SALARY CONTRACT JOBS
Singapore - Employers in Singapore have predicted a lower starting pay for degree and Masters' holders next year even though the average pay for fresh graduates this year has increased.
According to a July survey of 89 companies by management consulting firm Hay Group, law graduates currently command the highest starting salaries across the industries at S$2,650 per month. Engineers and graduates in research and development are next at S$2,643 and S$2,629 respectively. Graduates can take home on average S$2,461 in other sectors this year.
While the average starting pay for diploma holders this year is S$1,746, employers have forecasted a slight pay increase for diploma graduates in 2011. Degree and Masters holders, on the other hand, will take home a lower starting pay next year at $2,418 and $2,820 respectively as companies remain cautious about the economic uncertainties.
Hay Group's Fresh Graduate Pay survey also found that employers place a premium of up to 41% in starting pay for graduates armed with a degree. Students, thinking of investing in a Masters degree, will however only see a 16% salary increment after graduation.
More companies are also hiring degree holders on a contractual basis to support short-term operational needs while keeping costs low. One in four respondents intend to increase or maintain the number of contract positions this year with IT, telecommunications ($3,444) and engineering ($2,811) positions attracting the highest starting pay.
Victor Chan, country head of reward information services at Hay Group Singapore, says the reliance on contract staff will only increase as business cycles become increasingly shorter. Chan believes that graduates should be more open to accepting contract positions instead of insisting on securing a permanent role. He says, "Not only are contract positions fairly remunerated, it also allows fresh graduates to obtain valuable work and networking experience."
The starting salary for contract jobs ranges from $2,703 for human resources degree holders, $2,606 for finance and accounting graduates and $2,076 for customer service roles.
________________________________________________________
More quality Lighthouse titles
Get your marketing department up to speed with Asia's most read marketing site
marketing-interactive.com
Want to get on the right side of the procurement department?
Direct them to
Procurement Asia 
