JobStreet, Singapore’s leading jobs platform for hirers and job seekers, has launched its Salary Report 2022: The Big Review which shows a positive growth trajectory for Singapore’s job salaries across industries and specialisations.
The report shows that 49.9 percent of jobs in Singapore saw an increment in their salaries in 1Q – 3Q21, 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 increase include Computer/IT, Manufacturing, Banking & Finance, and even the Public Services and Transportation industries that had large volumes of job ads, in 1Q to 2Q21.
The average salary growth by industry with positive salary change stood at 9.4 percent. 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 percent and 31.7 percent respectively, compared to 1Q to 3Q20.
The Job Report also observed that in the period of 1Q – 3Q21, hiring appetite for the tech industry saw a growth. The number of job ads rose 55 percent, 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 digitalise, with more Singaporeans now banking and learning online, such as e-banking and e-learning respectively, due to social distancing measures.
Junior executives specialising in Computer / IT in the Banking & Finance industry are the highest paid junior executives of all industries. Similarly, senior executives of this specialisation in the entertainment and telecommunication industry are paid S$6,250, highest among all industries, while specialists in hospitality have the highest rise of monthly salary in the industry at 27.8 percent.
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.
The Salary Report 2022, Singapore edition, was developed by JobStreet Singapore, and compiled from JobStreet’s latest salary data between 1Q – 3Q21 and the same period in 2020. All salary data is extracted from salary requirements from JobStreet employer’s job ads in the internal database.
Additional Key Findings:
- The Communication Service industry experienced the highest percentage decrease (-13.5 percent) in median salary across all industry
- Telecommunication is the industry with the highest median salary growth (+37.1 percent)
- Sciences had the highest median salary growth (+11.1 percent) among all specialisations
- Construction / Building had the highest percentage of decrease (-9.1 percent) in median salary across all specialisations
For Salary Report 2022: The Big Reveal (Singapore edition), please visit: Salary Report 2022.