global recruitment specialists
Engineering Market Overview
Oil and gas industry leaders had forecasted improved performance and higher levels of capital expenditure in 2013 and despite continued concerns over global economic stability, there was nonetheless an increased investment in exploration activity. Skills shortages thus became more acute resulting in an increase in wages and cost of contractors over 2013.
As oil exploration got increasingly challenging due to the geographical areas and complexity of the deposits, risks increased causing a substantial rise in demand for EHS and Facilities and Safety personnel globally. Stringent safety requirements from local and international governments have led to an increase in awareness and compliance, resulting in greater demand for experienced EHS professionals across all sectors. This trend is set to continue in 2014.
Equipment manufacturing companies in the O&G and Marine sectors showed stable recruitment trends, some to cater to their regional expansion and others to maintain their staffing levels. Businesses in Subsea, Pipeline integrity / coatings and flow control / management were the most active in recruiting new talent. Across the Chemical & Petrochemical sectors some companies continued to hire while others cut headcount or moved their base out of Singapore. Overall, we saw certain segments such as Semiconductor and Electronics slowing down while Personal Care, Lubricant Additives, Feed Additives and Coatings continued to grow. More hiring activity will be expected in Q2 and Q3 as companies start to give out annual bonuses and increments. Demand for talent is expected across Commercial, Technical and Engineering functions with engineering hiring looking to increase further in Q4 and 2014.