SINGAPORE: Jobseekers in Singapore are prioritising salary information, with 38% expressing they “want to know the salary before they apply”, according to the JobStreet Salary Guide 2023.
The guide aims “to assist employers in understanding salary trends across different specialisations and position levels.” The JobStreet Salary Guide 2023 utilised full-time monthly salary data extracted from job ads on its platform.
The analysis, comparing data between Apr 2022 to Mar 2023 and the same period in the previous year, focused on excluding outliers and salaries below the country’s minimum wage for accuracy.
Salary Trend by Industry
Banking & Finance: Singapore’s Banking & Finance industry had a 68% surge in job ads and 10-34% salary increases.
Education: The Education sector witnessed a 105% surge in job listings. Salaries in education increased by 21%, indicating a positive trend in alignment with the sector’s growth.
Computer/IT: The tech sector, especially Computer/IT, has seen a 5x surge in the last year, contributing to a 16% salary increase. Computer/IT sector salaries have risen by 16% compared to pre-pandemic levels.
Human Resources: The HR sector is stabilising in 2023, with a focus on talent acquisition, leading to increased salaries. Salaries in Human Resources have appreciably increased post-pandemic, particularly for senior Talent Acquisition specialists.
Construction & Building: The Construction and building sector is optimistic, with a favourable projection for 2023, contributing to a stable job market. Salaries in the industry remain consistent across all positions.
Retail & Trade: The Retail & Trade sector in Singapore is witnessing a strong recovery, marked by a 17% rise in salaries compared to the pre-COVID times. Businesses in this sector offer competitive salaries to attract professionals, contributing to overall growth.
Transportation: The Transportation sector, particularly public transportation, is a pivotal contributor to Singapore’s GDP. Competitive salary packages are offered to attract talent, resulting in a substantial 13% increase compared to the COVID-19 period.
Healthcare: The Healthcare sector is poised for substantial growth, driven by government investments and increasing healthcare needs. Salaries in healthcare have seen an 11% boost across different positions and experience levels compared to pre-pandemic times.
Manufacturing: Singapore’s Manufacturing sector is witnessing remarkable expansion, drawing interest from multinational corporations. A 48% increase in job advertisements and an 11% rise in average salaries reflect a competitive job market in manufacturing.
Hospitality: Singapore’s Hospitality sector is recovering, focusing on wellness tourism and moderate salary growth. Salaries in the hospitality sector have seen a substantial 18% increase compared to the COVID period.
Electrical/Electronics: The Electronics industry had an 11% increase in salaries compared to the pre-COVID period. Salaries in Electrical/Electronics have seen a substantial increase, reflecting the industry’s resilience.
Food & Beverages: The Food & Beverages sector has demonstrated resilience, with a 2.1% year-on-year growth. Salaries are on an upward trajectory, with a 2% salary growth and an 18% increase compared to the COVID period.
Consulting: The Consulting sector presents promising prospects for professionals, with sustained high demand for ESG consultation. Salaries in consulting remain stable, reflecting a reassuring and modest growth trend of 18% compared to the pre-COVID period.
Science & Technology: Singapore’s reputation as a life sciences hub is rising, with promising opportunities and competitive compensation. Salaries in the Science and technology sector are experiencing an upward trend, with an 18% rise compared to the pre-COVID period.
Property & Real Estate: The Property & Real Estate sector shows signs of resurgence, as indicated by a recent 27% increase in job advertisements. The growth in job advertisements suggests a gradual recovery in the industry, marking it as a significant driver of Singapore’s economic recovery.
Salaries of Top Specialisations
The demand for accountants, especially in Financial Planning and analysis (FP&A), is rising due to the increasing number of multinational corporations and a focus on digitalisation in the finance sector.
Singapore’s job market showcased resilience and growth, with the tech sector experiencing an average annual growth of about five per cent over the past five years. The retail sector saw a 3.6% year-on-year increase in sales, and the manufacturing sector added 4,400 new jobs in the first half of 2023.
Singapore’s tech sector, employing over 200,000 individuals, reflects a substantial rise from 155,000 in 2017. The industry’s growth is attributed to strong governmental support, accelerated digital transformation, the presence of multinational corporations, and a skilled talent pool. Ongoing research, innovation, and the rise of e-commerce contribute to the sector’s exceptional growth.
Corporates vs. SMEs
Across industries and specialisations, corporates generally offer higher salaries compared to SMEs. To attract top talent, SMEs are encouraged to leverage company benefits and opportunities for career development. These incentives play a crucial role in enticing skilled professionals to contribute to the growth of SMEs in Singapore’s dynamic job market.
Singapore’s job market demonstrates resilience and growth, with the tech sector leading, but salary considerations remain a key factor for job seekers./TISG