JobStreet recently launches its Salary Report 2022: The Big Review which shows a positive growth trajectory for Singapore’s job salaries across industries and specializations. According to the report, 49.9% of jobs in Singapore saw an increment in their salaries in Q1 – Q3 2021, compared to the same period in 2020.
Among other countries surveyed in Southeast Asia, the report shows that Singapore tops these markets, with the most salary increases in job ads. These industries with salary increases include Computer/IT, Manufacturing, Banking & Finance, and even the Public Services and Transportation industries that had large volumes of job ads, from Q1 to Q3 2021. The average salary growth by industry with positive salary change stood at 9.4%. Salary growth in these industries may be attributed to companies’ strong demand for local talent to fill job vacancies. According to JobStreet Singapore’s 2021 Job Report, for industries such as Banking & Finance and Education, a surge in senior manager roles (3.6x) and junior executive roles (2.2x) were observed for the respective industries. At the same time, median salary growth for these roles were 7.4% and 31.7% respectively, compared to Q1 to Q3 2020.
Chew Siew Mee, Managing Director of JobStreet Singapore said: “The talent war will continue to push wages up. Knowing that the cost increase associated with higher wages may not be sustainable, companies can adopt different strategies and work on balancing the competitive salaries with other differentiators that matter to employees. These may include positive workplace culture, career development opportunities, job security, and flexible work arrangements.
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The Job Report also observed that in the period of Q1 – Q3 2021, the hiring appetite for the tech industry saw a growth. The number of job ads rose 55%, with the appetite forecasted to remain bullish.
Salaries for tech talents have reflected the strong demand for them. This surge can likely be attributed to the fact that these industries have seen their core operations digitalize, with more Singaporeans now banking and learning online, such as e-banking and e-learning respectively, due to social distancing measures. Junior Executives specializing in Computer / IT in the Banking & Finance industry are the highest-paid Junior Executives of all industries. Similarly, Senior Executives of this specialization in the entertainment and telecommunication industry are paid $6,250, the highest among all industries, while specialists in hospitality have the highest rise of monthly salary in the industry at 27.8%.
Additional Key Findings:
For Salary Report 2022: The Big Reveal (Singapore edition), please visit: Salary Report 2022.
Read also: Workers in Singapore Can Expect to See Higher Salary Increases in 2022