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Key insights from the 2017 Singapore Salary & Employment Outlook
Despite Singapore’s slightly weaker global economic status, 2017 is set to see moderate growth across employee headcount, salary and the jobs market overall, particularly in the technology sector. A focus on mobile-technology start-ups, e-commerce and new innovations will bring with it an emphasis on digital skills. Similarly, the healthcare sector will see an uplift in hiring due to increased demand for quality services being made available to an ageing population.
2017 is set to see moderate growth across employee headcount, salary and the jobs market overall
While salary increases are expected to stay modest at between 1% and 5% on average, employers are also seizing on other opportunities for employee retention, such as a focus on career progression as well as tools for learning and development. This is in line with an increased number of younger employees considering factors aside from salary, such as training and corporate values, when choosing a job.
From a hiring perspective, contracting remains the favoured approach for employers, particularly in the areas of operations, technology and business support. Whilst contracting offers greater flexibility for businesses in terms of headcount, budget and size of the candidate pool, employers should also be aware that candidates may be more risk averse in a slow-growth environment, and therefore, less likely to take on jobs that aren’t permanent.
Download your copy of the 2017 Singapore Salary & Employment Outlook report for an in-depth look at what’s in store for your industry this year. For further information on how these trends will impact your organisation’s objectives and hiring goals – and how you can use them to your advantage – don’t hesitate to get in touch with a Michael Page specialist today.
2017 is set to be a year of moderate growth for the Singapore jobs market, according to Michael Page’s Salary & Employment Outlook report. Key trends include:
- Growth in the technology, digital and healthcare sectors
- Modest salary increases with a focus on career progression and training
- Continued employer preference for contracting versus permanent roles