By Chuang Peck Ming
Hold on to your job. The employment market is growing shaky.
After a two-year hiring spree as the economy bounced back strongly from the recession, Singapore employers are starting to think twice about taking on more workers.
And many are already planning to freeze recruitment altogether, seeing the sovereign debt crisis in the European Union and the economy stalling in the United States, according to the latest findings of global recruitment firm Hudson.
Only 42 per cent of the 460 executives Hudson polled in September intended to increase headcount in the final quarter (Q4) of the year, against 56 per cent in Q3. A year ago, in Q4 2010, the figure was 58 per cent.
"Hiring expectations are falling from the high levels of the last two years, due to an uncertain global market environment," says Mike Game, Hudson's chief executive for Asia.
Hiring expectations picked up from a low 20 per cent in Q2 2009 and peaked at 62 per cent in Q1 this year. They eased to 61 per cent in Q2 and 56 per cent in Q3 before plunging to 42 per cent.
Except for manufacturing and industrial, the number of companies hiring in Q4 is likely to fall in all sectors, according to the Hudson report.