A detailed look at how salary trends across various industries are shaping Singapore’s job market in 2023.
SINGAPORE: According to the JobStreet Salary Guide 2023, jobseekers in Singapore are increasingly prioritising salary transparency, with 38% of respondents expressing that they “want to know the salary before they apply.” The guide, designed to assist employers in understanding salary trends across different industries and job levels, draws on full-time monthly salary data sourced from job ads on the JobStreet platform.
The analysis compares data from April 2022 to March 2023 with the same period in the previous year, excluding outliers and salaries below the country’s minimum wage for greater accuracy.
Salary Trends by Industry:
Banking & Finance: The Banking & Finance sector saw a remarkable 68% increase in job ads, with salaries rising between 10-34%. This indicates strong demand for professionals in this field.
Education: The Education sector recorded a 105% increase in job listings, with a 21% rise in salaries. This growth reflects the sector’s positive momentum.
Computer/IT: The tech sector, particularly Computer/IT, experienced a five-fold surge in job listings, driving a 16% increase in salaries. This sector has shown consistent growth, especially compared to pre-pandemic levels.
Human Resources: The HR sector has stabilized, with a focus on talent acquisition, which has led to increased salaries. Post-pandemic, salaries have notably risen for senior Talent Acquisition specialists.
Construction & Building: The Construction and Building sector is experiencing stable growth, with salaries remaining steady across positions. There is optimism for 2023 and beyond in this sector.
Retail & Trade: Retail & Trade is witnessing a strong recovery, with a 17% rise in salaries compared to pre-COVID times. Companies are offering competitive packages to attract professionals.
Transportation: Public transportation continues to play a key role in Singapore’s GDP, with salaries rising 13% as companies offer competitive packages to attract talent.
Healthcare: With government investments and a growing demand for healthcare services, the sector has seen an 11% increase in salaries across various positions.
Manufacturing: Manufacturing has expanded significantly, driven by interest from multinational corporations. Job advertisements increased by 48%, and salaries rose by 11%.
Hospitality: The Hospitality sector is recovering steadily, with salaries increasing by 18% compared to the COVID period. The rise in wellness tourism has contributed to this growth.
Electrical/Electronics: The Electrical/Electronics sector has experienced an 11% salary increase, reflecting its resilience in the face of global challenges.
Food & Beverages: The Food & Beverages industry has grown by 2.1% year-on-year, with salaries increasing by 2% and 18% compared to the COVID period.
Consulting: The Consulting sector remains stable, with steady demand for ESG consultants. Salaries have grown by 18%, showing modest but reassuring progress.
Science & Technology: As a life sciences hub, Singapore’s Science & Technology sector has seen salaries rise by 18%, driven by innovation and research.
Property & Real Estate: The Property & Real Estate sector has seen a resurgence, with job ads up by 27%. This indicates a recovery and a positive outlook for the sector.
Top Specialisations and Corporate vs. SMEs:
Demand for accountants, particularly in Financial Planning and Analysis (FP&A), is on the rise due to the increasing number of multinational corporations and the focus on digitalisation in the finance sector.
Across industries, corporates generally offer higher salaries than SMEs. To remain competitive, SMEs are encouraged to offer attractive company benefits and career development opportunities, which are vital to attracting and retaining skilled professionals.
In conclusion, Singapore’s job market remains resilient, with the tech sector leading the charge in growth. While salary remains a critical factor for job seekers, sectors like education, healthcare, and hospitality are also showing strong performance. The continued recovery and growth of industries, along with competitive salaries, are shaping Singapore’s dynamic job landscape in 2023.
