​2Q 2024 Employment Insights: Seasonal Trends in Resident Workforce

2Q 2024 saw a total employment increase of 11,300, accounted for entirely by non-residents. The decline in resident employment followed an expected seasonal trend as we transition out of the festive season (4Q 2023 to 2Q 2024). Consequently, the decline was only observed in sectors that are more prone to seasonal fluctuations in labour demand, such as Retail Trade and Administrative & Support Services. This trend, also known as ‘holiday hiring efforts’, is observed throughout the world, with Amazon (USA) hiring up to 250,000 workers over the seasonal period in 4Q 2023. With the end of festive sales, the services of these temporary workers are no longer needed, explaining the decline.

Resident employment increased in Financial & Insurance Services, Information & Communications as well as Professional Services.
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Moving forward, the growth in resident employment is expected to moderate considering our high labour force participation rate. Here, it is important to consider the role of foreign-owned firms in ensuring a continued supply of quality jobs for Singaporeans. A disproportionately high share of the resident workforce (33%), including those in higher-paying jobs, are employed by foreign-owned firms. This is despite foreign-owned firms comprising only 20% of firms in Singapore! To support resident workforce growth, it is hence essential to remain open to attracting foreign investments and global talent.

On the non-resident side, employment growth was largely among Work Permit holders in the Construction and Manufacturing sectors, filling roles that residents typically prefer not to take on.​

Source: What holiday hiring efforts look like in 2023 | Retail Dive​