Finding a new job is never easy, but staying relevant goes a long way.
Singapore’s economy came to a screeching halt in 2016, with falling oil prices hitting our shipping industry hard. Despite a positive fourth quarter growth that helped Singapore narrowly avoid a technical recession, 2017 seems set to follow the path of last year’s gloomy slow-growth economic trend. As expected of slowing economies, hiring and job activities have been predicted to take a hit as well, with only 15% of employers saying that they are on an active search for new hires.
However, not all hope is lost. There are a few key industries which continued to bustle in spite of the current economic climate, and some skills that employers are eagerly seeking out to counter the increasingly digital landscape. According to a report by the leading global recruitment group, Hays, here are seven trends job-seekers must take note of in 2017:
1. The Tech Movement
Mostly thanks to the government’s push for Singapore to become the Silicon Valley of Asia, market analysts are expecting start-up companies to drive the creation of new jobs. Comparable to the start-up culture in the West, the positions created will likely be aimed at go-getting fresh graduates with ambitious creative ideas. Similarly, at a managerial level, those with the relevant experiences in digital marketing and big data will also be highly sought-after.
2. Analysts Wanted for Big Data Push
Speaking of big data, with the rise of the digital landscape, and the barrage of information we’re getting from multiple sources, the ability to analyze data will be wanted by all companies – not just start-ups. From retail outlets to large multinationals, companies will be on a look-out for a skilled data analysts who have show that they are able to utilise that information, and translate it into increased sales and conversions.
3. Companies Need Help Fighting Hackers
With a number of high-profile hacking incidents in 2016 – including Yahoo, Snapchat, and even the U.S. Department of Justice – companies are looking to step up their security and risk management measures. This, coupled with the ever-growing usage of cloud storage as the norm for both large and small companies, means securing a company’s classified information is more important than ever. As such, information technology engineers and certified ethical hackers will be in demand as firms try to prevent themselves from being the next cybercrime victim.
4. The Insurance Business Surges
Taking a step away from the tech world for a second, the insurance business is expected to boom in 2017. Why is that? With the consolidation of several huge names in 2016 – and further consolidations expected this year – insurance companies are stepping up efforts to extend their reach across the region. As such, the industry will see a surge of demand for insurance experts.
5. Traditional Firms Run Into Trouble Retaining Employees
While employees might have it hard in 2017, some companies might have it even worse if they’re unable to keep up with the increasingly digital landscape. With tech and start-up industries booming more than ever, more traditional companies are having trouble retaining tech-savvy individuals, who are moving to more advanced pastures. As such, if you’re a tech-capable employee in a firm that’s a little slow with the times, your job is likely to be safe. On the other hand, job seekers should keep an eye out for job postings by more traditional companies who are looking to expand their digital footprint.
6. Companies Are Looking To Maximise Efficiency
The name of the game this year is efficiency. To combat the slowing economy, companies are looking to cut costs through streamlining their workflow for effectiveness’ sake, and in hopes of driving growth. As such, job-seekers in managerial positions who have proven track record for being able to improve efficiency in their current or previous companies would have one less hurdle to jump when applying for a new position.
7. A Longer Job Application Process
If you face a longer than normal application and interview process, you can thank the economic slowdown. Due to the slowdown, companies will be taking a more restrained approach when it comes to undertaking new employees. The cost of searching for, hiring, and training a new hire can be quite high, as such, companies would rather take their time to get the right person for the job the first time around. If you’re a job seeker worried about a lack of response on your latest application, a little patience would be required as companies are being a little prudent at the moment.
The Bottom Line
Although all hope is not lost in 2017, it does look quite gloomy for job-seekers outside of the tech industry, with most companies trying to simply weather the storm or even looking to cut their costs. Coupled with a longer than expected hiring process, job seekers must strap down their boots and prepare for a tough year ahead.
