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Singapore
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Singapore
Singapore, with a GDP of $501 billion, ranks as the 30th largest economy globally. Its leading industries are electronics, chemicals, and financial services. The unemployment rate is at 3.5%, reflecting a moderately strong labor market. Singapore, with a moderate number of recruitment agencies, has a strong talent sourcing environment.
Singapore'S
AGENCY LANDSCAPE
1.1K
Agencies operating in Singapore
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
16-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Singapore'S
FEATURED AGENCIES
Axiom Global Technologies, Inc.
99Owls Consultancy
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Singapore'S
GROSS DOMESTIC PRODUCT (GDP) RATING
30
WORLD RANKED
Singapore ranks 30th in the world by current economic output
$501B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
8
APAC RANKED
Singapore is the 8th biggest GDP in APAC out of 41 countries in the region
GDP GROWTH (%)
The above chart compares how Singapore's GDP has grown, compared to the rest of the world and the APAC region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Singapore'S
CURRENCY AND CODE
S$
Country currency
SGP
Country ISO code
Singapore'S
INFLATION RATE
3.0%
CURRENT RATE
▼1.8% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Singapore'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Singapore'S
LABOUR STATISTICS
5.7M
POPULATION
With a population of 5,685,807, Singapore is a small sized country by global standards. Singapore's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Singapore is just above the world average, indicating a moderately strong labor market with a sufficient supply of workers to meet current economic needs. Singapore's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Singapore'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
Singapore'S
UNEMPLOYMENT RATE
3.5%
CURRENT PERCENTAGE
▼0.12% REDUCTION
Singapore's unemployment rate is healthy, indicating a well functioning labor market with good job opportunities for most people. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Singapore'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Flex
Jardine Cycle & Carriage
Golden Agri-Resources
Top industries
Electronics
Financial services
Petroleum refining
Singapore'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
76
/
62
Male | Female
In Singapore there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
Singapore'S
WORKING LIFE
11DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
44HRS
Average working full time week
Standard workweek: Mon-Fri, up to 9 hrs/day or 44 hrs/week. Overtime not required by law and often considered part of the salary.
Singapore'S
TOP BENEFITS
16WEEKS
Maternity leave
16-week paid maternity at 100% salary, split before/after birth; 2-week paternity leave at salary up to $2500/week; in Singapore, fathers can share 4 weeks of maternity leave.
14DAYS
Sick leave
Employees with 3+ months of service are entitled to up to 14 days of paid sick leave and 60 days of hospitalization leave, with salary paid by the employer. Outpatient and hospitalization leave days increase with the length of service.
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