The entry of multinationals into the Singapore market is driving continued demand for white collar workers, according to global recruitment firm Michael Page International.
“The employment market in Singapore has recovered strongly from the impacts of the global economic downturn. We saw a sharp spike in hiring activity in early 2010, largely driven by companies that were already established in Singapore. As business conditions improved, these companies began increasing headcount from a very low base in order to position themselves for growth,” said Tulika Tripathi, Managing Director of Michael Page Singapore.
While this trend has continued into the second half of the year, the majority of hiring is now driven by the entry of new multinationals into the Singapore market.
“Singapore is a key business hub within the region and an attractive market for multinationals looking to expand their operations,” said Ms Tripathi.
The strong hiring activity is set to continue into 2011, as government tax incentives further encourage multinationals to set up regional headquarters in Singapore. The highest demand is anticipated for skilled professionals across the financial services, bio-pharmaceutical and semicon industries.