In the largest annual survey of its kind, Dutch HR giant Randstad interviewed over 170,000 people across 32 markets, covering 75 per cent of the global economy, about their employment preferences and observations.
Its goal is to provide employers with information about what they could do to make their companies more attractive to prospective hires. For the rest of us it grants an insight into how the labour markets evolve around us and what matters to our colleagues (and competitors for jobs) at any given moment.
Singapore received its own dedicated report, released earlier this month, which, among other things, reveals the hottest, most attractive industries Singaporeans want to work for in 2024.
Top 10 industries in Singapore
The ranking is very tight, with a single outlier at the top, which has received around 10-15 percentage points more in favourability, the broad sector of businesses in life sciences, i.e. mostly biotechnology.
Life Sciences is followed by the currently booming Hospitality & Recreation sector, buoyant on the post-pandemic rebound, with travellers returning to Singapore. The related Auxiliary Services sector is in third place.
The rest of the list is bunched up far more closely and made up of a predictable selection of sectors: high-end Electronics Manufacturing, Finance, Engineering IT, Pharma and Retail.
So, what do Singaporeans find to be the most attractive about all of them?
I won’t spoil the surprise since there really isn’t any.
Show me the money
Given two years of rampaging inflation, the chief benefit that Singaporeans judge these to be the most attractive by is their financial health, i.e. the ability to pay well and remain stable in these tumultuous, expensive times.
| Primary Employee Value Proposition | Secondary Employee Value Proposition | Tertiary Employee Value Proposition | ||
| 1. | Life Sciences | Financial health | Career progression | Salary & benefits / good reputation / job security |
| 2. | Hospitality & Recreation | Financial health | Good reputation | Pleasant work environment |
| 3. | Services (security, facilities & catering) | Financial health | Good reputation | Job security |
| 4. | Semiconductor Manufacturing | Financial health | Good reputation / career progression | Interesting job content |
| 5. | Consumer Goods & Retail | Financial health | Good reputation | Job security |
| 6. | Electronics Manufacturing | Financial health | Good reputation | Career progression |
| 7. | Banking & Financial services | Financial health | Good reputation | Salary & benefits |
| 8. | Engineering, Construction, Oil & Gas | Financial health | Good reputation | Career progression |
| 9. | Infocomms Technology | Financial health | Good reputation | Interesting job content |
| 10. | Pharmaceutical | Financial health | Good reputation | Career progression |
The second most frequently cited characteristic of the most attractive sectors in Singapore is their good reputation.
Combined with financial health, we’re seeing that Singaporeans are seeking stability and security, perhaps spooked by many reports of sudden mass layoffs by major businesses in and out of the country.
Even though, judging by their personal preferences, they would like their employers to provide greater work-life balance and better pay, Singapore’s top industries are valued for their solidly established status. That will have to do for now.
Only in third place among the Employee Value Proposition (EVP) metrics used by Randstad can we see more variety. Benefits listed include a pleasant working environment and interesting job content, making up for shortfalls elsewhere.
The impact of the AI boom is visible in the high position of semiconductor manufacturing, followed by electronics, as tech companies around the world are scrambling for the latest hardware to power around 100 new data centres, worth a staggering US$480 billion over the next two years, according to Financial Times.
Thanks to Singapore’s strong position as both an international hub for data centres and a manufacturing one, the money trickling down from this spending spree is likely to lift incomes in related businesses.
As for the rest, given the unpredictability of that we remain in amid global conflicts, wars, and a not yet fully tamed inflation, Singaporeans are flocking to industries which offer shelter and certainty, at least until the situation returns to norm.
If you’re looking for a job switch, this is where you’re likely to meet the strongest competition.
Featured image: mentatdgt / depositphotos