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Singapore’s labour market has demonstrated resilience in the aftermath of the global COVID-19 pandemic. As highlighted in the Ministry of Manpower’s report on labour market developments in 2022, the country witnessed a significant rebound, with total employment surpassing pre-pandemic levels and low unemployment rates.
However, amidst prevailing global uncertainties, it becomes imperative for Singaporean workers to remain adaptable and well-prepared for the evolving job landscape, and the Singapore workforce is witnessing an exciting era of emerging opportunities across various industries, according to our 2023 Page Insights Salary Guide.
Related: How to attract talent in a candidate-short market
Singapore’s dynamic workforce is experiencing a seismic shift in career aspirations and expectations, presenting unique opportunities and challenges for businesses across various sectors.
The nation’s entrepreneurial spirit and hunger for growth have sparked a surge in career advancement pursuits and a strong desire for purposeful work. Understanding the emerging hiring trends becomes paramount as businesses navigate this transformative landscape.
Related: Top 10 highest-paying jobs in Singapore for 2023
The FMCG and Retail sector actively recruits professionals for e-commerce, consumer insights, and CRM roles. With the increasing prevalence of AI and data analytics, companies are leveraging these technologies to predict consumer behaviours and optimise marketing campaigns.
In order to drive revenue through omnichannel marketing strategies, business development talent must possess a deep understanding of optimising each channel to achieve the best return on investment (ROI).
Related: How to build a learning culture in your business
The Financial Services industry is witnessing a surge in family offices, creating a demand for managing directors and executive directors who can establish and lead teams encompassing both front- and back-office functions.
Furthermore, the need for regulatory compliance professionals has increased as banks and financial institutions undergo digital transformation and delve into the digital assets space. However, talent shortages persist in IT, data, and digital domains, posing challenges for organisations in their digitalisation efforts.
Related: The future of work in Asia
The Healthcare and Life Sciences sector is experiencing rapid double-digit growth fueled by advancements in e-health and digital health solutions. Singapore has emerged as an attractive destination for companies seeking to establish international or regional headquarters, driven by changes in the macroeconomic landscape and disrupted global supply chains.
Job opportunities in healthcare transformation, focusing on AI and data analytics, are in high demand in this sector.
Related: Digital tools transforming recruitment in healthcare and life sciences
In industries such as semiconductors, electronics, chemicals, machinery, and precision engineering industries, there is a strong demand for professionals with design and R&D engineering expertise. To strengthen development capabilities, companies are actively seeking talent in these areas.
Automation of processes on the production floor, workshops, and warehouses is also a key focus. However, the recruitment of non-exempt workers presents growing challenges.
Singapore also continues to serve as a preferred base for regional offices and support functions, creating job opportunities in technical product support, procurement/sourcing support, field service engineering, and commercial roles.
Technology companies face the challenge of retaining junior staff, as career progression within 18 months becomes a determining factor for their retention. Employers offer benefits such as uncapped annual leave and competitive salaries to attract and retain top talent in the tech industry.
IT professionals with expertise in cloud technologies are in high demand. Additionally, as many companies establish their headquarters and IT hubs, the need for on-site support engineers is growing.
Remote and hybrid work arrangements have become paramount in attracting and retaining tech talent, and employers lacking flexibility in this regard risk losing the war for talent.
Related: Emerging tech roles to consider in 2023
Contracting has gained prominence as companies offer generous compensation packages to attract top interim professionals. The demand for interim mid- to senior-level technology professionals has significantly increased compared to previous years.
In response to global market volatility, companies are looking to hire contract workers to enhance their workforce and maintain agility, even at the C-suite level.
Singapore’s labour market has showcased resilience and growth despite global uncertainties. However, employees must remain proactive and continually upgrade their skills to meet evolving industry demands.
The government has invested significantly in initiatives to support upskilling and career progression, such as the Career Conversion Programme and the CareersFinder tool.
(Browse contracting and temporary jobs.)
Our 2023 Salary Guide provides a comprehensive look at the most up-to-date salary numbers in different industries and for all experience levels. Download a copy of our latest salary report here.
To find out how your salary compares to other roles and industries in Singapore, go to our Salary Comparison Tool. Are you seeking a new role? Click here for these available job openings now.
Disclaimer: Salaries can differ from one company to another, depending on your skills, knowledge, and experience.
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