Salary Guide 2016

2016 Salary Guide

 

Whilst the Singaporean market continually evolves, the hiring market in Singapore over the past couple of years from an overall level of activity has been fairly static. There have been a number of factors that have had both positive and negative effects on the market over the last few months and will have similar effects as we move through 2016. Overall, salaries have not dramatically changed but of course, there are exceptions to this, particularly in areas of high demand such as digital, FinTech, Healthcare and Private Banking .

The following report provides details of the salary and remuneration trends and expectations in the Singapore market over 2016.

On a macro-level, the recent volatility surrounding China has certainly had an impact on confidence levels in Singapore. A huge number of domestic and international firms based in Singapore are directly influenced by China with many cautiously adopting a ‘wait and see approach’ with respect to hiring.

Despite this, we remain positive about the market here. Singapore has for many years been a very easy and therefore attractive place to do business. This remains the case as we enter 2016 and as such the appeal of Singapore for foreign business and individuals remains as strong as ever.

Throughout 2015 and 2016 many companies, particularly from Europe and China have viewed Singapore as the best platform to launch into APAC. These companies have tended to hire in fairly large volumes as they need a certain amount of scale to enter the market here. This has and will create opportunities for people looking to work in a start-up/expansion environment for foreign companies. The companies, whilst varied, tend to occupy the tech space and typically their requirement are for Sales and IT staff.

Whilst the technology space has seen expansion in late 2015 and into 2016, there are a number of other sectors which have seen growth but also a number that have seen contraction. Those to slow down are in the Commodities space; in oil and gas specifically. Additionally, the Shipping and Investment Banking sector has been affected negatively. Conversely, the Digital space, FinTech, Pharmaceutical Healthcare and Private Banking sector has seen increasing expansion as well as Audit, Legal, Sales and Project & Change Management. Within the sectors, the roles in ‘hot demand’ have been predominantly in the IT space including Security and Cybercrime.

Other notable trends affecting the market in Singapore: As Singapore has become a high cost location, there has been a trend of offshoring to cheaper and emerging market locations. The roles that have moved are lower skilled roles in Finance, Operations and Technology as well as call centre and client services. 2016 will see a continuation of this into locations such as India, Malaysia and the Philippines. Additionally, the government-led initiative to employ Singaporeans first has restricted some overseas talent from entering the market. final trend for the Singaporean hiring market is around gender diversity. There is a growing trend to have an ever increasing number of women, particularly at the more senior levels in companies which will only increase throughout 2016 and into the future.

I hope that you find this report useful – it has been written with you in mind whether you are a professional looking to change roles and/or industries, or someone who is hiring new talent. We have provided real insights in each of our specialist areas to give you the information you need to make the right decisions.

If you would like to discuss any of the details within the guide or would like more information about a particular area, please don’t hesitate to get in contact with myself or one of my specialist recruiters.

Wishing you the best for 2016.

Andrew Evans

COO Morgan McKinley, Singapore.

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