Rise in newly created positions highlights economic growth and evolving manpower demand
In 2023, newly created job vacancies in Singapore reached 47.3%, the highest since the data series began in 2018. This marked an increase from 38.7% in 2022, according to the Ministry of Manpower’s (MOM) latest Job Vacancies report. The increase reflects the expansion of businesses into existing and new functions, driven by the evolving nature of Singapore’s economy and the accompanying rise in manpower demand.
MOM also highlighted the importance of upskilling and reskilling for employees to fill these new positions, with government support to facilitate this transition. The share of newly created positions dipped below 40% in 2022, primarily due to the pandemic’s impact on job replacements and border closures.
The report also noted that the proportion of job vacancies for professionals, managers, executives, and technicians (PMETs) rose to 57.2% in 2023, up from 56% in 2022. This steady increase reflects the higher demand for skilled workers, especially in sectors such as information and communications, financial services, professional services, and health.
Despite restructuring in tech firms, tech-focused roles remained highly sought after, with positions in software development, system analysis, and business development showing strong demand. Employers were willing to offer higher wages to fill these vacancies, such as the rise in minimum pay for software developers from S$4,200 to S$5,000.
Notably, 74.9% of job vacancies no longer prioritize academic qualifications as the primary hiring criterion, reflecting an increasing willingness among employers to hire based on relevant skills and experience. Additionally, the proportion of vacancies that were harder to fill decreased, indicating an overall improvement in filling positions across sectors.
