Total Rewards Asia Summit 2024 Singapore
Singapore salary guide and top in-demand skills 2023

Singapore salary guide and top in-demand skills 2023

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.

 Accounting & finance

Top four most in-demand roles, accounting & finance (into financial services):

  1. Regulatory Reporting
  2. Financial Reporting
  3. Business Auditors
  4. FP&A

Top four in-demand skills and experience, accounting & finance (into financial services): 

  1. MAS reporting 
  2. Head office reporting
  3. Accounting
  4. Business Partnering

Top five most in-demand roles, accounting & finance (into commerce & industry):

  1. AP Executive
  2. Accountant
  3. Finance Investment Manager
  4. FP & A Executive
  5. Finance Controlling Executive

Top five most in-demand skills and experience, accounting & finance (into commerce & industry):

  1. Accounts payable
  2. Internal controls
  3. Financial planning & analysis
  4. Investment & fund management
  5. Financial reporting

anfone

anftwo

anfthree

andfour

anffive

Banking & financial services

Top five most in-demand roles:

  1. Client services
  2. Trade & sales support
  3. Trade finance operations
  4. VP (private banking)
  5. Head of operations

Top five most in-demand skills and experience: 

  1. Regulatory
  2. Strong product knowledge
  3. Project management
  4. Advanced Excel / SQL
  5. Self-starter, collaborative

bnfone

bnftwo

bnfthree

bnffour

Human resources 

Top five most in-demand roles:

  1. Total rewards analyst/manager
  2. Payroll executive
  3. Employee relations/engagement manager
  4. HR generalist
  5. Learning & development manager

Top five most in-demand skills and experience:

  1. Compensation & benefits
  2. Employee engagement/relations
  3. HR operations
  4. Learning & development
  5. Talent management

hrone

hrtwo

Sales & marketing

Top five most in-demand roles:

  1. E-commerce manager
  2. CRM manager
  3. Marketing manager
  4. Brand manager
  5. Category manager

Top five most in-demand skills and experience:

  1. E-commerce
  2. Digital
  3. CRM
  4. Full-fledged marketing
  5. Account management

salesone

salestwo

salesthree

salesfour

salesfive

salessix

salesseven

Technology

Top six most in-demand roles, product & engineering:

  1. Software engineer/QA engineer
  2. Application support
  3. Engineering manager
  4. Data scientist/data engineer
  5. Product manager
  6. UI/UX designer

Top four most in-demand skills and experience, product & engineering:

  1. Quantitative analysis
  2. Full stack software development (Java)
  3. Test engineering
  4. Hands-on architecture

Top five most in-demand roles, cyber security and IT GRC:

  1. Chief information security officer
  2. Cyber security engineer & analyst
  3. Technology risk assurance
  4. Security architect
  5. Incident response analyst

Top five most in-demand skills and experience, cyber security and IT GRC:

  1. Technology risk assurance
  2. Incident response & forensics
  3. Security architecture
  4. Cyber security engineering
  5. DevSecOps

Top five most in-demand roles, DevOps, cloud & infrastructure:

  1. Cloud architect
  2. Network director
  3. DevOps engineer
  4. Network security engineer
  5. Cloud observability

Top four most in-demand skills and experience, DevOps, cloud & infrastructure:

  1. Python programming
  2. Cloud architecture
  3. Software defined networking
  4. Cloud engineering

Top five most in-demand roles:

  1. E-commerce manager
  2. CRM manager
  3. Marketing manager
  4. Brand manager
  5. Category manager

Top five most in-demand skills and experience:

  1. Ecommerce
  2. Digital
  3. CRM
  4. Full-fledged marketing
  5. Account management

 techone

techtwo

techthree

techfour

techfive

techsix

techseven


Lead and all images / Morgan McKinley's 2023 Singapore Salary Guide

Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and manpower news from around the region!

Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and manpower news from around the region!

Free newsletter

Get the daily lowdown on Asia's top Human Resources stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's Human Resources development – for free.

subscribe now open in new window