It is a good time to be a job seeker in Singapore :Mike Wilkshire MD of RGF Recruitment Singapore

It is a good time to be a job seeker in Singapore :Mike Wilkshire MD of RGF Recruitment Singapore

by admin July 28, 2022 July 28, 2022 No comments

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%.

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