17 April 2020
Fresh graduates might find it more difficult this year to enter the job market, as the global economic environment is likely to enter a malaise lasting well into next year.
Those looking for work are being asked to take on short-term contract offers and also to lower their job and salary expectations.
Nominated MP Walter Theseira, who is also Singapore University of Social Sciences’ associate professor of economics, said the economic disruption may last longer than the global financial crisis of 2008-2009.
Some help, though, is on the way for job seekers. Financial institutions will receive $2,000 every month for each Singaporean fresh graduate or Singaporean worker from other sectors they hire, as part of a Monetary Authority of Singapore talent development initiative.
Still, companies are holding back on hiring, and internships for students may also be deferred or rescinded. The recruitment process could be shortened, as interviews and meetings with job applicants move online.
National University of Singapore and Nanyang Technological University have tried engaging employers and curating job openings for graduating students. NUS is expecting about 7,000 final-year undergraduates while NTU has 5,700. Virtual career fairs were held last month for students to interact with potential employers and apply for jobs online. NTU will hold a second virtual recruitment event next month.