Demand for higher wages remains the biggest motivator for those looking for new opportunities
- With global economic uncertainty and hiring slowing down, over 1 in 2 Singapore professionals are also “career cushioning” by learning new in-demand skills
- To support professionals in the new year, LinkedIn’s Jobs on the Rise list, reveals that roles in sales, IT engineering and cybersecurity are among fastest-growing job roles in Singapore
New research from LinkedIn, the world’s largest professional network, reveals that the Singapore workforce appears resilient in the face of continued economic uncertainty.
Despite LinkedIn data revealing that hiring in Singapore has declined 34% year-on-year in December 2022 as compared to December 2021* and the uncertain economic times ahead, professionals are taking a long term view of their career by investing in their skills as well as proactively seeking opportunities to progress. According to the research, almost two in three professionals (65%) are considering changing roles in 2023.
The search for a new job seems to be driven by the need for greater financial security as the cost of living soars, with demand for higher salaries as the biggest motivator for employees wanting to leave a current role (46%). Not only is salary the leading factor in driving employees to look for other opportunities, but an increase in salary is the biggest factor (58%) that would influence them to stay. About 1 in 4 (24%) said they also feel more confident in their abilities and think they can find a better role.
Workers are career cushioning to weather the economic storm
Despite uncertain economic times ahead, employees are putting their career in the driver seat. Close to half (46%) say they are now more confident in pushing for a promotion or new opportunity in 2023, as compared to the start of last year. To cushion themselves against the challenging economic climate, over 1 in 2 (54%) Singaporeans are learning new skills and deepening their knowledge in areas that are in-demand, building their professional brand (41%) and proactively seeking feedback to improve their work performance (38%).
Out of the rest of the workforce, Millennial employees said they have gone into the office more (20%), and most (almost 3 in 10, or 28%) in that age group also said they are more focused on development in their current role in response to increasing global uncertainty.
Where opportunities lie in Singapore’s labour market
LinkedIn has also published its latest Jobs on the Rise list – the fastest-growing jobs on LinkedIn in Singapore. The data reveals that the need to drive business growth in an uncertain economic environment, continued focus on digitalisation, disruptive technologies such as artificial intelligence and cybersecurity are creating opportunities for professionals in 2023. It offers a glimpse into emerging trends in the workforce and where companies will compete for top talent. The top 15 fastest-growing jobs in Singapore can be found in the appendix.
To support job seekers, LinkedIn is hosting a live session for its Singapore members, offering practical career advice and job seeking tips from voices in the know. LinkedIn is also unlocking free LinkedIn Learning courses to support professionals in their next career move.
Pooja Chhabria, LinkedIn’s Career Expert says: “Despite tough economic conditions, the Singapore workforce is relying on their own abilities to grow their skills and push forward in their careers. Since the pandemic, it’s clear that professionals have built up a bank of resilience and we’re seeing this in their confidence to tackle the year ahead. They are striving for the ideal role that offers the right wage and provides work-life balance.
Job seekers are also being more intentional in their search, whereas others are taking steps to recession-proof their current roles by learning new skills or brushing up on existing ones. In fact, there has been a 43% year-on-year increase in members worldwide adding skills to their LinkedIn profile – 365 million have been added in the last 12 months. Building transferable skills will help professionals be more versatile and adaptable to different roles which is valuable in an uncertain economic climate.”