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1 Salary Watch 2020: Singapore2 RGF Salary Watch: Singapore About this Report RGFs Salary Watch: Singapore report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in Singapore. This report is based on an RGF-owned candidate pool covering more than 200,000 candidates (collected from February 2019 to February 2020) in our Singapore database. The definition of annual basic salary used throughout this report does not include allowance, stock, bonus or any other additional benefits, and the salary exchange rate used is USD1 = SGD1.35. Due to the real-time nature of some of this data, RGF encourages readers to use its insights at their discretion.3 RGF Salary Watch: Singapore 16 Table of Contents About the Report Table of Contents SingaporeOverviewKey TrendsJob Market Trends Salary Data References About RGF 2 3 5 7 8 12 34 35 4 RGF Salary Watch: Singapore Overview of Singapore5 RGF Salary Watch: Singapore Embracing Digital Transformation LABOR MARKET SIZE 2.3 MILLION 1 GDP USD357.1 BILLION 2 PMI 50.1 4 FDI USD77.65 BILLION 3 With a stable economy, an established presence as a regional business hub for multinational corporations, and a rising reputation as a tech and startup incubator, Singapore is well-known as a cosmopolitan locale with business-friendly policies. Though the economy was slow throughout 2019, Singapore was expected to experience slight growth in early 2020. However, with the outbreak of COVID-19, economic forecasts were downgraded in February as the nation prepared for a global slowdown in production 5 . Though some industries saw spikes in production due to shifts in global supply chain output 6 , as the pandemic persisted, the republic implemented a “circuit breaker” to slow the spread of the virus, mandating work-from-home measures during Q1 and Q2 for the majority of workers 7 , and requiring companies that hadnt already set up flexible working arrangements to do so quickly. Though a recession is expected 8 , the Singapore government has introduced support packages to stabilize the economy and help businesses not only retain local employees, but provide wage increases 9under the Wage Credit Scheme 10 . Even so, the Monetary Authority of Singapore found that wage cuts and reduction of hours were common businesses decisions being made in the wake of the coronavirus pandemic 11 . Though hiring budgets and compensation packages will likely be revised based on reduced profits and revenue streams, talent with skills that suit fintech, ecommerce, digital marketing, and cloud computing will still be in demand and will likely be offered very competitive salaries. (Key Index)6 RGF Salary Watch: Singapore Prior to the COVID-19 pandemic, salaries in Singapore were projected to increase slightly up from 3.6% in 2019, and salaries in Singapore were expected to remain high, thanks to low inflation and a tight labor supply. However, because of the impact of the coronavirus on Singapores economy, businesses are considering options such as cutting salaries, reducing salary increment budgets and implementing hiring freezes in an effort to cope with the economic downturn. In addition to this, talent pools in Singapore continue to shrink due to increased competition and the governments stricter regulations regarding hiring foreign talent. However, the main trend is a rise in specialized positions, such as data analytics specialists, cybersecurity specialists, and developers. For these types of roles, we see salaries increasing because employers understand the need to offer above-average salaries and pay rises in order to secure and retain these hard- to-find candidates. The other key trend we have seen emerge due to the tight talent pool is companies focusing on staff retention by offering retention bonuses and other time-based financial incentives. Another reason for this focus is the premium that companies generally have to pay for external candidates, which can range anywhere from 10-15% more from existing employees of the same level. ” ” James Miles Managing Director, RGF Executive Search Singapore Focusing on Tech Roles and Talent Retention7 RGF Salary Watch: Singapore Data Transforming Roles As business processes across industries increasingly rely on data be it from customers, Internet of Things products, or weather and traffic patterns businesses increasingly need talent who can analyze and interpret the data they are receiving in order to make sense of it and create actionable insights. Because of this, more employers are seeking candidates who possess a fusion of skills marketing and data analysis, for example, or business intelligence and sales. As digital transformation continues, it is expected that this fusion of skills will become increasingly commonplace as companies introduce more artificial intelligence, machine learning, and other forms of automation to increase productivity and efficiency, allowing employees to focus their time and energy on more complex and more valuable work. Additional Benefits Employees Look for Talent in Singapore look for more than just an annual salary, and prefer to work for companies that also provide the following benefits 14 : PROFIT-SHARING SCHEME SUCH AS STAFF EQUITY 15PERFORMANCE- BASED BONUSES GUARANTEED REMUNERATION, SUCH AS A FIXED BONUS AND ALLOWANCE Employees Salary Increment Expectations when they change employers 13 . 27% 76% 49% 74% Employers Annual Salary Increment Range 12 8% Key Trends (Data given was collected by RGF before February 2020)8 RGF Salary Watch: Singapore Job Market Trends9 RGF Salary Watch: Singapore Talent Trends For talent in Singapore, money matters its the number one consideration for job seekers when changing jobs, and another major factor in their decision-making is additional compensation, such as bonuses. However, salary and compensation is not the only factor Singaporean talent consider they also look for roles where they can expand their knowledge and skills, take into account the title and responsibilities, and think about career advancement opportunities, leadership style, the companys reputation and the level of work-life balance they will be able to achieve 16 . Job Market Trends Expanding healthcare As Singapores population ages, the republic has taken action over the past decade to improve its healthcare services, from insurance plans to medical facilities to research and development. In 2020 alone, Singapore is adding four community hospitals and two general hospitals, as well as three community health centres to provide the population easy access to healthcare services. With this expansion comes the need for additional medical personnel and the government is focusing on recruiting local healthcare workers, as well as investing SGD50 million into clinical training 16 . As these initiatives take root, healthcare talent is still in demand in Singapore, and salary and compensation packages are attractive for roles across the entire industry. Medical Directors with 15-20 years of experience earn up to USD185,000 annually in Singapore 64% 61% 43% SALARY INCREMENT EXPAND KNOWLEDGE AND SKILLS TITLE & RESPONSIBILITIES R&D Managers with 58 years of experience earn up to USD104,000 annually in Singapore10 RGF Salary Watch: Singapore Combatting the Talent Crunch Though the Singapore government and businesses have been taking strides to upskill workforces and invest in talent development for several years through the SkillsFuture initiative 17 , employers still face a lack of experienced candidates when recruiting for new roles. As the job market becomes more competitive, there are measures businesses can take to ensure talent want to work for them, as well as retain current talent. In addition to ensuring compensation packages are in line with market rates, companies might consider their talent strategy and if it needs to be updated or retooled to fit current talent trends, such as flexible working arrangements. Another way to narrow the talent gap is through retaining current staff members. By pivoting talent strategies to focus on employee value proposition and offering employees incentives such as bonuses referral, additional annual leave if they reach performance goals, and fun team outings to celebrate department achievements, companies will likely boost staff retention rates and, in turn, see an increase in employer brand. What employers are looking for in talent: RELEVANT KNOWLEDGE AND EXPERIENCE 18 ADAPTABILITY CULTURE FIT 19 eCommerce Driving Advances in Customer Service Providing excellent customer service has been a focus for ecommerce companies for several years now. But as digital tools such as chatbots become easier to implement across social media and messaging platforms, ecommerce companies are looking to make their customer support more efficient through automation. This trend is driving the growth of increasingly technical roles, which require skills that are highly in demand across multiple industries and bring competitive compensation. CRM Managers with 810 years of experience earn between USD74,000USD104,000 annually at SMEs in Singapore Digitalization Supervisors with 58 years of experience earn between USD59,000 USD83,000 annually at SMEs in Singapore11 RGF Salary Watch: Singapore Hot Jobs Digital Marketing Digitalization Transformation Ecommerce Management Sales Finance & Accounting HR Legal & Compliance Supply Chain Audit & Compliance Equity Research Fund Management FX/Commodities Internal IT Investment Banking Investment Portfolio Management Legal Private Equity Relationship Management Risk Management Treasury Industrial Technology, Internet & Telecommunications Corporate Services Financial Services Smart Manufacturing Application Engineering Manufacturing, Production & Operation Project Management Quality Management R&D Sales & Marketing Senior Management Medical R&D Senior Management Healthcare & Life science Business Strategy & Commercial CRM & Account Management Digitalization Ecommerce Marketing & Branding Sales & Business Development Supply Chain & Procurement Consumer Goods & Retail Account Management & CRM Creativity & Content Marketing Media Planning PR & Advertising Media, Advertising, and Entertainment12 RGF Salary Watch: Singapore Singapore Salary Data “Bolstered by digital transformation, industries across Singapore will be looking to fill increasingly technical roles as cloud computing and software as a service are adopted, implemented, and require maintenance. Software engineers in Singapore could earn more than USD70,000 annually, back-end architects could earn over USD100,000 and cybersecurity directors could earn more than USD300,000.” Key Finding13 RGF Salary Watch: Singapore Industrial - Smart Manufacturing FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 1,000 IN SGD) MIN MAX MIN MAX Senior Management CEO/President 20+ Global MNC 259 466 350 630 Large Local/Global MNC HQ 185 333 250 450 SME 185 333 250 450 GM 15-20 Global MNC 241 433 325 585 Large Local/Global MNC HQ 185 333 250 450 SME 148 266 200 360 VP 10-15 Global MNC 192 346 260 468 Large Local/Global MNC HQ 185 333 250 450 SME 148 266 200 360 R&D Director 15-20 Global MNC 111 200 150 270 Large Local/Global MNC HQ 111 200 150 270 SME 89 160 120 216 Manager 10-15 Global MNC 77 108 104 146 Large Local/Global MNC HQ 74 104 100 140 SME 67 94 91 127 Supervisor 5-8 Global MNC 58 77 78 104 Large Local/Global MNC HQ 56 74 75 100 SME 56 70 75 95 Engineer 3-5 Global MNC 48 67 65 91 Large Local/Global MNC HQ 48 67 65 91 SME 44 62 60 84 Application Engineering Director 10-15 Global MNC 111 167 150 225 Large Local/Global MNC HQ 111 200 150 270 SME 78 140 105 189 Manager 8-10 Global MNC 56 74 75 100 Large Local/Global MNC HQ 48 67 65 91 SME 48 67 65 91 Engineer 3-5 Global MNC 33 44 45 60 Large Local/Global MNC HQ 33 44 45 60 SME 30 44 40 6014 RGF Salary Watch: Singapore FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 1,000 IN SGD) MIN MAX MIN MAX Manufacturing, Production & Operation Director 10-15 Global MNC 144 260 195 351 Large Local/ Global MNC HQ 133 240 180 324 SME 111 200 150 270 Manager 8-10 Global MNC 77 108 104 146 Large Local/ Global MNC HQ 72 101 97.5 137 SME 67 89 91 120Excellence Leader 8-10 Global MNC 63 88 84.5 118 Large Local/ Global MNC HQ 63 88 84.5 118 SME 63 88 84.5 118 Supervisor 5-8 Global MNC 58 77 78 104 Large Local/ Global MNC HQ 56 74 75 100 SME 56 70 75 95 Engineer 3-5 Global MNC 48 67 65 91 Large Local/ Global MNC HQ 48 67 65 91 SME 44 62 60 84 Quality Management Director 10-15 Global MNC 63 107 84.5 144 Large Local/ Global MNC HQ 63 107 84.5 144 SME 63 113 84.5 152 Manager 8-10 Global MNC 48 67 65 91 Large Local/ Global MNC HQ 48 67 65 91 SME 44 62 60 84 Supervisor 5-8 Global MNC 56 78 75 105 Large Local/ Global MNC HQ 48 67 65 91 SME 48 67 65 91 Engineer 3-5 Global MNC 33 44 45 60 Large Local/ Global MNC HQ 33 44 45 60 SME 30 41 40 56 Project Management Director 10-15 Global MNC 107 192 144 259 Large Local/ Global MNC HQ 107 192 144 259 SME 107 192 144 259 Manager 8-10 Global MNC 71 99 96 134 Large Local/ Global MNC HQ 71 99 96 134 SME 71 99 96 134 Supervisor 5-8 Global MNC 58 81 78 109 Large Local/ Global MNC HQ 58 81 78 109 SME 58 81 78 109 Engineer 3-5 Global MNC 53 75 72 101 Large Local/ Global MNC HQ 53 75 72 101 SME 53 75 72 10115 RGF Salary Watch: Singapore Definition of annual salary range refers to basic salary, not include allowance, stock, bonus or any other additional benefits. Exchange rate: USD1 = SGD1.35 = Hot jobs FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 1,000 IN SGD) MIN MAX MIN MAX Sales & Marketing Sales Director 10-15 Global MNC 107 192 144 259 Large Local/ Global MNC HQ 107 192 144 259 SME 89 160 120 216 Sales Manager 8-10 Global MNC 71 99 96 134 Large Local/ Global MNC HQ 62 87 84 118 SME 53 67 72 91 Business Development Manager 8-10 Global MNC 71 99 96 134 Large Local/ Global MNC HQ 71 99 96 134 SME 71 99 96 134 Account Manager 5-8 Global MNC 71 99 96 134 Large Local/ Global MNC HQ 62 87 84 118 SME 53 75 72 101 Marketing Director 10-15 Global MNC 107 192 144 259 Large Local/ Global MNC HQ 107 192 144 259 SME 89 160 120 216 Marketing Manager 8-10 Global MNC 71 99 96 134 Large Local/ Global MNC HQ 71 99 96 134 SME 71 99 96 13416 RGF Salary Watch: Singapore Technology, Internet & Telecommunications FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 1,000 IN SGD) MIN MAX MIN
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