It’s the new year and some people are considering a job switch or perhaps considering a change in environment. This could also be your first job or that you want to explore a new job to get a pay bump to curb the rising costs and inflation.
A deciding factor to a job change will depend on whether if your industry is doing well. According to data from the Ministry of Trade and Industry (MTI), the Singapore economy grew by 1.2% in 2023, moderating from the 3.6% growth in 2022.
Support came from the construction sector, as well as services producing industries such as wholesale and retail trade, and finance and insurance. While manufacturing contracted for the year, it is expected to turnaround in 2024 as global manufacturing activities pick up.
So where are the jobs that are in demand in the start of 2024? The following in-demand jobs and performing sectors are derived from separate data and reports from the Ministry of Manpower (MOM) and the MTI.
According to MOM latest Job Vacancies data, the top jobs in demand in manufacturing are Industrial & Production Engineers, Manufacturing Engineering Technicians, and Mechanical Engineering Technicians.
For 2024, manufacturing is set to pick up over the course of the year. As the post-pandemic boost in demand for services dissipates, there could be a rebalancing of demand towards goods in the year ahead, according to an MTI report on the Singapore economy. This, alongside a normalisation of inventory levels, is likely to support a turnaround in global manufacturing activity. Global electronics demand is projected to recover, which will bolster the growth of most regional economies.
With that, the electronics and precision engineering clusters are expected to benefit from a recovery in demand for semiconductors and semiconductor equipment.
2) Wholesale & Retail Trade
Shop Sales Assistants are the top job in demand for the industry, the MOM data revealed. This is followed by Commercial & Marketing Sales Executives, Sales Managers, Office Clerks and Receptionists, and Cashiers.
The growth in the wholesale trade sector is projected to strengthen on the back of an improvement in external demand for electronic components and telecommunications & computers.
Consumer-facing sectors such as retail trade is set to grow due to the continued positive labour market conditions.
3) Finance & Insurance Services
If global interest rates start to moderate in 2024, the finance & insurance sector is also expected to post a modest recovery.
The top roles that are currently in demand are Financial & Investment Advisers, Budgeting & Financial Accounting Managers, Financial Controllers, Financial Services Managers, and Business Development Managers.
4) Aviation & Tourism-Related Sectors
Continuing the recovery in air travel and tourist arrivals is what is propping up the growth of aviation- and tourism-related sectors, including air transport and accommodation. The pace of growth this year is however likely to moderate from 2023 levels.
Hotels are hiring more Cleaners & Helpers to cope with the influx of new travellers, according to MOM data.
Although the data did not specify job roles for this industry that are in demand, there are other jobs from industries that can be related to this sector, for instance Retail Assistant Managers at Changi Airport or Bus Drivers for tour groups.
5) Food Services
For 2024, consumer-facing sectors such as food & beverage services are projected to continue to expand amidst resilient labour market conditions.
The top jobs in demand for the food services as well as the accommodation industry are Waiters, Kitchen Assistants, Cooks, Chefs, Waiter Supervisors, and Restaurant Managers.
Waiters take a big portion of the job vacancies, and this means that plenty of restaurants and eateries are hiring these workers.
Angela Teng. Jobs In Demand: 5 Sectors That Will Do Well In 2024. Dollarsandsense. https://dollarsandsense.sg/jobs-demand-sectors-will-well-2024/. Published January 10, 2024.