Singapore’s Unemployment Rate Continues to Edge Upwards

DigitalCFO Newsroom | 22 August 2022

Singapore’s Unemployment Rate Continues to Edge Upwards – Leading Recruitment Firm Reeracoen Introduces Solutions to Help.

Reeracoen Singapore Pte Ltd., a leading recruitment agency, has many innovative solutions to help companies tackle talent shortages.

Singapore’s unemployment rate continues to edge upwards

Reeracoen forecasts that Singapore’s job vacancy to unemployed person ratio will continue to rise between 2.72 to 3.62[1], an all-time high since 2002 when records began.

Aside from unemployment rates, Singapore also faces an acute skills shortage. Estimates suggest Singapore will need to add another 1.2 million workers with digital skills by 2025 to remain competitive. A pandemic-driven rise in digital business models has only amplified the problem. Particularly acute is the issue of youth unemployment in March 2022; it was 5%, well over the age of 30 to 49 at 2.5%.

New recruiting advice for Singapore Employers

Reeracoen believes Singapore employers can close their workforce gap by revisiting their hiring strategies and expectations:

  • Use recruitment experts to help employers match suitable candidates and vice versa to find the right fit the first time.
  • Decrease entry skill requirements, invest in tools and in-house training instead.
  • Consider offering flexible working arrangements to allow for the hiring of semi-retired/ retired adults and stay-at-home parents.

Commitment to diversity, inclusion, and equity

By lowering expectations and requirements while offering opportunities and upskilling, companies can broaden the hiring pool to include talent from outside their industry that can contribute to change or find new ways to succeed.

“We know of many Singapore workers who are seeking a career switch and fresh graduates trying to make a start in life,” says Reeracoen’s Regional General Manager, Mr. Kosuke Soejima, “These talents may not have all the experience and skills needed for certain jobs yet, but with upskilling, we believe they can do a good job.”

Leading by example, Reeracoen built an infrastructure that allows for hiring fresh graduates, professionals seeking a career switch, and SAHMs who wish to rejoin the workforce.

Reeracoen’s Group CEO, Mr. Kenji Naito, commented, “Our training program ensures that everyone graduates with the essential skills needed to be a good adviser. This model is a win-win for everyone and allows us to do our part to close the growing talent gap in Singapore and give back to the community we operate in by investing in its people.”

Upon graduating from Reeracoen’s adviser program, the new hires are given continued access to experienced mentors, upskilling, and a strong support network. This program forms part of Reeracoen’s commitment to diversity, inclusion, and equity in its recruitment and talent development. The company hopes its program raises awareness among hiring managers to get them to challenge the status quo and think differently.