Economy in transition. Pivoting to new business areas. Transformation. Innovation. Such corporate-speak tends to pepper the conversations of those in business. Earlier this year, a Ministry of Manpower (MOM) report provides some figures to lend credence to these oft-used terms.
In MOM’s Job Vacancies Report 2023 released on March 25, last year, 47.3% of the total job vacancies in the city-state were newly created positions, up from 38.7% in 2022.
According to MOM, the majority of these newly created positions were due to business expansion into existing and new functions. “This reflects the evolving nature of the economy and the accompanying changes in manpower demand,” says MOM in its statement.
The report also reveals that the proportion of vacancies for professionals, managers, executives and technicians (PMETs) continued to grow in 2023. PMET jobs accounted for 57.2% of the total job vacancies in 2023, up from 56% in 2022.
The increasing adoption of technology and Singapore’s position as a regional node for finance and business have led to a rising demand for talent. This is especially apparent in such sectors as Information & Communications, Financial & Insurance Services, Professional Services, and Health & Social Services, and is the main reason for the steady growth in the proportion of PMET job vacancies over the decade.
Vacancies for technology-focused jobs remained strong in 2023, particularly for software, web and multimedia developers, and system analysts. Vacancies for teaching and training professionals, and commercial and marketing sales executives ranked among the top five last year.
The percentage of vacancies (for PMETs and non-PMETs) unfilled for six months or more has declined over the decade. In 2023, it was 23.5%; in 2022, it was 27.1%. For PMETs, the main reasons for unfilled vacancies for six months or more included the lack of necessary specialised skills or work experience, unattractive pay, physically strenuous nature of the work, and preference to not work on weekends and public holidays.
The report also notes that more employers were looking beyond academic qualifications when filling PMET job vacancies. The proportion of vacancies where academic qualifications were not the main determinant in hiring rose to 74.9% in 2023, up from 73.6% in 2022. So, while academic qualifications remained relevant in hiring decisions, employers showed an increased willingness to also consider applicants’ relevant experience and skill sets. This finding aligns with the Skills Demand For The Future Economy 2023/24 report by SkillsFuture Singapore. The latter also highlighted the importance of critical core skills such as Digital Literacy, Adaptability and Resilience, Problem Solving, Communication, Collaboration and Teamwork.
As businesses expand, there will be continued vacancies for roles such as budgeting & financial accounting manager, management & business consultant, and business development manager, says the MOM report. These are roles that accountancy-trained professionals with the right experience can step up to assume.
© 2024 Institute of Singapore Chartered Accountants
