Singapore - Labour Market Update (March 2021)
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LinkedIn's Economic Graph is a digital representation of the global economy, and insights from the graph provide real-time information on trends that are emerging in the labour market.?
Compared to the same month in 2019, the hiring rate was about 4% higher across the whole of March 2021. Singapore is in the midst of vaccine roll out. As more people are vaccinated locally and globally, and borders reopen, we are hopeful that the hiring rate will continue to recover, in tandem with the global economy.
Hiring dipped in February 2021 due to standard seasonal fluctuations
The fluctuations seen in between December to February are likely due to the public holiday periods during this timeframe. Compared to the same month in 2019, the hiring rate was about 4% higher across the whole of March 2021.?
Hiring rate is a measure of hires divided by LinkedIn membership. This analysis looks at the changes in hiring rate between this month and the same month in 2019. Note that larger fluctuations tend to be seen around large public holidays - this might factor into the hiring rate fluctuations seen in late December and early January, as well as during the February Lunar New Year period.
Share of job posts across sectors: Growth in the Consumer Goods and Healthcare sectors
Since December, we have seen steady growth in the Consumer Goods sector in January 2021, as indicated by the increase in job postings. This may be attributed to the growth of e-commerce across the region, and the festive seasons. Healthcare continues on the up, as there is continued demand for frontline workers and technical specialists in the medical field.
Job postings in the Real Estate, Recreation & Travel and Energy and Mining sectors have not yet rebounded.
This analysis looks at the year-on-year change in the share of jobs posted in each industry as a share of all job postings on LinkedIn for the last three months, compared to the same period a year ago. The changes are expressed as percentage changes.
Job seekers from badly-affected sectors are seeking out other opportunities
As a result of lack of job postings in certain badly-hit sectors as well as weaker confidence in those sectors, we see that some of these workers are looking for jobs in other sectors. In particular, the Construction, Energy & Mining, and Recreation & Travel sectors have seen a larger share of workers looking to exit.?
The measure here calculates the likelihood that a member in a certain sector has applied for a job in a sector different to their own.?
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Preparing for, and transitioning to the green economy
There’s new momentum in the green movement across the world. In 2019, the European Union committed to being the first carbon neutral continent. China, Japan, and South Korea have followed suit with commitments to net-zero emissions.?
As this movement picks up speed around the world, we will see newly-created jobs within the green economy. This means there will be growing demand for workers with the right skills to fill these jobs. It also means that there will need to be investments made to upskill or reskill workers for these roles. Those with these skills will find themselves with various opportunities to choose from.?
We are seeing similar shifts in Singapore. The government has recently launched the Green Plan 2030, with the goal of achieving long-term net zero emissions aspiration as soon as viable. One of the five pillars in Singapore’s Green Plan 2030 is the “Green Economy”, which visualises Singapore as a leading carbon trading and services hub in Asia. This may consist of green finance, sustainability consultancy, verification, etc., and is projected to a multi-billion-dollar industry. There is also interest to anchor new investments and grow local businesses to go green. We can be assured that this industry will show tremendous growth here as well. As it currently stands, there are more than 200k members on LinkedIn in Singapore with green skills — an increase of over 40% compared to three years ago.?
Using our extensive skills taxonomy and job titles dataset, we developed a dynamic approach to identify green skills through a mix of research, interviews with green experts, and machine learning. Using this skills-based approach, we were then able to identify jobs which were associated with a high degree of green skills.?
In Singapore, jobs which have a high degree of green skills required include:
Keen to join the Green Economy?
Interested in learning new green skills or how get a green job? Here are some tips on how to find Green work. LinkedIn is also unlocking three LinkedIn Learning courses on sustainability from until April 26th. Happy learning!
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3 年Joelle Chen check out this post on green skills for green economy :)
Exploring new opportunities; big or small
3 年Are you hiring back those that were retrenched? I suspect many Organizations are not hiring back those retrenched by them and instead hiring other workers. Stay Safe.