Singapore might be on your radar of countries to migrate to and start working in. It’s a great place to live and is ranked one of the top 10 cities in Asia-Pacific in terms of quality of living. Along with political stability, low crime rates and high-quality healthcare, Singapore also offers a thriving job market. Foreigners stand to gain from the numerous job opportunities the country offers. In the first quarter of 2022, the resident employment levels exceeded pre-pandemic levels, according to a report by Channel NewsAsia.
When considering jobs in Singapore, whether as a mid-career professional or someone looking to switch industries, it’s important to understand the job landscape here. In this way, you can chart your career journey here and be a step closer to working in a lucrative sector. If you are vying for a managerial position, understanding the right roles to take on will also help you to get there. In this article, we list some factors to consider when applying for jobs in Singapore as well as the key industries of 2022:
Factors to consider when choosing a job
It goes without saying that executive positions are some of the highest paying jobs in Singapore. According to a Michael Page report, C-suite roles such as Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, command high annual salaries, starting from S$300,000 and can go up to as high as S$525,000. These figures apply to roles in sectors such as Business Services, Chemicals & Engineering, Fast Moving Consumer Goods (FMCG), Financial Services & Fintech and Healthcare & Life Sciences.
The digital transformation along with the changes brought about by the COVID-19 pandemic has also raised the profile of certain industries and heated up the job market in these sectors. Here are some of these industries you may consider when on the lookout for a job in Singapore:
Singapore’s most promising industries
1. Banking and finance
The Monetary Authority of Singapore (MAS) predicts that a total of 9,400 permanent jobs will be added to Singapore’s financial sector in 2022. Some examples of roles include financial analysts, compliance executives, relationship managers and risk managers. The fintech sector also shows much promise; with developments in blockchain technology, analytics, big data and artificial intelligence being applied to the financial sector to make financial services more secure. To keep in accordance with ESG principles, companies are also ensuring sustainable financial practices are in place, creating more job opportunities for professionals in this sector.
2. Cyber security
As Singapore gears toward becoming a Smart Nation, the Singapore government has set aside S$1 billion to ensure adequate resources are devoted to securing online infrastructure systems and protecting personal data and information. Several international cybersecurity companies like Palo Alto Networks, Ensign and Acronis have established branches here. If you’re a cyber security professional, whether a security analyst or a penetration tester, choosing to live in Singapore will prove to be an excellent choice.
Manufacturing remains the Republic’s largest industry, contributing 20 to 25% of its annual GDP. Key industry clusters include electronics, chemicals, biomedical sciences, logistics and transport engineering. During the pandemic, from 2019 to 2021, biotechnology, pharmaceutical and clinical research companies recorded a multifold increase in hiring.
4. Artificial Intelligence, robotics and data analytics
As different sectors adopt industry 4.0 technologies, IoT connectivity and smart automation, the demand for professionals with the expertise to fill newly created roles related to tech has increased. Specialised software engineers, product engineers and developers are vital to the creation of robots, writing programming code that helps to automate tasks. Data science, analytics and machine learning also allow massive amounts of data to be collected and interpreted and for predictive analytics to offer solutions to problems. The role of the data scientist is hence growing in importance in Singapore and according to the Robert Half Salary Guide, it is one of the five in-demand jobs in Singapore.
5. Logistics and supply chain
COVID-19 has also had a significant impact on the economy. According to LinkedIn, the e-commerce sector recorded 87% growth and a 30% rise in new online consumers in 2020. As more people turn to online shopping, the logistics and supply chain industry has to also keep pace with these changes in purchasing behaviour. Hence, there is a demand for skilled and experienced professionals, such as warehouse workers and planning and supply chain executives in this sector.
Ensure you are protected with Expat Insurance
If you’re a foreigner who is looking out for job opportunities in Singapore, considering the top industries in the country can aid in your search. As you start reviewing job offers, taking note of the employee benefits package offered by your potential employer can also go a long way in ensuring that the healthcare needs of you and your loved ones are covered. Expat Insurance also offers top-up insurance that acts as an add-on to the insurance plans provided by your company.
Speak with us today to learn more.