In Singapore’s labor market, increased hiring and more jobs are projected. Many industries have recovered completely and are striving to expand.
“Even though 2021 was not without its problems, businesses and employees in Singapore remained steadfast and maintained the course throughout the year,” according to the Randstad Singapore 2022 Market Outlook & Salary Snapshot Report. The labor market has switched from employer-driven to candidate-driven since Q1 of 2021, indicating a major recovery in the business and recruitment markets in 2022, which we can all look forward to.”
Randstad is one of the world’s major recruitment and HR service providers, with offices in a number of countries.
Many leading employers in Singapore are pushing for talent development and industrial expansion as a result of the growing focus on digitization.
Technology that is digital
In addition to being a demanding year, 2021 was also a fruitful year for Singapore’s tech industry.
The pandemic of COVID-19 prompted a shift to the digital platform, resulting in considerable growth in fields like data analytics, cloud computing, cybersecurity, e-commerce, and software-as-a-service (SaaS).
Manufacturing
Manufacturing, a major foundation of the Singaporean economy, rose by 10.3 percent between 2019 and 2020, contributing 21.5 percent to Singapore’s Gross Domestic Product (GDP).
Financial Services & Banking
Throughout the economic impact of the epidemic, Singapore’s financial services sector has proven to be resilient.
The Singapore Monetary Authority (MAS) expects the banking industry to do well in 2022.
Insurance
The digital transformation is reshaping the insurance business in Singapore, with the transition to online customer portfolios.
Customers’ wants are being predicted using new technology, and processes and products are being developed appropriately.
Companies in the insurance business are now focusing on creating as many touchpoints as possible in order to increase engagement opportunities.
| Salary Snapshot – Jobs in Singapore in 2022 | ||
| Sector | Job | Expected monthly salary (in Singapore Dollars) |
| Information Technology | Software engineer | From SGD5,000 to SGD14,000 |
| Blockchain developer | From SGD7,000 to SGD15,000 | |
| Data scientist | From SGD5,000 to SGD18,000 | |
| Cybersecurity | From SGD6,000 to SGD18,000 | |
| Manufacturing | Logistics operations manager / engineer | From SGD5,420 to SGD9,120 |
| Logistics & transportation analyst / lead | From SGD4,260 to SGD8,020 | |
| IC layout design engineer | From SGD2,720 to SGD4,770 | |
| Global category buyer | From SGD4,150 to SGD7,020 | |
| Banking & Financial Services | Digital marketing | From SGD5,500 to SGD13,000 |
| Investment analyst | From SGD6,00 to SGD13,000 | |
| Digital product managers | From SGD7,000 to SGD15,000 | |
| Compliance manager | From SGD5,500 to SGD14,000 | |
| Insurance | Digital sales manager | From SGD6,000 to SGD12,000 |
| IFRS actuarial manager | From SGD8,300 to SGD12,700 | |
| Operational risk manager | From SGD5,500 to SGD10,600 | |
| Financial reporting manager | From SGD6,800 to SDG9,300 | |
How can I work in Singapore while living abroad?
A foreigner who wants to work in Singapore must have a valid work permit before they may start working. The Singapore work visa is another name for this.
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