- Singapore’s job market remains tight in 2024.
- PMET job vacancies 2024 continue to rise.
- Skills-based hiring gains prominence.
Singapore’s labour market shows resilience with more job openings than seekers, as some employers prioritise skills over qualifications.
Overview of the Job Vacancies 2024 Report
In a press release by MOM, the Manpower Research and Statistics Department has unveiled the “Job Vacancies 2024” report, shedding light on Singapore’s labour market trends.
The report, released on 28 March 2025, offers valuable insights into the employment landscape of the previous year.
It reveals a persistent tightness in the job market, with vacancies outnumbering job seekers throughout 2024.
Labour Market Trends in 2024
Singapore’s job market remained robust in 2024, despite global economic uncertainties.
The report indicates that there were 1.64 job vacancies for every job seeker in December 2024.
This ratio underscores the continued demand for workers across various sectors.
The job vacancies 2024 December’s rate stood at 3.1%, surpassing the pre-pandemic average of 2.3% between 2000 and 2019.
“The labour market has remained tight, with vacancies continuing to outnumber jobseekers,” the MOM report stated, highlighting the ongoing challenge for employers in filling positions.
PMET Vacancies on the Rise
The proportion of PMET (Professionals, Managers, Executives, and Technicians) vacancies continued its upward trend in 2024.
PMET roles accounted for 57.7% of vacancies in 2024, up from 57.2% in the previous year.
This increase reflects the ongoing shift towards higher-skilled jobs in Singapore’s economy.
Sectors with growing PMET employment, such as Information & Communications, Financial & Insurance Services, and Professional Services, showed higher shares of PMET vacancies.
Software developers and financial advisers were among the most sought-after PMET roles in 2024.
Shift Towards Skills-Based Hiring
One of the most significant trends highlighted in the report is the increasing emphasis on skills-based hiring.
Employers are now placing less importance on academic qualifications when making hiring decisions.
“Academic qualification was not the main determinant in hiring for 78.8% of the vacancies in 2024, an increase from 74.9% in 2023,” the MOM report revealed.
This shift indicates a growing recognition of the value of practical skills and experience over formal education.
For 66% of vacancies, employers had other primary considerations in selecting candidates.
Skills-based hiring resulted in better outcomes for 36.1% of vacancies, suggesting a positive trend for both employers and job seekers.
This trend aligns with the growing emphasis on skills-first hiring practices in Singapore’s evolving job market.
Government Support and Initiatives
The Singapore government continues to play a crucial role in supporting workforce transformation and employability.
Workforce Singapore (WSG) has launched 17 Job Transformation Maps (JTMs) to guide employers in transforming their workforce.
The SkillsFuture Workforce Development Grant (WDG) will be introduced as part of the Enterprise Workforce Transformation Package.
These initiatives aim to empower both employers and workers in navigating the changing job landscape.
“The Government will continue to empower Singaporeans to take charge of their career health and navigate changes in the economy and jobs,” the MOM report emphasised.
Workers can utilise resources such as the CareersFinder feature on WSG’s MyCareersFuture job portal.
And also tap into career coaching services provided by WSG and NTUC’s Employment and Employability Institute.
Do you think the shift towards skills-based hiring will lead to better job outcomes for Singaporeans?
