The latest Robert Walters Global Salary Survey has revealed positive job market for those who possess both traditional and new technology skills, are up-to-date with digital trends, have strong analytical skills, are resilient in the face of change, can multi-task, and are proficient in multiple ASEAN languages.
The survey also reported that with the support of the Fair Consideration Framework, demand for local talent is expected to remain high, and employers invest more in attracting, hiring and retaining both locals and Singaporeans based overseas to address the talent shortage.
As inflation rates in Singapore likely to remain flat, significant salary increases are unlikely. However, candidates with in-demand skills, such as digital marketing and cyber security, can expect to see increments in their annual salary reviews, especially those with knowledge of the local market.
Toby Fowlston, managing director of Robert Walters Southeast Asia, commented: “To secure high-potential talent, we advise hiring managers to make fast and strategic hiring decisions, using engaging and seamless interview processes. Top talent can be retained with good succession planning and career progression opportunities, as well as monetary incentives.”
[*All salary increments mentioned are for professionals switching jobs.]
HR in 2018 is expected to be a client driven market with demand set to be high for business-savvy HR professionals with change management experience.
Greater demand is also anticipated for senior regional learning and development professionals, especially those skilled in leadership development and organisational design; as well as strategic talent acquisition leaders who are able to head regional teams and design and develop solid recruitment strategies and talent management initiatives.
On that note, HR professionals looking to switch jobs in 2018 can expect to receive salary increments of between 10-15% in 2018. HR generalists with more than 12 years of experience can expect an annual salary of between S$200,000 to S$400,000.
Sales and marketing
Within the FMCG, retail, luxury and healthcare sectors in 2017, sales and marketing professionals with experience in digital marketing and e-commerce will remain especially in demand. While professionals who are data-driven experts able to handle roles related to performance marketing and social will be sought after in the industrial sector; and in the consumer and healthcare sectors, people with more hybrid competencies, going beyond traditional sales, business development and marketing skills will be in high demand.
Employers will be keen on sales and marketing candidates who are up-to-date with digital trends, as well as those who have strong analytical skills, as data analytics continues to play an important part in decision making. Due to the continuing structural changes and mergers and acquisitions in 2018, professionals who are resilient in the face of change and those who can multi-task will also be particularly in demand.
Sales and marketing professionals looking to switch roles can look forward to overall salary increments ranging between 10-15% on average. In the B2B and industrial sectors, sales directors can expect an annual salary of S$160,000 to S$300,000, while marketing directors can look forward to annual salaries of between S$170,000 to S$265,000, and corporate communications directors can anticipate between S$150,000 to S$250,000 a year.
Accounting and finance
Recruitment for accounting and finance professionals is expected to remain fairly stable in 2018 with hiring set to be mainly for replacement roles, with few new headcount being created.
Increased consolidation in the market will generate high demand for candidates with broad skill sets including proficiency in financial reporting and systems implementation, or financial planning and analysis (FP&A) and treasury. At the same time, finance candidates who can serve as business partners and add value from a finance perspective will also be highly sought after.
In 2018, candidates moving jobs can expect salary increments ranging from 10-15%, with chief financial officers in permanent roles bringing in an expected annual salary of S$300,000 to S$450,000.
In 2018, IT professionals proficient in workspace transformation, such as specialists in cloud infrastructure and virtualisation, are expected to be in demand. At the same time, hiring managers will also be looking for project and programme managers and business analysts with a strong understanding of regulatory matters in 2018.
Additionally, employers will also look out for business/consumer-facing professionals with deep learning and machine learning skills, UX/UI professionals, and tech professionals with cyber security skills.
IT professionals moving jobs in 2018 can expect increases of between 5-15%. Chief technology officers can expect annual salaries of between S$180,000 to S$450,000.
Infographics / Robert Walters
Lead photo / 123RF