Singapore businesses hiring less next year

All sectors report weaker prospects for additional staffing, with one verging on massive layoffs.

Hiring intentions in Wholesale Trade & Retail Trade sector eroded the most at minus 20 percentage points, says Manpower in a new Employment Outlook Survey.

The battered sector registered an unadjusted -1% net employment outlook. A negative net employment outlook means more employers are planning to fire than those that are planning to hire.

The six remaining sectors also seemed more hesitant to bolster their ranks, compared to the same period a year ago.

Overall, "Employers report considerably weaker hiring prospects both quarter-over-quarter and year-over-year, with Outlook declines of 15 and 11 percentage points, respectively," says Manpower.
Breaking it down per industry:

Employers in all seven industry sectors forecast employment gains in Quarter 1 2012. The most optimistic hiring prospects are reported in the Public Administration & Education sector and the Finance, Insurance & Real Estate sector, with Net Employment Outlooks of +26% and +25%, respectively. Strong hiring intentions are also evident in the Services sector, with an Outlook of +24%, and the Transportation & Utilities sector, where employers report an Outlook of +21%.

Quarter-over-quarter, employers report weaker hiring plans in all seven industry sectors. The Mining & Construction sector Outlook declines by 17 percentage points, and decreases of 15 percentage points are reported in both the Public Administration & Education sector and the Wholesale Trade & Retail Trade sector. Services sector employers report an Outlook decline of 12 percentage points, and the Finance, Insurance & Real Estate sector Outlook weakens by 9 percentage points.

When compared with Quarter 1 2011, the Outlook declines in all seven industry sectors. The most notable decline is by 20 percentage points in the the Wholesale Trade & Retail Trade sector. Outlooks decrease by 15 and 13 percentage points in the Mining & Construction sector and the Finance, Insurance & Real Estate sector, respectively, and a 10 percentage point decline is reported by Transportation & Utilities sector employers.

Based on unadjusted survey data, employers anticipate headcount gains in six of the seven industry sectors during the coming quarter. The most optimistic hiring plans are reported in the Public Administration & Education sector. However, employers in all seven sectors report weaker hiring prospects both quarterover-quarter and year-over-year.