Which industries paid higher salaries in 2021?
Almost 50% of SG jobs show pay growth, JobStreet reported.
JobStreet launched Salary Report 2022: The Big Review, which showed a positive growth trajectory for Singapore's job salaries across industries and specialisations. The report showed 49.9% of jobs in the country had salary increases from the first to third quarters 2021, compared to the same period in 2020.
Industries with the most salary increases include Computer/IT, Manufacturing, Banking and Finance, and Public Services and Transportation, with average salary growth by industry positive at 9.4%.
Salary growth in these industries may be attributed to companies' strong demand for local talent to fill job vacancies.
Banking and Finance and Education experienced a surge in senior manager roles (3.6x) and junior executive roles (2.2x). At the same time, median salary growth for these roles were 7.4% and 31.7%, respectively, compared to Q1 to Q3 2020.
"The talent war will continue to push wages up. Knowing that the cost increase associated with higher wages may not be sustainable, companies can adopt different strategies and work on balancing the competitive salaries with other differentiators that matter to employees. These may include positive workplace culture, career development opportunities, job security, and flexible work arrangements," managing director Chew Siew Mee commented.
On the other hand, Communication Service experienced the highest percentage decrease (-13.5%) in median salaries across all industries, while Construction/Building had the highest percentage decrease (-9.1%) across all specialisations.