Singapore Labour Market Tightens for Insurers and Providers

Int’l Insurance Desk: Singapore’s insurers and employee benefits providers may feel the pinch from a more cautious hiring climate as companies grow selective about adding staff and take longer to fill open roles, according to the latest findings from ManpowerGroup’s Employment Outlook Survey.

The seasonally adjusted Net Employment Outlook for Singapore stood at plus 13% for the fourth quarter of 2026. That figure held steady from the previous quarter yet slipped seven percentage points from a year earlier. It also trailed the Asia-Pacific and Middle East average of plus 33% and the global average of plus 29%.

Of the 651 Singapore employers surveyed, 47% said they planned to keep headcount unchanged, 32% expected to increase staffing and 19% anticipated reductions. Only 2% remained uncertain. For insurers this more measured approach could dampen demand for group health, life and other workplace protection products as firms reassess costs and focus spending on essential positions.

The survey also pointed to a tighter labour market in some corners. Thirty-three % of employers reported it was taking longer to fill vacancies than a year ago, while 42% saw no change and 24% said roles were being filled more quickly. Among those facing delays, 43% blamed a mismatch between candidates and available jobs. A further 35% cited a lack of candidates with the right skills and 29% pointed to shortages of qualified people in the local market.

Employers who were filling positions at the same pace or faster credited better targeting of candidates and greater workplace flexibility. Despite the overall caution, many organisations continued to invest in early-career talent. Thirty-seven % said they had stepped up such hiring compared with a year earlier, 39% reported no change and 22% had cut back. Those reducing early-career intake most often pointed to AI-driven automation, cost pressures that favoured more experienced workers and a general scaling back of hiring.

Linda Teo, country manager of ManpowerGroup Singapore, observed that organisations remain ready to invest in talent where a clear business need exists, yet many are growing more disciplined about how they allocate headcount. Rather than broad expansion, employers are prioritising hires that support transformation, fill critical capability gaps and strengthen long-term competitiveness.