The labor market has remained tight, with job openings continuing to outnumber available workers. Nearly half of these vacancies were newly created positions, primarily due to business growth.
Increasingly also, there are more newly created vacancies due to redesign or restructuring of jobs as well as expansion of new functions.
In 2024, the share of vacancies for Professionals, Managers, Executives, and Technicians (PMETs) continued to rise.
Demand for PMETs was particularly strong in expanding sectors such as Information & Communications, Financial & Insurance Services, and Professional Services.
Jobs with a focus on technology, like software, web, and multimedia developers, remained in high demand, along with roles for finance and healthcare professionals.
Employers are increasingly looking beyond academic qualifications when filling positions, placing more emphasis on relevant experience and skill sets.
PMET share of job vacancies continued to rise, reflecting demand from firms in growth sectors
The share of PMET vacancies continued to increase, rising from 57.2% in 2023 to 57.7% in 2024.
Sectors experiencing growth in PMET employment also saw higher proportions of PMET vacancies, including Information & Communications (15.0%), Financial & Insurance Services (10.4%), and Professional Services (10.2%).
In these growing sectors, both resident and non-resident PMET employment have risen together, reflecting the complementary roles of the two workforce segments.
2024 saw sustained demand for high-skilled talent in key growth sectors. Jobs for software, web, and multimedia developers remained in high demand, alongside professionals in computer networks, infrastructure, and platforms, supporting the expansion of the digital economy.
Additionally, financial and investment advisers emerged among the top ten most sought-after PMET roles, highlighting the sectoral shifts in the labor market.
Retail Trade and Food & Beverage Services saw declines in the proportion of newly created job vacancies within the sector, after peaking in the previous year. This could reflect the sectors’ slower business momentum as locals shift their spending to overseas travel destinations.
More employers looking beyond academic qualifications when filling PMET vacancies
In 2024, academic qualifications were not the main determinant in hiring for 78.8% of vacancies.
For positions where academic qualifications were not the main consideration, employers typically prioritized other factors when selecting candidates.
Where academic qualifications were not emphasized, employers reported that skills-based hiring led to better outcomes, such as faster hiring, access to a broader talent pool, and improved employee performance.
These developments suggest that employers are prioritising factors such as job applicants’ relevant experience and skillset, and these further strengthen the rationale for skills-based hiring.
