Singapore's Raffles PlaceSINGAPORE: With job creation slowing down, Singapore's overall unemployment rate increased to 2.1 per cent in June.
Total employment in Singapore was up by 24,800 in the second quarter, higher than the preliminary estimate of 22,800 released in July.
The Manpower Ministry (MOM) in its latest labour market report said the pace of job creation was slower than the first quarter but comparable to the second quarter of last year.
HR firms said the pace of job creation will continue slowing down for the rest of the year.
But it's not all doom and gloom, as observers agree that Singapore's unemployment rate of 2.1 per cent remains a very healthy figure, compared to other developed countries like the US and France, where unemployment hovers above 9 per cent.
Services continued to generate the bulk of the employment gains, though the pace has eased.
The sector added 20,200 workers in the second quarter, down from the gains of 26,500 in the previous quarter.
Sustained by increased building activities in the public sector, the construction workforce expanded by 3,600, higher than the 1,500 increase in the last quarter.
Manufacturing employment rose by 800, up from flat gains from the previous quarter.
The MOM report said layoffs remained low, and job vacancies stayed healthy, in line with HR firms' observations that it's still a tight labour market.
"What we're seeing is companies not prepared to take drastic measures or do knee-jerk reactions to the uncertainty, but rather being much more conscious and cautious about protecting their talent pools," said Karin Clarke, Regional Director of Singapore & Malaysia, Randstad.
In a blog post, Minister of State for Manpower Tan Chuan-Jin said raising skills and productivity remains the best way to inoculate Singapore against external risks.
Commenting on the latest labour market figures, BG(NS) Tan said while the Trade and Industry Ministry expects Singapore's GDP to grow by 5-6% in 2011, this could eventually be lower if market conditions in US and Europe worsen.
And there can be an impact on jobs for the people.
BG(NS) Tan said the ministry is keeping a close watch on the unfolding global situation.
He explained: "While we may not be able to stay immune from the economic contagion, we should try to build up our immune system or inoculate ourselves as best as we can. The best way to do this would be to raise our productivity and skills."
So employers and workers must seize opportunities to improve their productivity levels to remain globally competitive even in the face of bleak economic conditions.
He added that at the same time, workers can upgrade their skills and enhance their efficiency by taking relevant training courses to be more adept in handling complex tasks.
And he is confident the strong tripartite partnership will again see Singapore through the impending storm as long as Singaporeans worked hard and stayed united for the common cause.
And the challenge may get harder, what with the ministry report showing a 2.5 per cent drop in productivity in the second quarter.
The labour movement added that productivity efforts must come from all sides, with management leading the way.
"There are companies who are more enlightened, through moral suasion or partnership. They are able to see that a better worker leads to better productivity, and ensure that the company continues to become competitive and relevant in the industry," said Zainudin Nordin, director of Care & Share, NTUC.
Randstad said productivity could also be constrained by firms unable to find top talent, or lacking the mechanism to capture and implement innovative solutions.
Via: http://www.channelnewsasia.com/stories/singaporelocalnews/view/1153268/1/.html
No comments:
Post a Comment