Singapore salary guide and top in-demand skills 2023

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A notable change in 2022 was the increase of regional roles based in Singapore as the APAC hub of choice for more financial institutions.

Stability is likely to be the key this year for those looking to hire. As elaborated in Morgan McKinley's 2023 Singapore Salary Guide, candidates will look to work for companies that are ‘recession proof’, and employers will seek candidates with a strong and stable career background, with experience in driving positive outcomes through periods of economic uncertainty and change.

With an overall bullish hiring market throughout 2022 in Singapore, there was a strong appetite to hire from almost every sector for a wide range of roles, with the highest demand being for mid-management (5-12 years of experience) level professionals. A notable change was the increase of regional roles based in Singapore; with the country gradually becoming the APAC hub of choice for more financial institutions.

This competitive recruitment landscape came as the economy fully opened up post-COVID-19, and companies sought to meet their pent-up demand to hire. Despite candidates showing greater willingness to move roles, it remained a candidate-short (and driven) market for the duration of the year.

Despite a level of economic uncertainty, the report anticipates a fair amount of hiring — 65% of employers responding to the survey outlined they plan to hire either permanent or contract employees in the first half of the year. This desire for movement seems to be matched by professionals, with 64% planning on looking for a new job in the next six months.

The study further anticipates a slight recalibration of salaries this year. Whilst professionals will still receive an uplift when moving externally, they are not likely to be as significant and widespread as they were in the competitive hiring market of 2022, in which pay growth was seen across most industries. Increases of 15-20% were relatively common, with some instances even noting 50% rises.

It comes as no surprise that 67% of employer respondents had to offer higher-than-anticipated salaries to attract new employees last year. This was all a result of the candidate-driven market, in which top talent was often in multiple processes simultaneously. This meant that the jobseeker could essentially set up a ‘bidding war’ between hiring organisations, as each tried to beat the others to secure the talent.

In that vein, counter-offers will likely remain a common trend, with companies prepared to dish out significant counter-offers in an attempt to retain their talent. In fact, 61% of employers outlined that they had to increase salaries to retain existing staff in the last year. There was also an observed increase in sign-on bonuses, performance-related bonuses, retention bonuses, and accelerated promotion plans to attract new talent and hold onto existing employees.

Whilst 69% of professionals who responded to the survey outlined that they received a salary increase in the last 12 months, only 51% are expecting their salaries to increase in 2023. Interestingly, companies are bracing for further elevated salaries, as 75% of employers think that salaries in their specific sector will rise.

With all of these developments in mind, let's uncover the data in the salary guide, along with the most in-demand roles and skills, by sector.