MANILA, PHILIPPINES, FEBRUARY 9, 2010—Professionals based in Singapore are the most optimistic, with many of them expressing confidence that the global recession is almost over or has survived the worst. This is according to a worldwide survey of almost 3,000 professionals who were asked their job expectations this year.
Eighty-three per cent of Singaporean-based respondents said they felt that the global financial crisis was near the end or over the worst. These respondents are more optimistic than professionals in other parts of the world as the worldwide average is 65 per cent, with the UK coming in at 67 per cent.
The results are in the ‘2010 Q1 Global Job/Workforce Market Sentiment Survey’ of the Berkley Recruitment group, which surveyed more than 2,800 professionals from the following industry groups: pharmaceutical & life sciences, IT and commercial.
“Sixty per cent of Singapore respondents are optimistic for the year ahead, backed up recently by MOM (Ministry of Manpower) statistics in job creation for 2010. 2010 will see a return to a ‘candidate market’,” said Steve Greenwood, chief executive officer, Berkley Recruitment Group (Asia).
Job security
There are also less Singapore-based professionals who are “more worried” about job security. Only 26 per cent of Singapore-based respondents said they are more worried, compared to 47 per cent for UK, 52 per cent for Ireland, 52 per cent for Switzerland and 38 per cent for France.
Only China-based professionals are more positive than Singapore respondents, with only 19 per cent saying they are more worried.
Professionals in the specific industries surveyed are also less optimistic about pay increases as 48 per cent said they are not expecting any increase this year. In the Asia Pacific region, some professionals are more optimistic of pay increases this year. Figures from China, Singapore and Australia came in at 14 per cent, 27 per cent and 27 per cent, respectively.
Given these sentiments and other recent forecasts for the republic-state, Greenwood added that “Singapore is the place to be for individuals in our specialised sectors to advance their careers.”
Opportunities
There are also indications that the Singapore job market is riper for recruitment this year.
When respondents were asked to evaluate whether the range of job openings on offer was strong, steady, or weak, Singapore came out with the highest percentile of countries rating the market as 'strong' at 10 per cent. The mean figure worldwide was three per cent with the UK at two per cent, Australia at three per cent and China at 4.5 per cent. Although sentiment is positive, Singaporean respondents were realistic in that 43 per cent said the market is steady, i.e. enough opportunities, but 47 per cent rated the market as 'weak'. This is even better, however, compared with an average result of 71 per cent, with the UK at 68 per cent.
Compared to European and US-based professionals, most Singapore-based professionals are also not inclined to try out job opportunities outside the country.
Greenwood attributed this sentiment to the Singapore government’s swift response to protect businesses and jobs.
In general, professionals in the Asia Pacific region, noteworthy of which are Singapore, China and Australia, are more optimistic of the job market in their countries compared to professionals in the US and Europe.
“Confidence in Europe and US, by contrast is still low, mirroring hard economic data of the rate of recovery from the global financial crisis,” the report concluded.
