The report was created by hiring company Monster and based on online job posting activity in the three countries
Monster India recently released their latest Monster Employment Index (MEI), a broad and comprehensive monthly analysis of online job posting activity in Singapore, Philippines and Malaysia.
The report shows the current situation does not look very bright, with overall online demand for IT professionals in the three countries showing signs of slow recovery.
In fact, the annual growth figure remains largely on the decline.
e27 compiled the key findings on each market in the report:
The IT sector is one of the top growth industries in Singapore. Between January 2015 and 2016, the country recorded a two per cent year-over-year growth in online hiring activities for the IT, Telecom/ISP and BPO/ITEs sector.
The number is a five per cent improvement from the negative three per cent year-over-year drop recorded in December 2015.
The data shows January was Singapore’s first positive annual growth since May 2015.
However, for Software, Hardware, and Telecom jobs, the country saw a -12 per cent annual decline in demand — making the occupational group the one with lowest growth in the market.
“With more global players in the tech sector bringing their operations into Singapore and expanding their domestic presence, keeping Singapore at the forefront of these business opportunities now becomes a priority for the government … In the coming months, it is likely that we will continue to see growth in demands for IT professionals in the market,” said Sanjay Modi, Managing Director of Monster (India, Middle East, Southeast Asia, Hong Kong).
Malaysia continues to report the steepest annual decline across the three markets surveyed, registering a -25 per cent drop in January 2016 for the IT, Telecom/ISP and BPO/ITEs sector. Despite the dip, the sector has seen notable improvement in annual demand compared to the -33 per cent drop recorded between December 2014 and 2015.
The country also experienced the sharpest drop in the annual demand for the Software, Hardware and Telecom jobs, reporting a -66% year-over-year decline, the weakest among all occupational groups in the country.
All job sectors in Malaysia registered negative annual growth. Of all groups, Marketing & Communications experienced the least decline while Logistic, Courier/Freight/Transportation, Shipping/Marine exhibited the steepest fall.
The Philippines recorded a minus one per cent year-over-year decline in online hiring for the IT, Telecom/ISP and BPO/ITEs sector, up from the minus seven per cent year-over-year decline recorded in December 2015. Month-on-month growth momentum remains weak in spite of the slight improvement in annual demand.
The country also saw a -29 per cent year-over-year decline in the demand for Software, Hardware and Telecom jobs.
“The BPO sector is currently one of the strongest pillars in The Philippines’ economy. However, hiring in this sector is likely to take a backseat, as recruiters look to focus on boosting the quality of their hires through the upskilling of current employees as a means to remain competitive and maintain market growth,” explained Modi.
Image Credit: Tim Gouw on Unsplash.com
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