We’re in a wait-and-see job market now – LinkedIn

Ask any headhunter when is the best time to search for a job in Singapore and they will probably zoom in on one window: February to April. It’s a period during which companies would have finalised budgets and new roles for the year, and coincides with when many executives might have just tendered after their year-end bonuses. But low season isn’t the only reason why the job market doesn’t seem so hot. Something else is happening. We’re in a low-hiring, low-quitting environment. Singapore saw its decade-long lowest average monthly resignation rate at 1.2 per cent in the first quarter, and another low average monthly recruitment rate of 1.8 per cent. That trend line started last year as job hopping reached new lows in 2024. Why are people being so conservative about switching jobs? They probably know that the economy isn’t in its best shape. Economists have already slashed Singapore’s 2025 growth projections to a paltry 1.7 per cent. The Economist was incredibly pessimistic in declaring that “today’s graduates are screwed” as a larger number of universities produce more graduates than the market can absorb. Meanwhile, tech firms are cutting jobs, engineering looks more lucrative in China, public sector roles seem
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