One in four Singaporeans have lost their jobs due to COVID-19. According to a recent study by JobStreet Singapore, those working in advertising/PR/marketing, tourism, F&B, retail, and hospitality industries, as well as smaller organisations, had the highest percentage of retrenched workers.
The study, which surveyed 5,285 respondents in Singapore between 12 to 14 May, also said that one in four Singaporeans have lost their jobs due to COVID-19. Short-term and low-income workers are the ones hardest hit by the pandemic. Amongst those who had tenures of less than 12 months, 48% reported being permanently or temporarily displaced. More than half (57%) of those whose income brackets were below SG$2,500 per month also reported that their jobs were adversely affected. Meanwhile, the number of employees feeling unhappy increased by almost five times as compared to pre-COVID-19 period, especially amongst those whose jobs were affected due to COVID-19.
When it came to wage cuts and salary freeze, those in the hospitality/catering and F&B industries were especially hit hard, with one in four experiencing a salary reduction of over 30%. According to JobStreet, full-time workers who were on contracts of 12-plus months and earning between SG$9,000 to SG$25,000 a month were the ones most likely to have been impacted.
Despite the declining job market, JobStreet said for the next six months, roles that will likely be in demand are sales/customers service/business development (30%), administration/HR (19%), engineering (16%), and accounting (15%). The figures are based on an interview with close to 700 hirers and JobStreet said the roles are more likely to be junior/entry level (67%). Meanwhile, almost a third of businesses that had reduced or frozen new hires were expecting a relatively quick recovery, with 5% already resuming hiring and a further 25% expecting to be hiring within the next three months.
On a positive note, three out of four hirers have indicated that for candidates who had lost their jobs during the pandemic, their retrenchment would not be a factor in their job hiring decisions. Over a fifth of them said that they would very likely consider these candidates for their job vacancies. Marketing has reached out to JobStreet for additional information about the advertising and marketing industry.
Country manager Chew Siew Mee said with the job market on the decline, job seekers have to adjust their expectations when it comes to the matter of salary. "They have to weigh the benefits of landing a job during this time of hiring slump versus turning down an opportunity simply because it does not meet their desired salaries," Chew added.
Share your thoughts with us journos in the newsroom and be part of our Instagram community to catch the behind the scenes action, industry updates and creative inspiration!
Edelman lays off 7% of global workforce, salary cuts up to 20%
KFC Indonesia makes cuts and delays to salary to avoid layoffs
Omnicom Group's senior leaders take pay cut, implements hiring freeze
WPP targets SG$1.2bn saving, tables salary bumps and cuts costs
Robert Walters SG salary report on PR, marketing and digital professionals
SG salary benchmark 2020: Tech and cybersecurity talents high in demand