromthoseintheirlate40sandoverin

2023.Whileuncertaintyisunderstandable,adaptabilitywillhelptalentthriveinuncertainty.

5.SingaporeBusinessReview,(2023),

6in10SingaporeansfearthatAI

willreplacetheirjobs

14RisingAboveDisruption:TalentinAsia2024

71%

Themostneutralagegroupwasthoseintheirmid-20sto30(71%),thesameas2023.

Thepercentageoftalentwhoareneutralremainedunchangedoverthepasttwoyears.

50%

Mostneutralindustry:Construction,Property&Engineering

63%

In2023itwasProfessionalServices&BusinessProcessOutsourcing

Thetopreasonsformaintaininganeutraloutlook:

29%26%26%

UnchangedsizeMinimalimpactfromLittletonochangein

ofthemarketplaceglobaleconomiccustomerlifestyles,

predictionsbeliefs,anddemands

Employer’sperspective

Employersentimentmirroredthatoftalent,withthemost

optimisticemployersbeingintheBFSIsector,ashiftfrom

theConsumerGoods,Retail&Hospitalitysector,whichheldthatpositionin2023.Employersexpressedoptimismdueto:

48%

Positivecompetitionintheirindustries

42%

Advancementsin

technologyanddigitaltransformation

40%

Favourablechangesincustomerlifestylesandpreferences

IntheTechnology,Media&Telecommunicationssector,

increasedinnovation(57%)wasalsoakeydriverofoptimism.Neutralitywasmostapparentamongemployersinthe

Construction,Property&Engineeringsectorcomparedto

ProfessionalServices&BusinessProcessOutsourcingin2023.

Thereasonsforneutralityincluded:

32%

Stablemarketplace

26%

Nosignificanttalent

changesintheindustry

23%

Minimalimpactfromglobaleconomic

predictions

Whereemployersentimentdivergedfromtalentwasinthenegativeoutlook.ThemostpessimisticemployerswerefromtheSemiconductor,Electronics&Manufacturingsector,incontrasttotheHealthcare&Life

Sciencessectorin2023.Employerswithanegativeoutlookpointedtofactorssuchasnegativeglobal

economicpredictions(65%),negativelocaleconomicforecasts(48%),andexcessivecompetition(42%).Additionally,31%ofemployersreportedbeingimpactedbyexternalfactorslikerecessionandinflation,withthemostaffectedindustriesbeingHealthcare&LifeSciences(56%)andSemiconductor,Electronicsand

Manufacturing(45%).

15RisingAboveDisruption:TalentinAsia2024

TalentActivity

Job-seekingactivitysloweddownin2024,withadropinthepercentageoftalentactivelyseekingorbeingopentonewopportunities.Thisfiguredeclinedfrom88%in2023to

78%in2024.Theproportionoftalentnotactivelylookingfornewrolessawa5%increase.

Areyouactivelylooking

foranewjob?

2024

2023

Yes

38%

43%

No

22%

12%

No,butI’mopentonewopportunities

40%

45%

Themostproactivejob-seekingtalentarethosein

theirmid-20sto30(63%).Theeldestgroup(late

40sandover)werethemostinactive(29%),instarkcontrastto2023whentheyweremostactive(51%).Thosewhoarenotlookingforajobbutareopentonewopportunitiesarethoseintheirearly30s(52%),ashiftfrom2023whentalentintheirearly20swere75%morelikelytobepassivejobseekers

16RisingAboveDisruption:TalentinAsia2024

Topreasonsforactivejobseekers

Reason

2024

2023

Salaryorbenefitpackage

56%

55%

Lackofopportunitiesforcareerprogression

38%

44%

Layoffs/Companyorganisationalchanges

35%

21%

Concernsaboutjobsecurity

33%

16%

Managementstylecompanyculture

29%

37%

Theprimaryreasonstalentseeknewjobsin2024continuetobesalaryor

benefits(56%)andlackofcareerprogression(38%).Growinginsecurityinthejobmarketisevident,withconcernsaboutlayoffsincreasingby14percentagepointsandjobsecurityworriesrisingby17percentagepoints.Interestingly,

fewerpeopleareleavingduetoissuesrelatedtomanagementstyleorcompanyculture,withan8percentagepointdeclineinthesereasons.

Age-relatedtrendsshowthatindividualsintheirearlytomid-30sarenow

moreconcernedaboutlayoffsorcompanyorganisationalchanges,markingashiftfrompreviousyears.Forthoseintheirlate30s,salaryorbenefits

haveovertakencareerprogressionasthetopreasontoswitchjobs.Oldertalentisincreasinglyfocusedoncompensation,whileyoungerprofessionalsprioritisecareergrowth,highlightingashiftinprioritiescomparedtothe

previousyear.

17RisingAboveDisruption:TalentinAsia2024

Reasonstostaywithcurrentemployers

Reason

2024

2023

Salaryorbenefitspackage

53%

42%

Flexibleworkingoptions

38%

37%

Work-lifebalance

47%

45%

Overall,thereasonstostaytrackedwith2023.Flexibleworkingoptionsgainedthelargestincreaseinmentions.

18RisingAboveDisruption:TalentinAsia2024

TalentActivitybyIndustry

TheSemiconductor,ElectronicsandManufacturingsectorsawthemostactivejobseekers,with48%oftalentactivelylookingfornewopportunitiesasignificantshiftfrom2023whenonly21%oftalentfromthissectorwasactivelyseekingjobs.Conversely,63%ofrespondentsfromtheProfessionalServices&BusinessProcessOutsourcingsectorindicatedtheywerenotlookingforanewjob.Meanwhile,64%oftalentintheHealthcare&LifeSciencessectorwerenotactivelyjobhuntingbutremainedopentonewopportunities.

Areyouactivelylooking

foranewjob?

2024

2023

Yes

48%

Semiconductor,ElectronicsandManufacturing

53%

Construction,Property&Engineering

No

63%

ProfessionalServices&

BusinessProcessOutsourcing

21%

Semiconductor,ElectronicsandManufacturing

No,butImopentonewopportunities

64%

Healthcare&LifeSciencessector

56%

ConsumerGoods,Retail&Hospitalitysector

InsectorslikeConsumerGoods&Retail,Healthcare&LifeSciences,andTechnology,Media&

Telecommunications,layoffsandcompanyororganisationalchangesweretheprimaryreasonsdrivingtalenttolookfornewopportunities.

Forthosechoosingtoremainwiththeircurrentemployers,salaryandbenefitsremainedthetopreasonacrossmostindustries.However,talentinConstruction,Property&Engineering,Technology,Media&Telecommunications,andProfessionalServices&BusinessProcessOutsourcingplacedgreaterimportanceonflexibilityandwork-lifebalanceaskeyfactorsforstayingwiththeiremployers.

Talentmovementtrends

Mostproactivejob-seekers

30%

ConsumerGoods&Retail

Talentmovementisslowingdownin2024,particularlyamongyounger

professionals.Thisindicatesthatafteraperiodofhighturnover,many

arenowsettlingintotheirrolesorbecomingmoreselectiveaboutjob

changes.Majorityofrespondents(45%)changedjobs1to3years

ago,followedby37%wholastmadeamoveover3yearsago.This

trendisespeciallyevidentintheHealthcare&LifeSciences(50%)and

ProfessionalServices&BusinessProcessOutsourcing(86%)sectors,

Mostinactivejobseekers

50%

Healthcare&LifeSciences

wheremosttalenthasremainedintheirrolesforover3years.Bycontrast,themajorityofrecentjobchangeswithinthepast12monthscamefromtheBanking,FinancialServices&Insurancesector(30%),ashiftfrom

2023,whentheProfessionalServices&BusinessProcessOutsourcingsectordominatedjobchanges.

Mosttalentstayingput

59%

Electronics&Materials

Thedataalsoshowsthatmosttalentinallagegroups,exceptforthoseabovetheirmid-40s,lastchangedemployers1to3yearsago,aligningwiththeoveralltrend.Professionalsovertheirmid-40slastswitchedjobsmorethan3yearsago.Jobchangefrequencyhasnotablydecreased

amongyoungerprofessionals,particularlyinthemid-20sandearly30sagegroups,comparedtolastyear.Overthepast3-5years,64%ofrespondentsreportedchangingjobs1to3times,while34%didnotchangejobsatall,reflectingadecreaseinoveralljobmovementcomparedto2023.

19RisingAboveDisruption:TalentinAsia2024

Employer’sperspective:Jobcutsduetoeconomicslowdown

Layoffswereasignificantfactorinthejobmarketin

2024,with36%ofemployersreportingexperiencingthem.TheHealthcare&LifeSciencesandTechnology,Media&Telecommunications(TMT)sectorswerehit

hardest,with60%ofemployersinbothindustriescitinglayoffs.Incontrast,theProfessionalServices&BusinessProcessOutsourcingsectorreportedzerolayoffs.

Despiteavoidinglayoffs,thissectoralsoexhibitedthemostneutralsentimentamongtalent.

Didyourcompanyexperienceanylayoffsinthepastyear?

36%

58%

6%

Yes

No

Iamnotsure

Healthcare&LifeSciences

Technology,Media&Telecommunications

Banking,Insurance&FinancialServices

ConsumerGoods,Retail&Hospitality

Semiconductor,ElectronicsandManufacturingConstruction,Property&Engineering

Outsourcing

ProfessionalServices&BusinessProcess

●

Layoffsbyindustry

Yes

No

Iamnotsure

60%

30%

10%

60%

40%

0%

33%

67%

0%

25%

63%

13%

21%

79%

0%

17%

75%

8%

N/A

83%

17%

20RisingAboveDisruption:TalentinAsia2024

Layoffsbydepartment

Banking,FinancialServices&Insurance

Technology,Media&Telecommunications

Healthcare&LifeSciences

Semiconductor,ElectronicsandManufacturing

Construction,Property&Engineering

ManufacturingDepartment

25%

6%

38%

25%

20%

Business

Departments

60%

45%

8%

3%

0%

FunctionalDepartments

40%

9%

20%

3%

0%

Isyourcompanyactivelyrecruiting?

2023

25%

36%

28%

Layoffsacrossdifferentdepartmentsaveraged22%,althoughmostlayoffsoccurredinthe

businessandmanufacturingdepartments(23%each),followedbythefunctionaldepartment(19%).

Whilelayoffswereontherise,hiringwasonthedowntrend.Thenumberofemployers

activelyrecruitingfell16%comparedto2023.

Yes

No

Notsure

2024

24%

27%

31%

Thereasonsforrecruitingnewtalentwereconsistentwiththetrendsin2023.

TheSemiconductor,Electronics,Manufacturing,andProfessionalServices&BusinessProcessOutsourcingsectorsnotablydidnothiretodriveinnovationand

digitalisation.Ontheotherhand,theBFSIsector

wasthemostactiveinrecruitment,with80%of

employershiring.Thissectoralsosawthehighest

numberofjobchangersinthepast12months.TheTMTandConsumerGoods,Retail,andHospitality

sectorsfollowed,with60%ofemployersengagedinrecruitment.TheleastactivesectorwasProfessionalServices&BusinessProcessOutsourcing,withonly33%ofemployersactivelyhiring.

Topreasonsforhiring

76%

51%

24%

12%

2%

Toreplacevacanciesinexistingpositions

Newvacanciesinnewbusinessunits

Increasingneedfornewinnovations/strategies

Increasingdigitalisationneeds

Others

21RisingAboveDisruption:TalentinAsia2024

Amongthe45%ofemployersnotactivelyrecruiting,

theprimaryreasonswerealackofvacancyfor

additionalheadcount(68%),businesschangesand

downsizing(39%),andinsufficientbudgetforhiring

(26%).Thesereasonsareconsistentwith2023but

haveincreasedinfrequency.TheBFSIsector,however,citedinternalpromotionsormobilityasatopreason

fornothiring,whiletheConstruction,Property&

Engineeringsectorsfrequentlypointedtovisaorpolicyrestrictions,suchastheCOMPASSFramework.These

restrictionsalignwiththereporteddeclineinS-PassandEmploymentPass(EP)holdersnotedbytheMinistryofManpower.

Hiringactivityoverthelastsixmonths

2023

2024

Increased

Decreased

Remainedthesame

Notsure

25%

27%

39%

9%

34%

20%

33%

13%

Thirty-ninepercentofemployersreportednochangesintheirrecruitmentactivities.Twenty-fivepercent

indicatedanincreaseand27%reportedadecrease.Thismarksalesspositivetrendcomparedtolastyear,withahigherpercentageofemployersexperiencingeitheradeclineornochangeinhiringefforts.

Therecruitmentlandscapevariedwidelyacross

industries.TheBFSIsectordisplayedthemost

optimism,with71%ofemployersreporting

anincreaseinhiringoverthepastsixmonths.

Conversely,theHealthcare&LifeSciencessectorfacedmorechallenges,with50%ofemployers

statingtheyhadreducedtheirhiringactivities.This,alongwiththehigherincidenceoflayoffs,reflectsamorecautiousoutlookinthisindustry.

Hiringactivityforthenextsixmonths

2023

2024

Increased

Decreased

Remainedthesame

Notsure

20%

16%

53%

12%

28%

15%

40%

17%

Overall,employershadlesspositiveexpectationsthanin2023.Employersentimentreflectsthesubdued

economy,with53%sayingtheyexpecthiringactivitytostaythesame.Twentypercentsaiditwouldincreasewhile16%saiditwoulddecrease.

Asexpected,BFSIemployershadthemostoptimisticexpectations,with43%sayingtheyexpectedto

increasehiringactivities.Ontheotherhand,40%ofHealthcare&LifeSciencessaidtheywoulddecrease.Therestoftheindustriesexpectedactivitytostaythesame.

Talentacquisitiontrends

Fifty-threepercentofemployersreportedhavingin-

housetalentacquisitionteams.ThiswasmostprevalentintheSemiconductor,Electronics&Manufacturing

sector(71%),aswellasintheTMTandHealt