Bright outlook for Singapore’s hotel industry

The recently released figures from the Ministry of Manpower (MOM) quarterly labour market report were, at face value, a cause for worry.

A higher unemployment rate and more retrenchments in the second quarter of this year were observed.

An increase in retrenchments was attributed to more restructuring and reorganisation.

However, it was heartening that total employment grew and the rate of re-entry into employment improved.

In particular, it was found that employment in service jobs grew the most.

With employment numbers being affected by seasonal variations, it is crucial for job seekers to stay ahead of the curve.

As a professional helping organisations find the right candidates to fill roles in the hospitality industry, I understand the concerns both parties face.

Organisations want to find the best people and know how to retain them by paying them competitively.

Job seekers want to find organisations that offer competitive remuneration and a holistic learning environment to develop their skills and career.

Though both have different objectives, they often ask the same question - what is the accurate salary benchmark?

With an online, industry-specific salary guide, job seekers can get that.

Hiring managers also get a good sense of the salary expectations in the industry and can remunerate employees competitively to retain them in the organisation or recruit fresh talent from other sectors.

The local hospitality industry continues to make steady progress and Singapore remains an exciting destination for visitors from around the world.

Last year, the travel and tourism industry here directly supported 169,500 jobs (4.6 per cent of total employment).

INVESTMENTS

Investments in Singapore's hospitality industry amounted to $20 billion last year and are set to rise in the coming years.

Such figures are encouraging and indicate to those employed in the industry as well as job seekers that the hospitality industry is one to be in now.

The hotel industry continues to see growth in both revenue and occupancy.

There were 420 hotels in Singapore as of December last year, with several large new developments coming up in the next few years.

The meetings, incentives, conferences and exhibitions industry has seen steady growth.

For the first three quarters of last year, tourism receipts from the business travel and meetings, incentive travel, conventions and exhibitions industry grew by 4 per cent to $3.15 billion compared with the same period in 2016.

Despite higher retrenchments in Q2, the hospitality industry continues to make good and steady progress.

Job seekers can be assured that the hospitality industry offers competitive career options.

Comparing salaries with other industries, the salaries are on par with those offered in accounting and finance, based on the same levels of experience.

Moreover, employees receive excellent benefits that add to their well-being, for instance, free meals and subsidies.

In addition, the transferable nature of skills within the industry attracts individuals from diverse backgrounds and skill sets.The varied nature of the jobs in the industry make for a very enriching learning experience for any candidate looking to work in one of the most dynamic industries.

With the number of service jobs growing the most, based on the MOM's quarterly labour market report, this is an encouraging sign for the hospitality industry.

While technology often threatens the displacement of workers in various industries, service-oriented jobs like those in the hospitality industry are here to stay.

Though technology has enabled us to work faster and more flexibly, no machine can replace the power of the human touch.

The writer is the co-founder of AsiaHospitalityCareers.com - Asia's first hospitality career site connecting job seekers to jobs in the hospitality industry.