After a very dynamic 2022, the post-pandemic surge in economic activity has bounced back, but next year tends to be much milder and yes, slower. Fears of a global or at least regional recession are grounded Although not without it, Singapore seems to have to be largely spared.
On top of that, each particular industry has its own ups and downs, and certain professions are extremely popular no matter what happens in the surrounding environment. Let’s see.
British international recruitment firm Robert Walters Group has released its 2023 Salary Guide, along with a series of forecasts for the global job market, including Singapore.
According to a survey summary by Human Resources Online, the most popular occupations in Singapore next year are:
1. Technology and transformation
role: Software Development/Data & Analytics/Cloud Automation & Cyber Security, Digital Transformation (SME), Agile Coach/Scrum Master.
- aBeyond technical skills, companies are looking for individuals who can manage stakeholders, articulate their point of view, and fit in well with the culture.
- Salaries for job changers are expected to rise by 20%.
- Beyond salaries, there is also a trend to improve benefits packages to attract top talent.
- 73% of companies are giving raises, while 67% of professionals expect a raise in 2023.
- 60% of professionals are looking for new jobs and 70% are confident in job opportunities.
2. Banking and financial services
role: Financial Management (Funds/Private Equity), Investment Management, Compliance Data Analytics.
- Digitization, digital banks, new technologies and ESG are playing a big role in the job market.
- As regulators become more data-driven, they will create more hybrid roles (such as compliance data analytics).
- Due to global economic uncertainty, more contracts are expected to play a role.
- As telecommuting becomes more commonplace, soft skills such as communication, innovation, collaboration, and time management are seen as essential.
- Skillsets sought: compliance data analysis, ESG risk, investment management, financial manager funds, or private equity.
- Incremental pay raises of over 20% will become the norm for roles in demand.
- 85% of companies are giving pay raises, while 55% of professionals expect pay raises in 2023.
- 72% of professionals are looking for a new job and 62% are confident about job opportunities.
role: Analytical finance project specialists, automation/process improvement roles, and financial business partners at various levels.
- Finance professionals who understand different perspectives of the business and can communicate/collaborate well with different functions are in high demand. Finance Business Partners, Analytical Finance Project Experts, Finance Managers, and Regional Business Managers are sought after.
- Employers are looking for people with strong soft skills as well as hands-on experience with analytical software.
- Talent with digital transformation experience in finance is also sought, taking on roles related to automation and process improvement, financial planning and analysis skills.
- A typical position within the finance function can expect a 10-13% salary increase. A small premium may be required for niche mix roles such as Business Partner in Analytics and Finance.
- 87% of companies are giving raises, while 68% of professionals expect a raise in 2023.
- 65% of professionals are looking for a new job and 70% are confident in job opportunities.
4. Human resources
role: Talent Acquisition/Recruitment Specialist, Executive Assistant, Office Manager, Secretary, HR Business Partner.
- More HR professionals enrolling in data analytics, coaching, and leadership courses.
- We are looking for Talent Acquisition Specialists to manage mass hiring, and experienced Executive Assistants, Office Managers and Secretarial Specialists to support senior management positions in companies setting up regional offices in Singapore.
- A continuing trend: Companies are building professional teams to drive initiatives that promote equality, inclusion and belonging as part of their workplace culture.
- Talent acquisition, HR business partnerships, and HR professionals in leadership positions, primarily in banking, technology, fast-moving consumer goods, and healthcare, are likely to see salary increases of 15-20%.
- 84% of companies are giving raises, while 67% of professionals expect a raise in 2023.
- 52% of professionals are looking for a new job and 68% are confident about job opportunities.
5. Sales & Marketing
role: Business development and sales/account management, e-commerce sales and marketing, digital and content creation marketing.
- Employers in this sector will focus on hiring local talent for most roles, with a greater focus on diversity and inclusion in their hiring.
- More jobs are expected in the health and wellness industry. Demand for online spaces and positions related to customers or customer engagement will continue, as will the demand for professionals with skill sets in analytics, digital, e-commerce, CRM, performance marketing, and omnichannel marketing. Proven salespeople are also in demand.
- Skillsets sought: Full-time: FMCG, Retail, Luxury & Consumer Technology, Healthcare, Professional Services, Industrial (Business Development, Sales Management, Account Management).
- Contractual Roles: Social Media Marketing, Campaign Analytics, Digital Marketing, E-Commerce, Programmatic Marketing, Public Relations, Communications.
- Those who change jobs can expect a 15-20% salary increase as a full-time employee. In areas where talent is scarce, such as e-commerce account management, increments can exceed 30%.
- 81% of companies are giving raises, and 69% of professionals expect a raise in 2023.
- 72% of professionals are looking for a new job and 42% are confident about job opportunities.
6. Supply chain and procurement
role: Supply Chain and Procurement Center of Excellence (COE), Global Logistics Manager, Demand Planner, Order Fulfillment/Customer Service Specialist.
- A greater focus on cost optimization, processes, and continuous improvement leads to increased demand for corporate strategy talent and a growing hybrid role.
- Some of the most in-demand roles include Global Logistics Managers, Category Managers, and Supply Chain and Procurement Centers of Excellence leadership roles.
- Required technical skill sets include proficiency in SAP, Tableau, SQL, Power BI, AutoCAD, warehouse solution design, and master data management. ▪ Soft skills in business analysis, contract negotiation, digital transformation and automation, 3PL and vendor management, or process and continuous improvement frameworks.
- Those who change jobs can expect a 15-20% salary increase as a full-time employee.
- 88% of companies are giving raises and 67% of professionals expect a raise in 2023.
- 89% of professionals are looking for new jobs and 65% are confident about job opportunities.
78% of employees are likely to quit if their salaries don’t match inflation
In another finding of the survey, workers interviewed expressed concern about the pace of inflation eroding their salaries. Nearly 80% of her respondents said they would consider changing jobs if there was no prospect of a raise.
Employment situation in Singapore is relatively good compared to almost all other countries. Employment rates are at historic highs while many industries grapple with talent shortages, according to the latest Labor Department data.
Despite layoffs at tech companies and the like, qualified engineers are very quickly scooped by other companies looking for talent.
Giants such as Google, Microsoft, and Twitter may have hired too many people for their needs, but many small businesses are hungry for experienced talent and don’t pay them well. I’m here.
This is despite a less-than-optimistic forecast for the global economy next year and an expected slowdown in Singapore’s own economic growth (with GDP expected to grow by just between 0.5 and 2.5% in 2023). That’s why the employment situation is so well maintained. Good – especially for high demand jobs.
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