Singapore stands as a leader in Southeast Asia for economic advancement; its job market continues to be among the most competitive worldwide. Companies strive to remain successful amid an ever-changing environment, seeking professional assistance to adjust accordingly. Consequently, 2023 is the ideal time for qualified experts with the desirable skillset to seize lucrative employment opportunities in Singapore.
According to the Robert Walters Salary Survey 2023 results, salaries across this region are expected to experience a rise.
“The demand for professionals in Singapore is expected to grow by 4.5% in 2023.”
“The highest paying jobs in Singapore are in the legal, banking/finance sectors, Sales, and IT.”
Delve into top highly profitable career fields with great potential for those reaching the pinnacle.
Legal Counsel: Data from the U.S. Bureau of Labor Statistics show that the legal industry is projected to expand by 8% over the next decade, outstripping average growth across all other professions.
Many factors drive this demand, including an aging population, the increasing complexity of the law, and a heightened preference for online legal services. With the ever-changing dynamics in this sector, there’s an increased need for legal aid, and in Singapore particularly, due to more regulations businesses must abide by – leading to a rise in six-figure salaries offered within top law firms.
Finance & Banking Services: The banking and financial industry is a flourishing sector in Singapore, presenting immense opportunities for high-income jobs. Investment bankers, hedge fund managers, and financial analysts earn lucrative salaries while responsible for keeping up with budget trends and devising cost-saving strategies to keep companies afloat and profitable in the market. Furthermore, with a plethora of new private banks springing up throughout the country, more chances will arise in 2023.
Technology and Transformation: With the rise of technology, the influx of tech-driven jobs has drastically altered employment opportunities from a decade ago when expertly trained individuals were required in even higher numbers.
KPMG, a leading global professional services firm, projects that by 2023, 17.7% of Singapore’s workforce will be in IT-related roles, with employment growth rates in the sector being 14.4%.
An integral part of almost any business nowadays is its IT department, where software engineers can command basic salaries and increase dramatically depending on skillset and knowledge base. In particular, computer scientists, programmers, software engineers, and database administrators make excellent salaries if they have sufficient experience and certifications, such as AWS certification or Oracle certifications.
Cybersecurity, Networking Technology: The ever-growing requirement for cybersecurity consultants is no longer surprising. Singapore, one of the world’s most connected countries, highly values its security; hence, they have called for experts to secure themselves against online threats. In addition, businesses require skilled personnel to review and identify potential risks, formulate strategies for data protection, and strengthen their defenses.
LinkedIn’s 2023 Jobs report identified Cybersecurity Consultants as the country’s most demanding. Moreover, it is only predicted to become more essential in the coming years, leading to an even greater need for specialists who can meet these expectations.
Business and Sales: A recent study by Manpower Group found that sales directors are likely to be the most sought-after position in Singapore for 2023. The demand for these experts has grown as businesses focus increasingly on achieving growth, requiring individuals capable of developing, executing, and managing sales tactics while looking after customer relationships. Notably, Singapore stands out with an astounding 12% expected rise in this position’s popularity by 2023.
Healthcare: Healthcare is a very demanding field, not just in Singapore but globally. According to RGF International Recruitment’s latest Salary Watch report on Singapore, demand for healthcare talent was rising despite the overall slowdown of hiring activities during the pandemic. Salaries for highly specialized and in-demand roles like physicians, surgeons, and medical directors have shot up due to the lingering effects of the talent shortage.
If you have the skills and experience for any of these roles, start polishing up your resume and prepare for interviews! Landing one of these in-demand jobs will be a great way to boost your career in 2023.