Rising cost of living and AI concerns lead fresh graduates to prioritize salary over career progression.
SINGAPORE: A recent survey conducted by GTI Media revealed that salary is now the top priority for Singaporean fresh graduates when seeking employment. The annual graduate sentiment poll, which gathered responses from over 11,600 students, shows that concerns over the rising cost of living and the growing role of artificial intelligence (AI) in the workforce are shaping their job choices.
Kristi Ellie Jauw, a recent graduate still in search of employment, shared her concerns, saying, “I think my biggest concern right now is that I have a student loan to pay off, so I guess my salary has to be on par with the living cost that we’re able to afford the loans itself.”
Jauw’s concerns are echoed by a significant number of graduates. Nearly 80% of the survey respondents said they are anxious about earning enough to cope with Singapore’s high cost of living.
Isaac Hee, managing director of GTI Media Singapore, noted that this year’s survey highlights a “generalized sense of anxiety” among graduates, and suggested that reassurance from employers is needed to address these worries.
The survey also revealed that 69% of respondents believe it will be challenging to find desirable employment, a 13.3% increase from the previous year. Additionally, 53% of graduates are concerned about AI’s impact on their careers, fearing it may render their roles obsolete.
Employers offering stable career prospects, such as those in finance and the Civil Service, are increasingly attractive to graduates. The Education Ministry, for example, ranked third in employer preference, up from sixth last year. Companies that offer flexible working arrangements and prioritize staff welfare are also rising in popularity among job seekers.
Hee explained that in previous years, graduates tended to downplay the importance of salary, instead focusing on long-term benefits like career development and mentorship opportunities. However, this year marks the first time graduates have openly declared that salary is their primary concern.
He remarked, “This is the first year that they’re openly saying. It’s salary, straight up. This is important to me right now.” He also noted that graduates are questioning the value of long-term career progression in a world where job stability is increasingly uncertain.
Hee further added, “What is the point of looking at good career progression prospects if I can’t even guarantee that I’ll still be in the same job the next year? Who’s to say there won’t be another round of staffing cuts? Who’s to say there won’t be talk of having my current role automated out by AI?”
Faced with these challenges, graduates are now prioritizing immediate financial stability, making salary the key factor in their job search. As one online commenter put it, “Finally, the young people are saying what everyone already knows and not trying to hide it.”
