FRESH GRADUATES HAY GROUP STARTING SALARIES SURVEY
Singapore - Companies in Singapore are still hiring fresh graduates and are not reducing their starting salaries, according to the latest Hay Group survey.
According to Christian Vo Phuoc, country head of reward information services of Hay Group Singapore, the Fresh Graduate Pay Survey 2009 reveals that while companies are generally more conservative in paying fresh graduates, half of the companies polled are still hiring them.
Polling 100 companies in Singapore, the survey also shows that engineering graduates attract the highest starting salaries of $2,700 a month. In comparison, other jobs command an average of $2,453 per month. Some technical positions are also experiencing salary increases, and Vo Phuoc believes this trend is likely to continue.
As survey results show, employers are more optimistic about 2010, forecasting higher starting salaries in four jobs - engineering, IT and telecommunications, logistics/supply chain, and finance and accounting. For example, fresh graduate jobs in the supply chain sector can go up to $2,900 per month.
Diploma-holders who are considering investing in a degree also stand to gain, as the study shows that employers place a premium of up to 66% for the starting salaries of degree holders. Comparably, the premium placed on Master's qualifications is less, with up to 20% over degree holders.
More companies are also hiring on a part-time or contractual basis to better manage costs and resource development. This provides fresh graduates the opportunity to gain valuable experience, and possibly convert to permanent employment in the future.
Vo Phuoc also feels fresh graduates now have more realistic expectations of salary and job opportunities. "For instance, engineering graduates are now more open to taking on engineering jobs, unlike previous years where they favoured non-engineering jobs like banking and finance."
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