Businesses in Singapore are facing market pressures head on, by investing in crucial skillsets and bringing these talents into their team to boost sales, drive digital transformation process, leverage key value data, and/or secure its cybersecurity. According to recruitment agency Michael Page’s latest Salary Benchmark 2020 report, businesses will be more cautious in spending for a period of time.
However, the report also said there are positive signs in the services sector and business development roles for talents. This comes at a time Singapore is honing its value proposition as a base for regional and global services and emerge as a tech and manufacturing hub.
According to the report, there is a high demand for talent experienced in disruptive technology and agile business models in the FMCG sector. Marketers are also required to hone influencer and social media marketing skills, particularly in return on investment measurement. Employers in the FMCG sector also expect business development talent to adopt an omnichannel approach and work with eCommerce players.
The most active hiring functions in the FMCG sector include sales and marketing, technology, procurement and supply chain and digital. There will be a 10% to 15% average salary increase when switching jobs within similar industries.
Retail sector hunts for tech-related skills
Given the eCommerce boom, retail experiences are reinvented. As such, employers seek in-store managers with tech-related skills to entertain customers. The retail sector also has a relatively low count for in-store staff and retail candidates. Talent with CRM, data analytics and consumer insights experience are also in demand for the retail market.
The most active hiring functions in the retail sector include digital marketing, retail sales, eCommerce and customer relationship manager. There will be a 6% to 10% average salary increase when switching jobs within similar industries.
Cybersecurity key for technology, media and telecommunications sector
The top three hiring trends in this sector revolves around cybersecurity as companies invest heavily in networks and systems, requiring cybersecurity talent. Firms are also looking to improve efficiency and customer experience via technology as these remain key areas for businesses. The report reveals that data engineering and analytics will become key business functions, particularly within sales and marketing.
The most active hiring functions in the technology, media and telecommunications sector include Internet, fintech, healthcare and medical devices as well as start-ups. There will be a 12% to 15% average salary increase when switching jobs within similar industries.
The Michael Page Salary Benchmark is derived from 10,000 data points in its proprietary data and network in Singapore, which includes job advertisements and placements made between July 2018 and June 2019, incorporating salary projections for 2020. Its “Job Applicant Confidence Index” gathers insights from business leaders, recruiters’ interactions with companies and industry professionals, as well as other supplemental information from its various studies.
The statistics in the Job Applicant Confidence Index measures how optimistic job applicants in Singapore are about the job market. About half revealed they are inclined to work overseas in 2020, while 62% are certain they will take less than three months to find a new job in 2020 as opposed to 53% in 2019. In addition, 55% foresee themselves having better career progression in 2020 compared to 51% in 2019. Overall, more than half (55%) are positive about the job market in 2020, which is a decline from 58% in 2019.
Breaking it down in sectors, the report delves into the hiring trends and functions of each sector. It also includes the minimum, median and maximum salary range for various positions.
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