Is Now the Right Time to Switch Careers in Singapore’s Job Market for 2024? [W&S 60 ft Puay Lim Yeo]

The Year Ahead: Navigating Singapore’s 2024 Career Landscape

Welcome fellow career-seekers! Today we’ve gathered industry experts to gain some insight into what Singapore’s job market may have in store for 2024. While economic headwinds continue to blow, opportunities can still be found – we just need to broaden our horizons a bit.

Joining us today is Puay Lim Yeo, Commercial Director at recruitment firm Glintz, a Singapore-based HR business and the fastest-growing startup in the career development and talent recruitment space in Southeast Asia, and Rakaesh, Tech lead and Principal Sales Manager at Hubspot to share insights from their respective areas in the job world.

Let’s start off by getting a sense of the overall landscape from Puay Lim. As he explains, 2022 has indeed seen a slowdown with heightened uncertainty. But looking ahead, things may start improving once the U.S. elections pass late next year.

Uncertainty in 2023:

Puay Lim acknowledged that 2023 had been an atypical year, characterised by economic slowdown and global uncertainties. Factors such as geopolitical events and fluctuating interest rates contributed to an air of unpredictability. However, Puay Lim emphasised that the upcoming US presidential elections in 2024 could serve as a turning point, bringing about a sense of certainty and potentially boosting market sentiment.

The Impact of Sentiment on Hiring:

Sentiment is key when it comes to hiring, and businesses tend to get cautious in uncertain times. However, not all sectors are gloomy – revenue-generating roles are in demand as companies must continue to make money. On the other hand, tech jobs cooled off a bit after their pandemic highs.

While technical factors play a role, businesses are more inclined to hire when they feel positive and confident about the future. As a result, the current year witnessed fluctuations in hiring activity due to uncertain sentiment. However, with the prospect of improved sentiment in 2024, the job market is expected to regain stability.

Demand for Revenue-Generating Roles:

Puay Lim mentioned that roles related to sales, marketing, and business development remained in high demand, despite the economic challenges. In times of uncertainty, businesses strive to generate revenue, leading to a greater emphasis on roles involved in driving sales and business growth. This trend is likely to continue into 2024, as companies focus on bolstering their financial performance.

Tech Industry and Startups:

The podcast delved into the impact of the “Tech Winter” phenomenon on the job market. While the tech industry had experienced significant growth in previous years, there has been a slowdown in recent times. Puay Lim explained that startups, in particular, faced challenges due to capital constraints and reduced funding opportunities. However, it was noted that not all startups were experiencing a decline, and earlier-stage startups still had access to funding. On the other hand, large corporates were more resilient and continued to hire for ongoing projects.

Within tech, startups are feeling the most pinch as capital flows tighter. But larger corporates keep trucking along with their projects and needs. Pui Lim also notes pockets of resilience, like certain earlier-stage startups still receiving funding. So while some clouds linger, the landscape isn’t uniformly bleak.

Recruitment Industry Performance:

As an expert in the recruitment business, Puay Lim provided insights into the industry’s performance. He indicated that many recruitment agencies had experienced a decline in business compared to the previous year. Recruitment agencies themselves are down 20-50% year-on-year, with exposure to the “tech winter” affecting severity. The extent of the decline varied depending on the level of exposure to the tech industry’s slowdown. The recruitment sector, which had thrived during the tech boom, faced challenges in adapting to the changing market dynamics.

Meanwhile, frontier sectors like AI, green tech and digital health transformation promise growth that traditional industries must now embrace. Prom Engineer also emerges as a novel role for AI product evangelism!

Pay bump potential and longevity depend highly on roles and companies, but past cycles provide context. 30% jumps were common pre-pandemic for software gigs. As for non-tech jobseekers eyeing tech, cultural fit matters – but skills trumps all. Pursue growth areas authentically and opportunities will come.

Hope this peek into the tea leaves proved illuminating fellows! Wishing you all the best navigating new paths ahead. Onwards and upwards from here. Also learn how you can better negotiate your salary to prepare for any job moves.

Key Takeaways for Professionals in Singapore:

1. Monitor the impact of the US presidential elections: The elections are expected to bring about a sense of certainty that could potentially influence market sentiment.
2. Focus on revenue-generating roles: Sales, marketing, and business development positions are likely to remain in demand as businesses strive to generate revenue during uncertain times.
3. Consider opportunities in large corporates: Despite economic challenges, larger companies are more resilient and continue to hire for ongoing projects.
4. Navigate the tech industry cautiously: Startups may face funding constraints due to the “TechWinter” phenomenon, but opportunities still exist in earlier-stage startups.
5. Stay informed and adaptable: Keep abreast of market trends and adjust career strategies accordingly to maximize opportunities in the evolving job market.

You can check their full interview on Wise & Shine, Episode 60 on Spotify, YouTube, or Apple podcast for the candid insights from industry experts for working professionals to navigate and equip themselves with in the changing dynamics and make informed decisions for their future success.

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