High Demand for PMETs and a Shift Towards High-Skilled Roles

A Shift Towards High-Skilled Roles

The proportion of job vacancies for professionals, managers, executives, and technicians (PMETs) continued to rise in 2024, reflecting a sustained demand for high-skilled talent in growth sectors. This trend is driven by the positive economic outlook and expanding workforce needs within these sectors, particularly in information and communications, financial and insurance services, and professional services.

The high demand for PMETs extends to specific roles like software, web, and multimedia developers, as well as computer network, infrastructure, and platform professionals, fueled by the expanding digital economy. Financial and investment advisors also rank among the top 10 most sought-after PMET roles.

Interestingly, resident and non-resident PMET employment rose in tandem in growth sectors, indicating complementarity between these segments. This suggests a healthy balance between local and foreign talent in meeting the demands of these sectors.

The report also highlights the dynamism of the labor market, with 45.7% of last year's vacancies being newly created positions. This indicates a shift towards higher-skilled roles, with 54.7% of these new positions created due to the expansion of existing business functions.

However, the report acknowledges that while the overall picture shows a reduction in structural mismatches, there will be individual exceptions. The ministry focuses on the broader view, which shows an improvement in job matching efficiency, with both unemployment and job vacancy rates decreasing.

Furthermore, the report notes a positive trend in the reduction of hard-to-fill vacancies, which has decreased from 23.5% in 2023 to 19.4% in 2024. This is attributed to efforts to redesign roles, address low pay and difficult working conditions, and implement initiatives like the Progressive Wage Model.

Overall, the report paints a picture of a dynamic and evolving job market in Singapore, with a growing demand for high-skilled talent and a focus on improving job matching efficiency and reducing structural mismatches.