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Singapore online hiring in Banking and Finance surges 23% in August

Singapore online hiring surges 23% in August

The Banking, Financial Services and Insurance (BFSI) sector fueled the 1% YoY growth in Singapore’s online hiring in the month of August—as the sector’s hiring jumped 23% YoY

The data was revealed in the latest Monster Employment Index, a study carried out by recruitment firm Monster.com.

According to the study, the sector also observed an uptrend in other parameters as its online hiring inched up 2% MoM, 6% for three-month growth, and 3% on six-month growth.

The sectors lead was followed by the IT, Telecom and BPO industry, as its online hiring grew 11% YoY. There was also observed an uptrend in online hiring which was seen by other industries such as production/ manufacturing (4%), engineering, construction and real estate (3%), and oil and gas (2%).

In terms of job roles, talent in the finance and accounts field is deemed as the most in-demand, with a 7% YoY in August. The legal industry comes next with 6% annual growth in their sector’s hiring.

It wasn’t all growth however. Some sectors also experienced decline.

The hospitality sector posted the largest one as online hiring dropped 5%YoY. Other sectors such as education and healthcare also saw a slip in online hiring — namely 4% and 3% respectively.

The healthcare sector overall had a drop in their roles and responsibilities—which dropped 12% YoY. Other sectors also saw declining demands including hospitality and travel, real estate, HR and admin, and supply chain— with drops of 6%,6%,4% and 2% respectively.

Abhijeet Mukherjee, CEO for APAC for Monster.com, stated: “With restructuring picking up pace amidst rapid advances in automation and artificial intelligence, jobs and skills mismatches will continue to be a challenge for the labour market.”

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