It’s no secret that the Singapore economy is falling and we’re now dealing with an economic recession. Truthfully, this isn’t a catastrophe exclusive to Singapore. In a post COVID-19 world, the job landscape might seem a little depressing and tough to navigate. Especially for fresh graduates, students undertaking diplomas and degrees, or just mid-level employees looking to switch jobs.
As a manpower recruitment agency in Singapore, we believe that it is beneficial for job seekers to identify the different recession proof businesses and industries available here. There are a myriad of reasons why, but BGC Group has highlighted some of the more important ones below.
Importance of Recognising Thriving Industries and Businesses in Singapore
Despite being a tiring research ordeal, there are many benefits to identifying the different thriving industries and businesses in Singapore. These benefits include:
Better job applications: Being able to identify the different thriving industries will lead to better job opportunities. Identifying the different industries that are successful allows job seekers to decide on better job opportunities to go for.
Long-term career path: Not only will identifying the different thriving industries and businesses allow job seekers to sharpen their job hunting skills. However, doing this also allows job seekers to identify the best long term career path.
Identify ideal diplomas and degrees: In addition to identifying the ideal long term career path. Finding out and recognising the thriving industries and businesses in Singapore allows students to decide on the best diplomas and degrees to pursue.
Now that we’ve identified the many different reasons why identifying thriving industries and businesses in Singapore is beneficial to the job seeker. Below is a list of the different industries and businesses BGC Group believes is doing well despite the current pandemic and economic recession.
Industries and Businesses with Low to Medium Impact
Please note that this is a short list of industries and businesses. Should any changes occur, this article will be updated to reflect them. So do keep a lookout for more updates to come! Now, let’s continue to identify the businesses and industries in Singapore that have low to medium impact in the post-COVID-19 landscape:
1. Health Services
Fortunately, the healthcare industry continues to flourish. Despite the recession, it appears that clinics, hospitals, health consultancies remain undeterred by it. In addition, the healthcare industry in Singapore has extended to include ‘Care Ambassadors’ as well as ‘Temperature Screeners’. It’s times like this that we should remember the value of frontline workers as well as the importance of the healthcare sector here in Singapore. After all, people need healthcare services no matter the time.
Pro-Tip: Healthcare services comprises a number of different services and industries. For instance, services for the elderly as well as veterinary services might fall under healthcare. According to Business Strategy Hub, both services for the elderly and veterinary services are still thriving despite both the recession and the pandemic.
2. IT and Tech
Thankfully, the global recession failed to bring down the IT and Tech services. In fact, during the early COVID-19 days, we saw a surge in the demand for IT and Tech services. This is in part due to the mass global quarantine. With more employees working from home, there is a need for fast and impeccable tech services. All to meet the demands and needs of employees who were forced to work from home.
In fact, the COVID-19 pandemic is making companies in the Singapore IT and Tech industry flourish. Even in Europe, according to the European Cluster Collaboration platform. Perhaps this is the industry for young Gen Z and Millennial employees looking to switch to a stable and growing industry.
Pro-Tip: The IT and Tech sector is not only focused on computers. In fact, businesses and industries such as the entertainment-streaming industry (think: Netflix) and the telecommunications industry (e.g. Starhub, Singtel) might have roles within the IT and Tech industry. However, don’t limit your beliefs to companies that work directly with computers and technology only.
Learn more about the best IT and Tech careers for your MBTI personality type? You might want to check these articles out:
3. Cyber Security
Much like the local IT and Tech industry, Singapore’s cyber security industry continues to flourish despite the pandemic and economic recession. Prior to the pandemic, the Singapore government has already made plans to invest in the industry. A master cyber security plan, released in 2019, states that the government will work on:
Training and upskilling more employees in Singapore’s cyber security industry
Creating partnerships with more cyber security companies in Singapore
Launching programs to provide accessible channels for cybersecurity employees an opportunity to work with both Singapore based and international based experts in the field. Learn more about the different cyber security programs, training benefits, and partnerships available here.
If you’re looking for courses to learn some cyber security skills in Singapore, you might want to start with these blog articles:
What other recession proof businesses and industries in Singapore do you think job seekers should pay attention to? Share them with us in the comments section below!