View the Morgan McKinley 2019 Salary Guide for expected salaries and contract rates for professional roles in Singapore.
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Singapore Salary Guide 2019
The 2018 Singapore recruitment market, in the overall, performed slightly better than in the previous year. Job vacancies were higher and the numbers of roles filled were greater. Whilst many of the issues of the past few years still exist, such as off-shoring certain staff to lower cost locations, with other areas showing increased demand, the net effect was an increase in hiring. This was coupled with a slight increase in confidence, not just in Singapore but in the wider APAC region and indeed across the globe.
So, looking ahead at 2019, the improvement in market conditions we witnessed in 2018 are expected to continue. In fact, we anticipate improved confidence to improve further still throughout 2019. Therefore, the fantastic news for job seekers in Singapore is that there will be some wonderful opportunities out there for those that want them.
There are a number of overarching trends that will continue in 2019. The rise (and rise) of contracting in Singapore is a key trend highlighting Singaporean-based companies that see the ever-increasing benefit of adopting a flexible workforce. We view this as a positive situation for both employers and employees.
Additionally, the growth (and increasing international recognition) of the Fintech sector will continue. Moreover, the technology sector in general is expected to increase hiring in 2019, particularly in the non-financial services sectors such as healthcare, E-commerce and automotive. It’s exciting times for software engineers, cyber security analysts, data scientists to name but three job types. In the financial services space, we expect to see growth across the board with the digital agenda gathering pace.
2019 will, of course, see us all focus strongly on working with our clients to maintain the Fair Consideration framework. Where there are candidate-short employment markets we will continue to work closely with employers to create effective long-term solutions. And with Singapore continuing to attract large amounts of inward investment from foreign companies (usually tech firms but not exclusively) the war for talent will continue throughout the year.
We hope our Salary Guide will not only provide you with useful salary advice but also will give you an insight into the key hiring areas in Singapore across the numerous disciplines and sectors that we cover. One factor that has never changed in the Singapore hiring market is the sheer speed of change. The ‘hot’ areas of recruitment one year are not necessarily the same the following year. We are very much looking forward to the year ahead in 2019. As always, if you would like to discuss your career options, do not hesitate to contact us.