May 31 2017
Recruiters believe that 2016 will have a slower job market in comparison to that of last year. Jaya Dass country manager of Randstad Singapore says that fresh graduates would be entering into a “global economy” that is presently experiencing a slow growth and where multinational companies are also not any massive expansion. She also warned that freshers opting for entry-level jobs in MNC’s might also find a very less number of opportunities.
NUS or The National University of Singapore and Singapore Management University already held their graduation ceremony last month and Nanyang Technological University is still in this process.
Ministry of Manpower or MOM released a gloomy picture of the labor market last Thursday. The unemployment rate in Singapore was almost 3% last month, which has been recorded the highest since 2010.
Remuneration Data Services and Human Capital Singapore organized a survey of 89 companies, which showed that 45% of them has already frozen their plan for recruitment this year that was 27% in the last survey.
However, bright spots are still present:
Linda Teo, Singapore country manager of ManpowerGroup named fintech or financial technology as one of the most promising sectors for the fresh graduates.
She said, “with government investing resources in developing fintech, there are plenty of opportunities for fresh graduates to consider”
She suggested graduates try for financial startups or explore startups in blockchain technology. However, e-commerce and digital marketing are also few areas where they can expect growth. Femke Hellemons, Singapore country manager for Adecco also mentioned that freshers looking for jobs in the public relations and media industry can also expect a good prospect.
Sybi Fitzgerald, senior associate director of career services at NUS Business School also suggested freshers to consider healthcare sector as a career option as well.
Graduates are also losing their hope for industries like engineering and sales. In a recent recruitment report made by the glints, website showed that only 8 candidates amongst 500 were interested in making their career in sales. In contrast, finance was oversubscribed with more than 100 freshers applying for internships and jobs.
Employers are also in search for candidates with digital skills. Managing director of Monster.com for the Middle East and Asia- Pacific, Mr. Sanjay Modi highlights search engine optimization, social media management, user- experience and analytics as a few desirable skills that recruiters are presently looking for in a candidate.