According to Reuters (2025), the World Bank recently revised its 2025 global growth forecast from 2.7% to 2.3%, citing rising trade tensions and tariffs as key reasons for declining corporate confidence. Meanwhile, Singapore’s Ministry of Manpower reported that total jobs added fell from 7,700 in Q4 2024 to just 2,400 in Q1 2025, clearly showing a slowdown in hiring momentum. On top of that, The Straits Times (2025) highlighted that nearly 70% of job skills in Singapore will evolve by 2030, adding more pressure on organisations to stay ahead of the curve.

In response to this uncertainty, some companies consider layoffs a quick fix. But that "solution" comes with its own costs. Severance packages, legal risks, lost institutional knowledge, and the expense of rehiring and retraining all add up. In fact, Harvard Business Review found that 80% of companies that conducted layoffs didn’t see long-term profitability gains, and 39% performed worse than their competitors.

So what works? Agility.

From seasonal surges to global disruptions, volatility has made it clear that agility isn't optional. The most resilient companies are those that combine a strong core workforce with a flexible layer of contract, temp, or project-based talent. This model allows businesses to scale up or down with ease, stay lean during downturns, and tap into specialised skill sets without committing to long-term headcount.

Singapore is already heading in that direction with MoM (2024) reporting a 1.5% rise in term contract workers over the last 4 years, which adds up to approximately 470,000 workers. The trend signals a shift toward smarter, more responsive workforce planning.

To get started:

• Identify roles where flexibility adds value (e.g., peak periods, niche projects, or uncertain pipelines).
• Align contract staffing with business cycles and operational needs.
• Partner with experienced workforce specialists like CREW by HRnet who can customise agile hiring strategies to your goals.

Contracting term workers really is not about solving a temporary crisis but it’s about designing a workforce that can pivot, flex, and win in an ever-changing market.

Is your team structured to withstand disruption or will it crack under pressure? Now’s the time to stress-test your staffing strategy and find the help you need through CREW!