Talent shortage plagues all industries, women candidates in demand: Survey

Net Employment Outlook (NEO) currently sits at 24%.

The employment outlook for Singaporean employers dips for the second quarter in a row, amidst the communication services industry showing the most grim forecast.

The ManpowerGroup released its second quarter (Q2’24) employment outlook survey which covered 525 employers in Singapore. Internationally recognised as a benchmark for labour market trends, the Net Employment Outlook (NEO) currently sits at 24%. This figure is derived by subtracting the percentage of employers projecting reductions in staffing levels from those planning to hire.

In terms of industry, the financials and real estate sector showed the strongest outlook for Q2’24, climbing to 45%. This was followed by healthcare and life sciences (36%),  energy and utilities (33%), industrials and materials (32%), information technology (28%), others (28%), transport, logistics, and automotive (20%), and consumer goods and services (17%).

On the contrary, communication services registered a negative outlook of 29%.

All industries reported talent shortage expectations, with employers stating difficulty finding skilled applicants. Those who found it most difficult to hire are from the financials and real estate sector (88%), the transport, logistics and automotive sector (87%), and the healthcare and life sciences sector (82%).

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Gender gap

Management roles, including top-level, middle-level, and front-line positions, are experiencing a notable shortage of women candidates. This presents a significant opportunity for employers to make a meaningful impact on their workforce diversity. Currently, not even half (46%) of employers reported that their company initiatives aimed at increasing the number of women candidates are on track.

Despite efforts, only 27% of employers anticipate achieving full gender equality within their organisation, contrasting with the 21% of organisations where gender equality is already realised. 

Flexible working policies emerge as the most effective strategy in retaining and attracting diverse talent, with 42% of companies attributing flexible working to talent retention and diversification of the candidate pool.

Technology plays a pivotal role in bridging the gender gap in the workplace, with 73% of employers leveraging technology for increased flexibility and 67% acknowledging its contribution to promoting gender equality.