The Salary Statics of Singapore: Ensuring Even More Faith in its Economy and Growth
The emergence of Singapore as the global economy and its strong hold as one of the major business destinations of the world have augmented its stature a level higher. In terms of employment destination by professionals seeking flourishing opportunities, Singapore has again aced the top position. This surge in the economy and business translates into increased and better job opportunities for both local and global professionals.
Singapore’s resilient growth even when the rest of the world was copping with the economic meltdown has proven to escalate its reputation. Some factors to ensure this include Singapore’s excellent infrastructure, easy corporate set up, cost competiveness, market worth and stable socio-political structure. But to most extent the foreign professionals seeking better jobs in Singapore correlated to the simple and relaxed Singapore Visa rule. With clear categorization as Singapore work pass and Singapore employment pass for greater ease.
The first quarter report from MOM (Ministry of Manpower) further validate rise in employment opportunities. The accent in the remunerations packages with the rise in the bonuses and salaries reflect Singapore’s GPD. The 4th Quarter of 2010 and 1st Quarter of 2011 has indeed been a benchmark for recruiters and job seekers alike which is anticipated to continue for some time now.
Take a look at the cumulative responses in some prominent sectors
Financial services – A relatively mixed response has been seen in both recruiting as well as the salary packages. A greater hiring was evident in the 2010 which continued to the 4th quarter as well, but then a steady flow was seen to the start of 2011. The sum total salary packages is now more important for new jobseekers.
Legal & Compliance – Higher demand of expertise with dearth of people in the same promise great opportunity in the Legal and compliance sector, from both remunerations and hiring perspective.
Banking operations – Singapore vies to be one of the best offshore operations center. Steady hiring with inclusions in the middle and analyst level was seen to the close of the previous year. The prediction of this year is some what similar.
Human resource – This is one sector which assures great opportunities with increase in hiring. The rise in the demand of expert employees, talent acquisition and emphasis on staff retention mirror a greater demand of HR role.
Risk Management – Upturn and accelerated career growth is guaranteed by the risk management sector for high caliber and expert individuals. After the recession companies have become more prudent with their transaction, which has raised demand of professionals in this sector. Also the salary packages have gained a great incentive even in 2011.
Information Technology – The hiring spree is pretty much strong for the technology sector and its services, counting the trend of previous year. The gross packages and salary of course are better and would see an increase by the end of this year owing to importance on staff retention.
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