SG Morning Highlights | Seatrium and GE Vernova Win €2bn Contract to Build HVDC System

Advancers / Decliners is 68 to 40, with 47.11 million securities worth S$74.89 million changing hands.

The latest employment outlook survey by recruiter ManpowerGroup Singapore has revealed that hiring sentiment in Singapore has weakened for the third consecutive quarter, although most sectors still expect an increase in overall headcount. Of the 525 employers polled, 44% said they plan to hire during the July-September period, while 24% anticipate a decrease in staffing levels and 32% do not expect any change. This takes the seasonally adjusted net employment outlook for Q3 to +20%, representing a 4% fall from the last quarter and lower than the global average seasonally adjusted net employment outlook of +22% for the third quarter. The net employment outlook is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire, and a positive outlook represents a higher percentage of employers who plan to hire than those who anticipate reductions.

As AI and machine learning (ML) tools become more prevalent, a skills gap in adopting these technologies is prompting companies in Singapore to boost their workforce. Five out of 10 companies plan to expand their headcount in Q3 2024, with the Communication Services industry being the most eager to increase headcount in response to AI and ML (72%). Other sectors keen to increase headcount include Energy & Utilities (67%), Transport, Logistics & Automotive (59%), and Industrials & Materials (58%). The eagerness is likely driven by the fact that many companies expect AI and ML to improve their business performance. According to Manpower Group, 36% of firms in Singapore fail to adopt AI because their workers lack the skills to use the tool effectively, while other top challenges include the high cost of investment (42%) and concerns about privacy and regulations (35%).