The Morgan McKinley 2020 Salary Guide outlines permanent salaries and contract rates for professional roles in Singapore, as well as the most in demand skills and prominent market trends.GET ACCESS NOW
Our detailed salary tables allow job seekers to recognise their worth by benchmarking their current remuneration against industry standards. The tables are also useful for employers as they give an accurate idea of what they should be paying their employees.
We all know that every different job requires unique skills. Our salary guide highlights the key skill sets that hiring organisations have requested over the past twelve months, as well as what we expect to be in demand throughout 2020.
Our recruitment consultants are experts in their particular areas. From speaking to a wide range of hiring managers and professionals of all seniority levels, they have an up-to-date understanding of all industry occurrences.
The 2019 Singapore recruitment market, In overall, performed much 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 particularly in Technology and contracting, 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 2020, the improvement in market conditions we witnessed in 2019 are expected to continue. 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 2020. 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 2020, particularly in the non-financial services sectors such as Technology, Sales & Marketing, Digital, HR, Finance & Supply Chain. It’s exciting times for those working in software engineering, product development, cyber security, data science & analytics, dev ops and cloud to name a few job types. In the financial services space, we expect to see growth across the board however less so in your traditional larger blue chip organisation, more so in the smaller or medium sized financial services MNC who have aspirations of growing their footprint in the region.
2020 will, of course, see us all focus strongly on working with our clients to maintain the Fair Consideration Framework and Singapore Core focus. 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 will also 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 2020.