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A Detailed Guide to Singapore’s Career and Salary Outlook in 2023
In a report published in October 2022, Singapore’s Ministry of Manpower stated that the prognosis for the labour market could be impacted in the near future by a worsening global economic climate, greater global inflation, and geopolitical tensions.
Singapore’s economic development is anticipated to decrease to 0.5 to 2.5% in 2023 as a result of the global economic unpredictability, down from the forecast 3.5% growth in 2022, according to data given by the Ministry of Trade and Industry (MTI) in November 2022. They added, “Some unevenness in employment growth may arise among industries.” In terms of the numbers, there was a “slight uptick” in unemployment rates and an increase in layoffs, but both were still at pre-Covid levels.
Headwinds on the horizon for Singaporean employers and employees.
According to an article published by Skillsfuture Singapore, there are three significant headwinds affecting Singapore’s job market outlook.
So, what does this mean for you?
That said, it’s not entirely all doom and gloom for local employees and jobseekers, though there are indicators that Singapore’s labour market is slowing down with economic growth numbers.
In fact, according to a Business Times report, Maybank analyst Chua Hak Bin noted that many sectors, such as hospitality, construction and healthcare, are still experiencing acute labour shortages. For Singaporean workers, recent employment number gains came from industries such as information and communications, professional services, and financial services. It means that now is the time to start planning your career move. Whether you’re looking to switch industries or jump roles within your current company, make sure you read on for our guide on getting ahead in Singapore’s job market.
What Are the Employment Trends in Singapore?
The Singaporean workforce is poised for growth in the next few years, with steady increases in certain industries and positions. In particular, here are three key employment trends to look out for in 2023. While industries affected by the pandemic such as aviation and travel have been recovering, these have to be continually on the alert for any unexpected new twist in the situation. “This will happen across a broad spectrum of industries, particularly those that are manually driven such as retail, hospitality and even financial services.”
What Are the Best-Paying Industries in Singapore?
Traditionally, banking and finance have been the two most lucrative industries in Singapore. But with the rise of new technologies and ever-changing economic landscapes, these sectors are no longer the only ones that offer high-paying jobs.
While local employers anticipate salary increases in 2023 to surpass pre-pandemic levels, inflation is also depressing sentiment, with more than half of the companies in Singapore (54%) adopting a wait-and-see approach to their salary budgets.
“Employers remain cautious about bumping up wages to match inflation,” said Mansi Sabharwal, Reward Products Leader at Mercer Singapore. “And many are turning to less permanent solutions such as benchmarking competition to stay competitive in the market (70%), focusing on total rewards communication (69%) and increasing wages of lower-income employees (55%).”
Some other key findings from Mercer’s report on salaries revealed which industries could have the highest salary increments as below:
What Skills Are in Demand in Singapore?
Skills in demand are ever-changing, and it can be tough to keep track of which ones are hot right now. So we’ve summarized some of the most in-demand skills for Singapore in 2023.
There is continue surge in demand for green, digital, care skills in Singapore, Demand for workers with skills in the digital, green and caregiving spheres has surged over the last four years, the latest report by SkillsFuture Singapore has found. Demand for skills in green facilities management has grown by 23 times, while demand for sustainable investment management has increased by 15.5 times, the report released in late 2022. The report also details the rate at which demand for each skill has increased, as well as job roles that use these skills and where to learn them.
In-demand skills vary depending on the industry you’re in, but some of the most common skillsets include data analytics, user experience design, artificial intelligence, and machine learning. Of course, these are just a few examples the list is constantly evolving as new technologies come onto the scene.
If you’re looking to upskill or retrain, it’s a good idea to focus on these areas. That way you’ll be able to confidently say that you have the skill set that companies are looking for.
Tips for Enhancing Professional Development and Progressing Your Career
There are a few key things you can do to enhance your professional development and career prospects in Singapore. Firstly, it’s important to stay updated with the latest industry news and developments. For example, Aventis offers a Graduate Diploma In Business Sustainability & Environment, Social And Governance designed to prepare Professionals and Businesses for a Sustainable Future
The emerging green sector is poised for growth in years to come and is increasingly being regarded as a sector with job opportunities in areas such as renewable energy.
Secondly, consider taking on additional responsibilities at work or taking on new projects. This will show your employer that you are proactive and willing to step up when needed. Finally, don’t forget to network! Get connected with professionals in your industry and build relationships that could lead to future opportunities , you can join Aventis courses and get connected with over 60,000 professionals across Asia.
Important Resources to Keep on Top of Career Opportunities in Singapore
There are a few key resources you should keep on top of to make sure you’re up-to-date on the latest career opportunities in Singapore. First, LinkedIn is a great platform to connect with different companies and recruiters. You can also join relevant groups and follow industry leaders to stay in the loop.
Another great resource is the government website JobsBank. Here, you can search for jobs, attend career fairs, and receive job recommendations based on your skills and preferences. You can also create a profile and upload your resume so employers can find you.
In addition, job portals like Monster, Glassdoor, and Indeed are also excellent places to search for jobs and read company reviews. Finally, don’t forget to stay in touch with your professional network—they might just have the perfect opportunity for you.
Conclusion
So, what’s the outlook for your career in Singapore? Despite headwind, Salaries are anticipated to rise, and more and more opportunities are opening up for skilled professionals. For senior business leaders, consider joining our flagship MBA Programme, this 10 months part-time MBA programme is delivered by leading practitioners who are experts in their respective fields, you can learn from thought leaders with expertise in global business practices, leadership, Sustainable Business Strategy, change management, digital transformation, and beyond.
The best way to make the most of this rosy career landscape is to stay ahead of the curve. Keep learning and developing your skills, and don’t be afraid to experiment with new roles and industries.
The sky’s the limit in Singapore’s employment market, but you’ll need to work hard to stay ahead of the competition by upgrading and upskills. You can look out for some of our most popular courses designed for working professionals here.
About Aventis Graduate School
Aventis is a Global Graduate School, headquartered in Singapore with more than 60,000 learners across the world. Established since 2007, Aventis collaborates with leading universities across the United Kingdom and the United States to deliver best in class graduate education for working professionals across Asia. Aventis offers an exciting suite of business programmes including Graduate Diploma in Business Analytics & Data Storytelling, Master of Science in Cyber Security, Graduate Diploma in Cognitive Psychology & Mental Health, Graduate Diploma In Business Sustainability & Environment, Social And Governance (ESG), Graduate Diploma in Organizational Psychology, Master of Science in Global Financial Management.
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