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Media Release



Singapore – 3 July, 2014 – The hiring intentions of Singapore businesses have rebound for the second half of the year, reversing the downward trend of the recent quarters, according to the latest Hudson Report: Employment Trends1 released today.

Nearly half of employers (47.3%) intend to increase headcount over the next six months, up 7.8 percentage points (pp) from the first quarter, while intentions to decrease headcount are down 3.8pp to 3.5%.

“Growing business sentiment is having a positive effect on the recruitment market.” said Emmanuel White, General Manager of Hudson Singapore. “Business confidence is high on the back of a healthy expansion in the global economy and the expected growth of Singapore’s GDP at 2-4% for 2014.2

“Compared to a year ago, the picture is much more positive. We’ve gone from headcount freezes to companies now looking to expand their workforce and open roles are being replaced immediately.”

“It’s encouraging to see the upbeat hiring sentiment with most industries in Singapore, but the marketplace remains challenging and uncertainties in the global macroeconomic environment remain,” he said.

“The new Fair Consideration Framework which will come into effect in the coming August sets out stricter rules on hiring of foreign professionals with an objective to urge all employers to consider Singaporeans fairly in filling jobs.3 It pushes businesses to reconsider their strategy in attracting and maintaining a competitive workforce to ride the wave of growth.”

Hiring Intentions Singapore - second half 2014

Hiring intentions by sector

  • Banking & Financial Services is the industry seeing the strongest hiring intentions - 56.3% of employers intend to hire more staff in the second half of the year, up 6.3pp from Q1 2014.
  • IT&T and Manufacturing & Industry rank second and third with positive hiring intentions standing at 52.4% and 43.6% respectively.
  • Employment expectation continues to decline within the Consumer sector - 42.0% of employers looking to increase headcount, down 1.2pp from Q1.
  • Healthcare & Life Sciences has the lowest hiring intentions among all surveyed industries – 41.9% of employers are looking to increase headcount.

“It is encouraging to see the sustained upbeat sentiment with Banking & Financial Service - the sector has maintained an upward trend in positive hiring intentions since Q3 2013, reflecting an increase in confidence of local banking businesses as well as reaffirming Singapore’s position as the regional hub of banking and financial services,” said White.

The growing demand is mainly driven by a focus on business critical roles such as compliance & risk and front office relationship positions. Insurance is also an important growth area, he noted. “The most valued candidates are those who have both deep knowledge of the local market and strong regional experiences.”

IT&T has reversed the pessimism in the previous two quarters and posted a strong growth (10.1pp) in hiring intentions heading into the second half of the year. “Expertise in SAP, security and supply chain continues to be hot,” said White. “Although technical skills are highly valued, we’ve also seen an emerging trend that is driving the demand for IT professionals with business partnering skills.”

Organizations are in need of IT people who can go to the frontline of business, leveraging their technical knowledge to optimize process, support sales and create value. “These roles require not only a command of good technical skills, but also business acumen, strategic thinking and a deep knowledge of the industry,” he said.

“In Manufacturing & Industrial, we are seeing significant job growth from chemical, oil & gas, medical devices and pharmaceutical industries,” said White. “Demand is high for trade compliance roles as organizations increase their focus on regulatory compliance across South East Asia. Skills in transfer pricing are also valued as companies look to make the most of tax breaks.”

The downward trend continues with the Consumer sector, but the decline has been moderated from a drop of 5.7pp in Q1 to 1.2pp, indicating less pessimism on the employment outlook over the second half of the year. More employers (54.3%) are looking to keep headcount steady. “As major players in the sector continue to reduce redundancies to react more swiftly to the market, we expect to see continued conservative hiring sentiment with Consumer in the next few months. However, critical roles such as product, brand marketing and management still have good opportunities,” said White.

1 Hudson surveyed 425 Singapore employers about their hiring intentions in May 2014
2 Ministry of Trade and Industry Singapore. Press Release. Retrieved 20 May 2014, from
3 Ministry of Manpower Singapore. Fair Consideration Framework. Retrieved September 2013, from


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About Hudson

Hudson is a global talent solutions company with expertise in leadership and specialised recruitment, contracting solutions, recruitment process outsourcing, talent management, outplacement and eDiscovery. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. With more than 2,000 people in 20 countries, and relationships with millions of specialised professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at

About The Salary & Employment Insights Report

The Salary & Employment Insights 2014 Report provides detailed analysis of the salary and employment insights of employers and employees for many of Singapore’s industries, including specific skills in demand, market and industry trends, industry-specific candidate motivations and salary guidelines. Those industries covered include Accounting & Finance, Banking & Financial Services, Human Resources, IT&T, Legal, Manufacturing & Industrial, Sales, Marketing & Communications and Supply Chain & Procurement.

Forward-Looking Statements

This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring programme; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Hudson Global Resources (Singapore) Pte Ltd
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