According to data from Monster Employment Index, September is second consecutive month of zero growth in the online recruitment industry.
The Banking, Finance and insurance sector was hardest hit, experiencing a 11% reduction in online hiring since September, 2015.
However, there was a rise in business process outsourcing and IT recruitment. Both sectors reported 9% growth in online hiring. But this is still decline when compared to the 14% growth in September 2015.
Sanjay Modi, Managing Director of Monster.com in Asia-Pacific and the Middle East, told HRM Asia Magazine the stagnation of the online hiring market reflects reduced hiring throughout the economy, rather than a shift in recruitment strategies.
“Singapore’s job market continues to bear the brunt of the slow Chinese economy, on top of the Brexit shockwaves, causing overall hiring intentions to remain weak,” he said.
“Economic growth also fell below expectations during this time, and it is likely that the hiring dry spell will prolong.”