【RGF国际招聘】2024年薪酬观察报告-新加坡篇

RGF

SalaryWatch

2024

Singapore

Adaptability:Guidingusthroughtheever-changinglandscapeofopportunity

Weprojectaconservativeemploymentland-scapeforthe1stquarterof2024,characterisedbycautionamongbothclientsandcandidates.Ongoingeconomicuncertaintiescontinuetoinfluencehiringdecisions,promptingamea-suredandstrategicapproachinworkforceplan-ning.

RomikkaGanguly

ManagingDirector

RGFProfessionalRecruitmentSingapore

Candidatesarealsodisplayingincreasedcau-tionbeforemakingjobchangesduringthisperiod.Thismaybeduetotheprevailingmarketconditionswhichfavourjobstability,necessitatingacarefulevaluationofthelong-termimplicationsofanycareertransitions.Notably,thepredominantdemographicofactivejobseekersinthemarketcomprisesofindividualswhohaveunfortunatelyfacedlayoffs.Recognisingandaddressingthespecif-icneedsofthistalentpooliscrucial,andrecruitmentstrategiesshouldbetailoredaccord-inglytoaddresstheirspecificneeds.

Despiteanoverallconservativeenvironment,somespecificsectorsareexpectedtowitnessexpansion.SomeoftheseindustriesincludetheManufacturingandElectronicssectorsfollowingtheincreaseddemandinsemiconductorsglob-ally.Despitethelayoffsthathavehittheglobaltechindustry,specificrolesinResearchandDe

velopment(R&D)andArtificialIntelligence(AI)arepoisedforgrowth,mirroringtheever-evolv-ingdemandsofthemarket.Additionally,oppor-tunitiesinSupplyChainmanagementandTech-nologytransformationarealsoexpectedtoincrease,offeringavenuesforstrategictalentacquisition.

The1stquarterof2024isexpectedtowitnessastablesalaryenvironment,withnosignificantincreasesanticipated.Thisalignswiththecau-tiousapproachprevalentinthebroaderjobmarket,emphasizingstabilityoveraggressivecompensationadjustments.Lookingahead,agradualrecoveryinthejobmarketisanticipatedduringthe2ndhalfof2024.Aseconomiccon-ditionsstabilizeanduncertaintiesrecede,busi-nessesareexpectedtoregainconfidence,lead-ingtoanupswinginhiringactivities.

Inthisreport,wedeepdiveintothesetrendsandmoreinSingapore’ssalarylandscapeacrossHealthcareandLifeSciences,theIndus-trialsector,Banking,FinancialServicesandInsurance,Consumer,CorporateServices,SupplyChainandTechnology.

Wehopetheinsightsprovidedforyouinthis

reportwillserveasavaluableresourceinnavi-

gatingthejobmarketthisyear.

contents

tableof

Report03

JobMarketTrends&SalaryData04-30

02

04

09

14

20

31

39

.ConsumerGoods .Industrial.Healthcare&LifeSciences.FinancialServices ·CorporateServices- ·Technology&Digital

46

About

RGF'sSalaryWatch:SingaporereportaimstoshedlightonsalarytrendsanddataacrossallindustriesandjoblevelsinSingapore.ThisreportisbasedonRGF-ownedtalentpoolcoveringcloseto10,000candidates,withdatacollectionconductedfromNovember2022toDecember2023.Thedefinitionofannualbasicsalaryusedthroughoutthisreportdoesnotincludeallowances,stocks,bo-nuses,oranyotheradditionalbenefits.

Duetothereal-timenatureofsomeofthisdata,RGFencouragesreaderstousetheseinsightsattheirdiscretion.

SalaryWatch

03

CONSUMERGOODS

TheRetailsectorplaysapivotalroleinSin-gapore,contributingapproximately1.4percentofSingapore'sGrossDomesticProd-uct.Itencompasses15,860enterprisesandsustainsaworkforceof116,000individuals.WithAsiaexperiencingremarkableeconom-icgrowth,itisanticipatedtofosterabur-geoningconsumermarketwhichwillinclude3.2billionpeopleinthemiddle-classseg-mentby2030.1Thisprojectedsurgeincon-sumerdemandspropelsgrowthwithintheindustry,consequentlygeneratingemploy-mentopportunitiesforthesector.

In2022,theRetailIndustryTransformationMap(ITM)2025waslaunched,aimingtoestablishacoreofinternationalSingaporebrandsandelevateemploymentstandardsintheindustry,positioningSingaporeasagloballifestyleandretailhub.2ThelargestsalaryincreaseshavebeenobservedinfunctionssuchasE-Commerce,Digitaliza-tion,andSupplyChain.DuringtheCovid-19pandemic,oneofthemostimpactedindus-trieswasConsumerandRetail.Organisa-tionslackingrobustE-Commerce,Digitaliza-tion,andSupplyChainfunctionsweresig-nificantlyaffected.Therefore,thereisaheightenedfocusonstrengtheningthesefunctionsintoday'sworld,leadingtoahighdemandforprofessionalsintheseareasandsubsequentlyhighersalariesbeingpaid.

1.

2.

https://www.moe.gov.sg/sgis/sponsoring-organisations/in

-dustries/lifestyle-and-food

https://content.mycareersfuture.gov.sg/singapores-retail

-sector-resilient-rebounding-rising

04

BYSECTOR

KEYSALARYFIGURES

Averagesalaryincreasereceivedbyemployees

22%

7%

2022

2023

Averagesalaryincreaseemployersareexpectedtooffer

12%

8%

2022

2023

BYSECTOR

HOTJOBS

E-commerce

Mostin-demandskills:

EcommerceOperationsandManagement,DataAnalyticsandPerformanceMonitoring,Custom-erEngagementandAcquisition.

Digitalization

Mostin-demandskills:

DigitalStrategyandTransformation,ChangeManagementandLeadership,DigitalProject

Management.

Percentageincreasefrom

2023to2024

+4%

Percentageincreasefrom

2023to2024

+3%

05

06

RGF2024SALARYWATCHDATA:SINGAPORE

CONSUMERGOODS

Seniormanagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

CEO

President

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

1,500

680

140

2,500

1,300

245

GM/BU

Head

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

300

120

750

500

200

VP

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

1,000

500

300

1,400

900

600

COO

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

1,350

680

140

2,430

1,300

280

Sales&

BusinessDevelopment

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Head

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

280

120

750

500

200

Manager

SeniorManager

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

200

180

120

260

250

200

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

120

100

70

180

140

100

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

BusinessStrategy&Commercial

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

280

150

750

500

230

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

160

100

260

230

140

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

140

120

80

200

180

120

E-commerce

MAX

MIN

CompanyType

Position

Working

Experience(yrs.)

450

270

120

180

160

100

140

120

80

800

520

250

260

240

150

220

180

150

GlobalMNC

Director15-20

LargeLocal/GlobalMNCHQ

SME

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

Manager8-10

GlobalMNC

Supervisor5-8

LargeLocal/GlobalMNCHQ

SME

07

RGF2024SALARYWATCHDATA:SINGAPORE

CONSUMERGOODS

CRM&AccountManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

270

120

750

500

220

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

160

100

260

230

140

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

150

120

80

200

180

120

Digitalization

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

405

270

120

800

500

230

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

160

100

260

230

150

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

150

120

100

200

180

130

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

Marketing&Branding

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

540

350

170

1,000

650

300

Manager

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

200

150

100

280

210

120

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

120

100

60

180

160

90

PR&Communication

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

270

120

750

500

220

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

160

110

260

240

160

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

150

120

80

200

180

120

08

RGF2024SALARYWATCHDATA:SINGAPORE

CONSUMERGOODS

Product/CategoryManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

400

250

120

750

500

250

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

160

100

260

230

140

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

140

120

80

200

180

120

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

VisualMerchandising

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

410

270

120

750

500

230

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

180

100

260

230

140

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

140

120

80

200

170

120

INDUSTRIAL

Singapore'smanufacturingsectorconstitut-ingapproximately20%ofthecountry'sGDPhasexperiencedayear-longcontractionduetoweakenedglobaldemand1.However,thereisamoreoptimisticoutlookfor2024assignsofrecoveryemergeandthecon-tractionslowsdown.DrivenbyIndustry4.0,theintegrationofindustrialautomationandtheInternetofThings(IoT)hasledtoatrans-formationoftheindustry,enhancingopera-tionalefficiency.Thishasinturn,ledtoanincreaseindemandforspecialisedskillssuchasdataanalytics,programmingandautomationasjobrolesevolve.Withincreasedproductivity,employersareinclinedtoofferhighersalariestoattractandretainaskilledworkforce.

AlignedwithSingapore'scommitmenttoachievingnet-zeroemissionsby2050,2thereisanincreaseindemandforskilledtalentintheemerginggreenenergysector.Rolesassociatedwithrenewableenergy,engineeringandprojectmanagementareparticularlysoughtafter,reflectingtheexpan-sioninsolar,hydrogen,biofuels,nuclearandgeothermalpower.Concurrently,com-paniesarealsointensifyingtheirfocusonSustainability,Environmental,Social,andGovernance(ESG),activelyrecruitingtalentwhoareexperiencedinadvancingsustain-ablepractices.Internallearninganddevel-opmentinitiativesarealsounderwayascom-paniesstrivetomeettheirSustainabilitygoals,promptingmid-careerprofessionalstoincreasinglyenrollinsustainabilityandESG-focusedcourses.

1.

https://www.channel/singapore/singapore

-economy-growth-forecast-cut-gdp-mas-survey-3749361

2.

https://www.nccs.gov.sg/media/press-releases/singapore

-commits-to-achieve-net-zero/

09

BYSECTOR

KEYSALARYFIGURES

Averagesalaryincreasereceivedbyemployees

21%

3%

2022

2023

Averagesalaryincreaseemployersareexpectedtooffer

12%

11%

2022

2023

BYSECTOR

HOTJOBS

SeniorManagement

Mostin-demandskills:

Leadership,RiskManagement,Hands-onPracti-calSkills,StrategicThinking.

R&DDirector

Mostin-demandskills:

DataAnalysis,SustainabilityAwareness,Budget-ing&ResourceManagement.

R&DManager

Mostin-demandskills:

Leadership,Hands-onPracticalSkills,DataAnal-ysis.

ApplicationEngineeringDirector

Mostin-demandskills:

StrategicThinking,ProjectandProgramMan-agement,CommunicationSkills.

Percentageincreasefrom

2023to2024

+5%

Percentageincreasefrom

2023to2024

+20%

Percentageincreasefrom

2023to2024

+4%

Percentageincreasefrom

2023to2024

+5%

10

BYSECTOR

11

HOTJOBS

Manufacturing,Production&Operation—Director

Mostin-demandskills:

LeanManufacturingPrinciples,EnvironmentalSustainability,LeanManufacturingPrinciples.

Manufacturing,Production&Operation—ExcellenceLeader

Mostin-demandskills:

LeanManufacturingPrinciples,OperationalExcellence,DataAnalysis.

QualityManagementDirector

Mostin-demandskills:

ContinuousImprovement,DataAnalysis,ProcessMappingandOptimization.

Sales&MarketingSalesDirector

Mostin-demandskills:

StrategicThinking,Agility,andPeopleManagement.

Percentageincreasefrom

2023to2024

+1%

Percentageincreasefrom

2023to2024

+2%

Percentageincreasefrom

2023to2024

+10%

Percentageincreasefrom

2023to2024

+7%

12

RGF2024SALARYWATCHDATA:SINGAPORE

INDUSTRIAL

SeniorManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

CEO

President

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

515

470

400

800

670

600

GM

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

400

270

210

550

390

350

VP

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

320

260

230

400

420

330

R&D

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

200

200

170

320

320

200

Manager

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

160

150

150

230

200

170

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

90

90

80

120

120

100

Engineer

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

70

70

68

95

95

92

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

ApplicationEngineering

Position

Working

Experience(yrs.)

CompanyTypeMIN

MAX

Director

10-15

GlobalMNC160

LargeLocal/GlobalMNCHQ158

SME120

265

265

235

Manager

8-10

GlobalMNC85

LargeLocal/GlobalMNCHQ80

SME78

125

118

110

Engineer

3-5

GlobalMNC50

LargeLocal/GlobalMNCHQ50

SME45

75

75

70

Manufacturing

,Production&Operation

Position

Working

Experience(yrs.)

CompanyTypeMIN

MAX

Director

10-15

GlobalMNC190

LargeLocal/GlobalMNCHQ185

SME150

345

320

265

Manager

8-10

GlobalMNC110

LargeLocal/GlobalMNCHQ100

SME95

180

170

135

Excellence

Leader

8-10

GlobalMNC88

LargeLocal/GlobalMNCHQ88

SME78

160

160

135

Supervisor

5-8

GlobalMNC82

LargeLocal/GlobalMNCHQ80

SME80

120

120

105

Engineer

3-5

GlobalMNC65

LargeLocal/GlobalMNCHQ65

SME60

90

88

85

13

RGF2024SALARYWATCHDATA:SINGAPORE

INDUSTRIAL

QualityManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

95

92

80

185

175

155

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

72

70

65

110

105

95

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

78

75

70

105

92

92

Engineer

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

48

48

45

65

62

60

ProjectManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

165

165

140

300

300

245

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

95

95

88

160

160

152

Supervisor

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

80

80

75

128

128

118

Engineer

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

75

73

70

117

117

115

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

Sales&Marketing

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

SalesDirector

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

175

130

295

290

265

SalesManager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

100

100

85

165

155

130

Business

Development

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

130

120

100

170

155

150

Account

Managerr

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

100

100

90

150

150

110

Marketing

Director

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

165

165

140

288

288

260

Marketing

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

100

100

100

160

160

145

HEALTHCARE

&

LIFESCIENCES

Singaporeservesasthehealthcareandmedicalhuboftheregionthankstothenation'sadvancedhealthcaresystemandrobustintellectualproperty(IP)regime.Thesefactorsmakeitattractiveforcompa-niestotest-bedtheirmostadvancetechnolo-giesanddeveloptheirlatestproductsforAsiaandbeyond.1TheSingaporemedicaldevicemarketisexpectedtorecordaCAGRgrowthof7.4%from2022to2027,drivenbytheincreasingdemandforhealthcareasthepopulationagesinSingapore.2TheMin-istryofHealthinSingaporeprojectsthattheSingaporeNationalHealthExpenditurecouldrisefrom$22billionin2018to$59billionin2030.3

Thementionoftalentasakeyconstraintisacommonchallengefacedbymanycountrieswithsmallerpopulations.InthecontextofSingapore,addressingthisconstraintmightinvolveinitiativestoattractandretainskilledprofessionalsinfieldslikeR&D,SMARTmanufacturing,LeanSixSigmaoperations.Collaborationwithinternationaltalent,invest-mentineducationandtrainingprograms,andcreatingaconduciveenvironmentforresearchanddevelopmentarepotentialstrat-egies.

SettingupregionalofficesinSingaporebycompaniesalsoindicatesthecountry'sbusi-ness-friendlyenvironmentanditsappealasastrategiclocationforcompanieslookingtoexpandtheiroperationsintheregion.

1.

2.

3.

https://content.mycareersfuture.gov.sg/singapore-health

-care-sector-medical-jobs-available/

/news/sg-medical-de

-vice-market-generate-cagr-74-2022-2027#:~:text=The%20Singapore%20medical%20device%20market,1bn)%20by%202027.

https://content.mycareersfuture.gov.sg/singapore-health

-care-sector-medical-jobs-available/

14

BYSECTOR

KEYSALARYFIGURES

Averagesalaryincreasereceivedbyemployees

17%

10%

2022

2023

Averagesalaryincreaseemployersareexpectedtooffer

11%

8%

2022

2023

BYSECTOR

HOTJOBS

SeniorManagement–CEO/President

Mostin-demandskills:

StakeholdersEngagement,FinancialManage-ment,Leadership,P&L,Leadership,Operations

R&DDirector

Mostin-demandskills:

Innovation,ProblemSolving,EffectiveCommu-nication.

MedicalDoctor

Mostin-demandskills:

ScientificExpertise,MedicoMarketing,Com-munication.

Production&OperationsDirector

Mostin-demandskills:

Innovation,ContinuousImprovement,Collab-oration.

Percentageincreasefrom

2023to2024

+14%

Percentageincreasefrom

2023to2024

+15%

Percentageincreasefrom

2023to2024

+20%

Percentageincreasefrom

2023to2024

+13%

15

BYSECTOR

16

HOTJOBS

QualityDirector

Mostin-demandskills:

QMS,Auditing,CAPA

Sales&MarketingDirector

Mostin-demandskills:

LaunchExcellence,TeamManagement,MarketStrategy

Percentageincreasefrom

2023to2024

+3%

Percentageincreasefrom

2023to2024

+1%

17

RGF2024SALARYWATCHDATA:SINGAPORE

HEALTHCARE&LIFESCIENCES

Medical

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Doctor

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

250

175

120

320

230

180

Director

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

240

220

180

280

275

230

Manager

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

150

110

75

180

150

100

Researcher

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

90

70

60

120

96

96

Production&Operations

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

240

200

150

360

275

220

Manager

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

120

110

100

165

160

130

Non-

management

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

75

60

50

96

90

80

SeniorManagement/GeneralManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

CEO

President

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

600

450

200

800

500

280

GM

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

400

280

220

500

380

280

VP

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

320

280

220

450

380

350

CXO

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

650

450

360

950

750

550

BUHead

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

260

250

220

350

325

300

R&D

MAX

MIN

CompanyType

Position

Working

Experience(yrs.)

300

225

200

150

120

100

90

85

60

475

375

240

200

170

160

125

120

100

GlobalMNC

Director10-15

LargeLocal/GlobalMNCHQ

SME

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

Manager5-8

GlobalMNC

Researcher3-5

LargeLocal/GlobalMNCHQ

SME

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

18

RGF2024SALARYWATCHDATA:SINGAPORE

HEALTHCARE&LIFESCIENCES

Quality

MAX

MIN

CompanyType

Position

Working

Experience(yrs.)

320

220

175

150

140

100

72

60

55

420

380

200

290

180

150

96

85

72

GlobalMNC

Director15-20

LargeLocal/GlobalMNCHQ

SME

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

Manager8-10

GlobalMNC

Supervisor3-5

LargeLocal/GlobalMNCHQ

SME

RegulatoryAffairs

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

320

220

170

500

400

190

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

180

155

110

220

195

140

Non-

management

3-5

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

108

85

65

118

102

95

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

Sales&Marketing

MAX

MIN

CompanyType

Position

Working

Experience(yrs.)

320

250

200

190

160

145

115

96

72

425

375

270

220

190

182

175

115

100

GlobalMNC

Director15-20

LargeLocal/GlobalMNCHQ

SME

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

Manager5-8

GlobalMNC

Non-

5-8

management

LargeLocal/GlobalMNCHQ

SME

HealthcareService&Management

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

Director

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

220

200

180

280

270

200

Manager

10-15

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

170

156

110

190

178

175

Non-

management

5-8

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

125

108

96

160

150

118

19

RGF2024SALARYWATCHDATA:SINGAPORE

HEALTHCARE&LIFESCIENCES

HospitalManagement

Position

Working

Experience(yrs.)

CompanyType

MIN

MAX

HospitalDean

20+

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

229

196

170

300

230

195

Director

15-20

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

185

156

132

240

188

145

Manager

8-10

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

125

94

86

165

154

145

SGD(Unit:1,000)

*SalaryDefinition:AnnualBasicSalary(notincludingallowance,stock,bonusetc.)

IT

MAX

296

290

220

225

200

190

122

108

96

MIN

220

196

155

160

145

135

86

78

62

CompanyType

Position

Working

Experience(yrs.)

GlobalMNC

LargeLocal/GlobalMNCHQ

Director

15-20

SME

GlobalMNC

LargeLocal/GlobalMNCHQ

SME

Manager10-15

GlobalMNC

Non-

5-8

management

LargeLocal/GlobalMNCHQ

SME

FINANCIALSERVICES

In2024,theFinancialServicesindustryanticipatesayearofrecovery,instarkcon-trasttothechallengesposedbyrisinginter-estratesandeconomicheadwindsin2023.SomenoteworthytrendswithintheindustryincludethedigitialisationoftheFinancialinfrastructure,alignedwiththeFinancialSer-vicesIndustryTransformationmap(ITM)2025,astheMonetaryAuthorityofSinga-pore(MAS)aimstobolsterthecountry'sstandingasapremierinternationalfinancialcenterinAsia.1

Facilitatedbya$100milliongrantfromtheSingaporeGovernmentlastinguntil2025,thetransitiontowardsanet-zerofutureemergesasanotherpivotaltrendintheFinancialServicesindustry.Thesectorispoisedforanuptickinhiringdemand,par-ticularlyinrolesassociatedwithcapabilitybuilding,greenFinTech,climateriskandreinsurance,andnovelfinancingsolutions.SalariesinRiskManagementroleshaveobservedan11%increase,attributabletothetalentgapintheseroles.Similarly,talentgapsarealsoobservedinsalesandstatis-tics.

ProfessionalsintheBanking,FinancialSer-vices,andInsurance(BFSI)industrycananticipateopportunitiesforupskillingandcareerdevelopment.TheMASandtheInsti-tuteofBanking&Finance(IBF)haveinstitut-edvariousschemestofostertalentdevelop-mentwithintheFinancialsector.Thisupskill-ingiscrucialasrolesthatcanbeautomatedarealsoincreasinglybeingmaderedundant,especiallyforadminrelatedroles.

1.

https://www.mas.gov.sg/development/financial-services-in

-

dustry-transformation-map-2025

20

BYSECTOR

KEYSALARYFIGURES

Averagesalaryincreasereceivedbyemployees

11%

7%

2022

2023

Averagesalaryincreaseemployersareexpectedtooffer

14%

14%

2022

2023

BYSECTOR

HOTJOBS

RelationshipManagementDirector

Mostin-demandskills:

Communication,CustomerRelationship,AccountManagement.

RiskManagement

Mostin-demandskills:

RiskAssessment,DataAnalysis,BusinessAcumen.

ProductManagement

Mostin-demandskills:

Marketing,StrategyandPlanning,Research.

TradeandSalesSupport

Mostin-demandskills:

DataAnalysis,Management,Research.

Percentageincreasefrom

2023to2024

-3%

Percentageincreasefrom

2023to2024

+11%

Percentageincreasefrom

2023to2024

-2%

Percentageincreasefrom

2023to2024

+10%

21

BYSECTOR

22

HOTJOBS

Audit&Compliance

Mostin-demandskills:

AttentiontoDetails,CriticalThinking,DecisionMaking.

Actuarial

Mostin-demandskills:

StatisticsSkills,ClientManagement,Analysis.

ProductDevelopment

Mostin-demandskills:

Research,BusinessAcumen,Strategy.

Underwriting

Mostin-demandskills:

DetailOriented,Analysis,BusinessAcumen.

Distribution

Mostin-demandskills:

Communication,Management,Negotiation.

Percentageincreasefrom

2023to2024

+2%

Percentageincreasefrom

2023to2024

+42%

Percentageincreasefrom

2023to2024

+57%

Percentageincreasefrom

2023to2024

+57%

Percentagein