South China Morning Post · 21 Sep, 06:10 · Business briefing

Singapore retrenchment rates hit highest level since pandemic

Singapore’s retrenchment rates have surged to their highest point since the onset of the pandemic, according to recent reports.

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The briefing

The story
in brief.

What happened, who it affects, and why it landed on our intelligence desk — in plain English, sixty seconds or less.

Singapore’s retrenchment rates have surged to their highest point since the onset of the pandemic, according to recent reports. This significant rise indicates a tightening labour market as businesses adjust to economic pressures. Professionals across various sectors may face increased job insecurity. The data underscores a shift in corporate strategy towards cost efficiency. Understanding these trends is crucial for career planning. Workers should anticipate potential restructuring and prepare for a more competitive employment landscape. This development highlights the need for resilience and adaptability in the current professional environment.

Employer demand for Data Science skills — indexed growth since 2019
Indicative index of skill mentions in professional job postings for the field this story moves (2019 = 1)

Your move

What this means
for your career.

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You must treat your career with urgency. Volatile job markets reward agility over tenure. Focus on skills that drive immediate efficiency or revenue. Upskill in data interpretation to prove your value quantitatively. Network proactively; passive job hunting is risky now. Review your financial buffer and reduce unnecessary expenses. Consider lateral moves within your organisation to secure your position. Develop versatile competencies that transcend specific roles. Prioritise continuous learning to remain indispensable. Stay informed on industry trends to anticipate further shifts. Your adaptability is your strongest asset. Act decisively to future-proof your professional trajectory before the next wave of restructuring hits your sector.

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Indicative salary uplift in the fields matched to this story
Indicative ranges from published continuing-education salary studies, by field — each field is a recommended course below

Matched to this story

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