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Average pay expected to rise 12-15% with job switching in similar sectors: report
THOSE who swap jobs within similar industries this year can expect to enjoy an average salary increase of 12 to 15 per cent.
This is according to the latest 2019 Salary Benchmark report released by recruitment firm Michael Page on Wednesday.
According to the company, hiring in Singapore is also likely to remain stable in 2019, despite government projections suggesting a slight dip in growth. This is mostly due to both large businesses as well as SMEs (small and medium enterprises) showing a renewed confidence for growth and expansion in Singapore, the report said.
"Overall business sentiment in Singapore remains positive, and the economy will continue to be boosted in priority sectors and segments. Key interest areas continue to be around creating Singapore as a technology hub, with interest in fintech and e-payments growing fast in the region," the report said.
The firm added that the fintech industry in Asia-Pacific is expected to grow at a compound annual growth rate of 72.5 per cent from 2015 to 2020, reaching US$72 billion, following a Frost & Sullivan report.
Looking ahead, top hiring trends for the digital industry this year includes a 10 to 15 per cent pay increment when switching jobs of similar sectors, particularly as there is a shortage of specialised e-commerce and digital marketing local talent, the report noted.
As for the financial services industry, there was a 5 per cent increase in demand for talent over the past year, with higher demand for quantitative traders resulting in a talent squeeze. Michael Page is projecting a 10 to 20 per cent salary increase for those who change related jobs within the financial industry.
The report also highlighted that private bankers, relationship managers, compliance managers and cybersecurity professionals are amongst the top paying jobs within the financial sector. For instance, a head of relationship management could earn an average base salary of S$215,000 per year, with a bonus ranging from 20 to 40 per cent.
Separately, the report also noted that there is also a shortage of skills for roles in AI (artificial intelligence), machine learning, data science UI/UX and digital transformation. As such, organisations need to have "sound strategies in place to attract and upskill key talent in Singapore's tight labour market".
In light of this, there has been a growing adoption of contracting across most industries in Singapore, the report said.
"Contracting as a strategic manpower solution not only allows headcount increases during intensive periods, but also experimentation with new skills that could move businesses forward.
These benefits are becoming increasingly apparent to both businesses and job-seekers, which has led to a 20 per cent increase in contract roles throughout 2018, and continued growth expected in 2019," the company added.