Which service segments are most vulnerable to hiring freezes?

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Food and Beverage, Accommodation, and Retail Sectors Face Highest Risk of Hiring Reductions

A significant portion of companies within the services sector anticipate reducing their workforce between April and June, with the food and beverage (F&B) and accommodation services identified as the most vulnerable segments. These projections stem from the impact of measures implemented to contain the Covid-19 outbreak, which have placed considerable strain on Singapore's economy. The survey indicates that these sectors are not only expecting a downturn in business conditions but are also preparing to scale back their staffing levels in response.
Food and Beverage Sector Faces Significant Hiring Slowdown

Within the food and beverage industry, 42 per cent of firms are likely to decrease their hiring from April to June. This outlook is compounded by expectations of harsher business conditions from April to September, with 96 per cent of F&B companies anticipating such a trend. Furthermore, these businesses do not foresee an immediate recovery in demand following the rollback of circuit breaker measures.
Accommodation Services Foresee Substantial Headcount Reductions

The accommodation sector is also bracing for a considerable dip in staffing, with 56 per cent of firms expecting to reduce hiring between April and June. This anticipation is linked to the severe impact of global travel restrictions, leading 97 per cent of companies in this segment to predict a deterioration of business conditions over the April to September period. Concurrently, 90 per cent of accommodation service providers expect their revenue to fall during the April to June quarter.
Retail Trade Also Anticipates Workforce Adjustments

Firms within the retail trade sector are also forecasting a reduction in their required staff strength, with 27 per cent predicting a decrease in hiring from April to June. Similar to the F&B industry, retailers anticipate that demand may not rebound quickly after the circuit breaker period concludes. Consequently, 82 per cent of businesses in the retail trade expect their revenue to drop in the immediate months.

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Which service segments are most vulnerable to hiring freezes?

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