RGF International Recruitment's latest salary survey reveals talent with niche and in-demand skills will have plenty of well-paying job opportunities to choose from.
SINGAPORE, July 28, 2022 /PRNewswire/ — Singapore is forecasting robust economic growth this year, thanks to the nation's successful vaccination programme, opening up of domestic borders, economic revival and burgeoning business confidence. However, even as companies ramp up business activities and resume stalled hiring plans to prepare for the anticipated growth, an interplay of factors is aggravating the talent crunch they are already facing, fostering a job seekers' market and driving up salaries.
This is according to RGF International Recruitment's Salary Watch 2022: Singapore report, which is based on a comprehensive analysis of survey data gleaned from close to 20,000 candidates across all industries and job levels in Singapore, from April 2021 to April 2022. The research aims to shed some light on the needs, demands and expectations of employers and candidates in Asia, and how they may be influencing salary trends.
The transformational changes in the modus operandi of many organisations – largely driven by digitalisation and accelerated by the pandemic – coupled with the quickening pace of economic recovery have given rise to a slew of high-demand job functions and new roles, and led to spikes in talent acquisition.
Meanwhile, foreign investors continue to bank on Singapore's status as a leading biotechnology, pharmaceutical and financial hub. As investments pour in and travel restrictions ease up further across the region, employers, particularly in the high-growth industries like Technology, High-tech Manufacturing, Healthcare & Life Sciences, and Financial Services, are gaining more confidence and projecting increased hiring activity.
However, the dire shortage of talent is exacerbated by the contraction of talent pools with key or niche skillsets due to expatriate PMETs (professionals, managers, executives and technicians) leaving Singapore during the onset of the pandemic. This has widened the talent gap, intensified the competition among employers in attracting talent, and driving salaries up further. This is particularly so in Singapore's key economic sectors, including Healthcare & Life Sciences, Industrial, Banking, Financial Services & Insurance, Consumer, Corporate Services and Technology.
The robust research and innovation ecosystem of the Healthcare & Life Sciences sector is spurring growth, and propelling demand for talent in fields like digital health, molecular diagnostics and laboratory medicine. Salaries for hot jobs have increased significantly, especially for in-demand roles like Research and Development (3.9%), Regulatory Affairs (4.3%), and Sales and Marketing (6.7%); and employers are willing to offer an average salary increment of 11%.
The Industrial sector, a key pillar of growth in Singapore's economy, contributes about 21% to its GDP. The pandemic has accelerated the push towards advanced manufacturing, involving the deployment of new technologies, digitalised processes, and automated production lines to sustain operations. This means employers in this sector are increasingly on the hunt for talent with mechanical and engineering experience and expertise. Skills in demand for one of the hot jobs – R&D are design, product development and budget management. Other hot jobs include Applications Engineering and Sales & Marketing. Remuneration packages, perks and benefits for such talent have been improving over the years, and employers are willing to offer an average salary increment of 12%.
Singapore's Financial Services sector is optimistic about its growth trajectory for 2022, which is slated to be a year of recovery and restructuring for the banks. The sector is seeing continuing advancement in digitalisation and innovation, key trends in FinTech including the proliferation of digital payments, virtual banking, buy now, pay later (BNPL) schemes, and rising popularity of cryptocurrency among retail and institutional investors. Employers are ramping up the already intense war for talent, and raising salaries, particularly for hot jobs in Relationship Management (17.2%), and Institutional Sales (10.7%), and Risk Management (6.1%). Employers are willing to pay an average salary increment of 14%, and the increases for new roles, such as Machine Learning Engineers, and Partnership/Product Leads for Bitcoin wallets, are growing between 10 and 20%.
The Consumer sector is also expected to post steady growth this year due to the easing of pandemic control measures. In their bid to adapt to the challenges posed by the pandemic, companies have increasingly migrated towards digitalisation and adopted data-driven marketing strategies. Consequently, roles that are seeing higher demand and rises in salary are prevalent in areas like Marketing Analytics, Consumers Insights, E-Commerce, and Marketing Technology. Employers are willing to offer an average salary increment of 8%.
Business sentiments remain positive for the Corporate Services sector as well. Many organisations are adopting a digital-first strategy and redesigning jobs, particularly in fields like Finance and Accounting. The rise in salaries for this sector is steep, particularly for in-demand job functions and roles in fields like Talent Acquisitions, Compensations and Benefits, HR Resources, Legal Compliance, and Compensation & Benefits, which are growing by at least 20 to 30%. Employers are willing to pay an average salary increment of 17%.
The talent crunch in the Technology sector is becoming more dire due to the accelerated pace of digitalisation since the onset of the pandemic and the broader adoption of emerging technologies and innovations like 5G. Due to the recent spate of phishing scams, cybersecurity has also become a key area of focus. As more and more companies join the hunt for candidates with digital skills and due to the limited talent pool, employers have had to raise their hiring budget and cast their net overseas to fill hot jobs in fields like Applications Engineering, Cybersecurity, AI and Data Science, as well as offer significant increases in salaries (averaging 13%) to procure such talent.
As Mike Wilkshire, Managing Director of RGF Professional Recruitment Singapore, sums it up: "It is a good time to be a job seeker in Singapore today. Candidates in most key sectors have the upper hand because of talent shortage, high demand for specialised skills, and the emergence of new roles and functions. Companies have had to compete for talent from a limited pool, raising salaries and improving benefits packages to attract and retain the best people. As the talent shortage continues, employers will need to do more to remain competitive in today's job market."
Download your copy of the Salary Watch 2022: Singapore report here for an overview of job market trends, hot jobs, rates of salary increases, and other useful insights.
SOURCE RGF International Recruitment
Costco has famously been a good place to work. Costco has more than 13,000 ratings on the website, with 80% of employees recommending working at Costco. Over 2254 reviews even stated that they "love Costco because they provide you with a living wage and great benefits even working part time."
(Bloomberg) — Palantir Technologies Inc. is significantly accelerating its pace of hiring this year to help meet ambitious sales goals, defying convention when many other technology companies are freezing headcount or cutting jobs.Most Read from BloombergR Kelly Has $28,000 in His Prison-Inmate Account. Prosecutors Want to Seize ItChina Announces Sanctions on Nancy Pelosi Over Taiwan TripYOLO Stock Bulls Say Wake Me When Fed Tightening Starts to BiteTaiwan Says China Simulating Attack on Main I
Many adults approaching retirement age have little to no retirement savings. In fact, the U.S. Government Accountability Office said that almost 50% of households headed by someone aged 55 and older had no retirement savings in 2016. And as the retirement age … Continue reading → The post Here's a New Way to Generate Lifetime Income for Retirement appeared first on SmartAsset Blog.
Where will Ethereum’s miners go when they can’t mine on Ethereum any more? If all goes according to plan, the so-called Merge will take place in late September, completing Ethereum’s transition from the proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) blockchain. This long-awaited event in the Ethereum world will force the network's mining industry, which research firm Messari estimates is worth $19 billion, to find other ways to make money.
The Apple (AAPL) empire might be spearheaded by its flagship product, the iPhone, but along with plenty of other hardware offerings, its Services segment has been growing at a fast pace. There’s also talk of a “game changing” AV/VR headset and even of an Apple Car at some point. But Needham analyst Laura Martin thinks there’s also the prospect of another big revenue stream. “We believe AAPL is in the early stages of building a new mobile advertising platform,” says Martin, who thinks ad revenue
Kathaleen McCormick, a football-coach’s daughter who quotes Knute Rockne, has ordered buyers with cold feet to close deals.
Berkshire Hathaway's $6.3 billion hidden portfolio has piled nearly all of its capital into two sectors.
(Bloomberg) — Internships at Meta Platforms Inc., the Facebook and Instagram owner, are coveted for their selectivity, high compensation, lavish perks — and most of all, the potential job offer waiting at the end of the summer. This year, that’s more elusive.Most Read from BloombergR Kelly Has $28,000 in His Prison-Inmate Account. Prosecutors Want to Seize ItChina Announces Sanctions on Nancy Pelosi Over Taiwan TripYOLO Stock Bulls Say Wake Me When Fed Tightening Starts to BiteTaiwan Says Chin
Several states have seen gasoline prices drop to three bucks or lower as crude oil prices have continued to decline.
Tobacco stocks are a longtime favorite of dividend investors, and sister companies Altria Group (NYSE: MO) and Philip Morris International (NYSE: PM) dominate the industry. Since Altria spun off Philip Morris more than a decade ago, the two companies have taken different approaches to ready their companies for a future where cigarettes aren't their main revenue source. Altria sells tobacco and nicotine products in the United States, headlined by the Marlboro brand of cigarettes.
Yahoo Finance's Josh Schafer breaks down a new report that found crypto companies have spent billions of dollars towards sports marketing.
The latest analyst coverage could presage a bad day for Western Digital Corporation ( NASDAQ:WDC ), with the analysts…
The parent company of Facebook and Instagram said it's resetting its recruiting priorities to focus on hiring more experienced workers.
The surprise addition of 528,000 jobs in July erased pandemic losses, but a lower share of Americans are employed and a million former service positions vanished.
The U.S. has declared a public health emergency for the outbreak of monkeypox after more than 6,600 Americans have been infected.
Uber revenue more than doubled in its latest quarter, and the company reported record numbers of drivers and food-delivery couriers after a prolonged shortage. The company said high inflation was causing more people to drive for the platform to help offset rising household costs. A strike didn’t take off at Boeing Employees at three of the plane maker’s defense manufacturing plants on Wednesday voted in favor of a new contract, the company said, avoiding a potential work stoppage.
The analysts covering Offerpad Solutions Inc. ( NYSE:OPAD ) delivered a dose of negativity to shareholders today, by…
Oregon’s three natural gas distribution utilities — all investor-owned companies regulated by the Public Utility Commission — have filed for double-digit rate increases to take effect this November as they pass along rising wholesale prices. The hikes come on top of big increases last year and an impending general rate increase of nearly 10% for NW Natural (NYSE: NWN), which serves around 80% of natural gas customers in Oregon. The Citizens’ Utility Board, which represents residential ratepayers, said the cumulative increase for NW Natural customers would amount to 42.4% since last October.
Annual wage growth was 5.2% in July, but will likely motivate the Federal Reserve to continue raising interest rates.
East Kentucky flooding killed at least 37 people, but many in the region are now asking if the abandoned coal mines may have contributed to the water that swept through their towns.