Although hiring in Singapore experienced a significant drop of 34% in December 2022 compared to the previous year, and despite economic uncertainties, professionals are adopting a forward-thinking approach to their careers. They are investing in skill development and actively pursuing opportunities for advancement. LinkedIn’s research indicates that a considerable 65% of professionals are contemplating job changes in 2023.
The desire for enhanced financial stability amidst rising living costs is a primary driver behind this job search trend. Professionals cite higher salaries as the most compelling reason (46%) for considering a job switch. Salary is not only the top factor pushing individuals to explore new opportunities but also the most influential factor (58%) that would encourage them to remain in their current positions. Additionally, nearly a quarter (24%) of professionals feel more self-assured in their abilities and believe they can secure better roles.
Despite looming economic concerns, professionals are taking charge of their career trajectories. Almost half (46%) express greater confidence in seeking promotions or new opportunities in 2023 compared to the beginning of the previous year. To navigate the challenging economic landscape, over half (54%) of Singaporean professionals are focusing on acquiring in-demand skills, enhancing their professional profiles (41%), and proactively seeking feedback to improve their work performance (38%).
Among different age groups, Millennial employees have shown a greater tendency to return to the office (20%). Additionally, over 25% of Millennials are prioritizing development within their current roles in response to heightened global uncertainty.
LinkedIn’s latest “Jobs on the Rise” list identifies the fastest-growing job categories in Singapore based on platform data. The list highlights how the need for business growth amidst economic uncertainty, the ongoing emphasis on digitalization, and disruptive technologies like artificial intelligence and cybersecurity are shaping job opportunities in 2023. It provides insights into emerging workforce trends and areas where companies will vie for skilled professionals.
To assist job seekers, LinkedIn is organizing a live session for its Singaporean members, featuring career advice and job search tips from experts. Furthermore, LinkedIn is providing free access to LinkedIn Learning courses to empower professionals in their career transitions.
Pooja Chhabria, LinkedIn’s Career Expert, observes that despite economic challenges, Singapore’s workforce is leveraging their skills and determination to advance their careers. The resilience gained during the pandemic is evident in their confidence to navigate the year ahead. Professionals are seeking roles that offer a balance of suitable wages and work-life balance.
Job seekers are becoming more deliberate in their search, while others are proactively “recession-proofing” their current positions by expanding their skill sets. Notably, there has been a significant 43% year-on-year increase in LinkedIn members globally adding skills to their profiles, with 35 million skills added in the past year alone. Developing transferable skills enhances versatility and adaptability in the job market, which is particularly valuable during uncertain economic times.
Details
Singapore’s fastest-growing jobs
- Sales Development Representative
- Cloud Engineer
- Enterprise Account Executive
- Healthcare Assistant
- Cyber Security Engineer
- Site Reliability Engineer
- Back-End Developer
- Cyber Security Consultant
- Technical Account Manager
- Customer Success Specialist
- Machine Learning Engineer
- Artificial Intelligence Engineer
- DevOps Engineer
- Investment Associate
- Product Owner
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LinkedIn has also provided some tips on how to invest in your career in 2023:
Create a standout profile
Be sure your LinkedIn profile is up to date to stand out to recruiters. LinkedIn members with a profile photo have 21 times more views and up to nine times more connection requests than members who don’t. Be sure to include a short summary of your background and highlight your key skills. You can also let recruiters and your network know you’re open to new opportunities by enabling the Open to Work feature on your profile.
Look for in-demand roles
Whilst the job market as a whole is tightening, LinkedIn’s Jobs on the Rise data shows roles in areas such as cybersecurity, sales and sustainability are among the fastest-growing jobs.
Stay on top of the latest updates
In a shifting, competitive job market, the latest information could give you the advantage you need. LinkedIn’s Get Hired newsletter provides timely job search advice and shows which companies are currently hiring and the top voices to follow to stay in the know.
Get interview-ready
Employers will be looking for the best fit, so before each application, think - why is this role for you? How can you demonstrate that? Why should they hire you over someone else? By using tools like LinkedIn interview prep, you can prepare yourself for any interview.
Invest in yourself
Online courses can bridge the gap when learning new skills or brushing up on existing ones. For job seekers, it’s vital to understand the skills that are in demand, what skills you have that are transferable and what skills you need to learn. Over 40% of companies globally rely on skills to identify candidates, so think about the five most relevant skills for the job you want and add them to your profile.
LinkedIn Learning has over 17,000 courses available, for anyone looking to upskill, including free access to Build a Career You Love No Matter the Market, A Career Strategist’s Guide to Getting a Job, Mel Robbins on Confidence and A Bold New Approach to Goal Setting with Michael Bungay Stanier to help job seekers prepare for their next career move.
*LinkedIn Economic Graph researchers looked at the year-over-year percentage change in hiring rate, which is a measure of hires in a given time period divided by LinkedIn membership. If the change is less than 0%, this means that hiring activity is lower than it was at the same time in the previous year, and vice versa.
**Research conducted by Censuswide and based on 22,985 workers aged 18+ from the US, UK, Germany, France, India, KSA, Singapore, Netherlands, Brazil, Australia, Mexico, Ireland, Spain, Italy, Japan, UAE, and Sweden between 9 and 19 December 2022.
***In Singapore, investing in learning and development opportunities to upskill current employees is one of the top two priorities for bosses looking to increase resilience amongst their workforce during times of uncertainty, while 69% admit it’s challenging to attract top talent. LinkedIn commissioned YouGov to survey 2,929 C-level executives across the globe from organisations with 1,000+ employees and annual turnover of £250+ million during 27 September to 19 October 2022. The survey was conducted online.