Let’s be honest, it’s not an ideal time to be looking for a job. We are surrounded by doom and gloom amidst continuously poor business sentiment. A recent review by the Monetary Authority of Singapore (MAS) reported that “…the resident unemployment rate is likely to rise slightly in 2016”. Nonetheless, there are still bright spots in the economy, these 3 industries in particular, are still growing and hiring at a good rate.
Not many people realize this, but between 2012 and 2014, Government Health Expenditure increased about 50%. With an increasingly grey population and a surge in government spending – which will hit $12 billion by 2020 (S’pore Budget 2014) – it is no wonder that the Healthcare segment is growing in Singapore. Whether you’re looking for a career in allied healthcare or as a nurse or doctor, there is increasing demand for healthcare professionals in both the public and private sector.
In addition to the boom in healthcare, Biomedical and pharmaceutical manufacturing output expanded more than 20% in March compared to the same period a year ago even as other segments like transport and marine engineering fell more than 20%. The Biomedical industry in particular seems to be fairly resilient, while pharmaceutical demand tends to be more volatile.
Over the past 5 years, there’s been an explosion of growth in the local ICT sector. This sector is expected to create 30,000 new jobs by 2020 and the government is supporting that with a recently unveiled $120 million fund to help grow talent in this area. The ICT Sector has been facing a manpower crunch for some time, as a matter of fact, in 2014, locally there were about 15,000 unfilled vacancies within the industry. That shortage is expected to grow to 30,000
Certain segments in the ICT space in particular, seem to be doing well, there’s a lot of hype over local financial technology (Fintech) companies, and the local start-up scene, largely dominated by ICT players has also seen more success recently, with several startups like Carousell and 90seconds receiving multi-million dollar valuations.
Based on a Hudson Report H1 2016 released in January the continuous rise of digital media and e-commerce has led to a rise in activity in the Media/ PR/ Advertising sector. As major companies continue to outsource marketing activities to agencies, there has been increased opportunities for entrepreneurs and businesses in this segment. Based on the report mentioned earlier, 59% of employers in this industry are looking to increase their permanent headcount.
We hope you’ve enjoyed reading our article on the 3 industries that are still doing well. We hope that it’s been useful and will aid you in your job hunt! Think there’s an industry we may have missed out? Leave us a comment below! Love our article and know someone looking for a job? Share it with your friends on Facebook and Twitter!