Despite challenging economic conditions and manpower shortages, Singapore’s labour market has improved on all fronts in 2022, according to the 2023 Singapore Salary Guide by HR solutions company PERSOLKELLY.
Conducted in July 2022, the report focused on Singapore’s labour outlook, commentaries and industries. Salary figures included in the report are also derived from combining expert market knowledge or senior recruitment professionals with the firm’s Singapore network as well as actual job placement data.
The report found that the garden state’s labour market has improved in the first quarter of 2022, with total employment expanding to 42,000. Resident employment exceeded pre-pandemic levels at 3.9% higher than in December 2019, while unemployment rates have continued to trend down to pre-pandemic levels.
There was also a rise in growth sectors like financial services, information and communications, professional services, and health and social services. However, consumer-facing sectors saw a decline largely due to the seasonal pattern of temporary workers hired for year-end festivities leaving in the following quarter.
“The effects of the pandemic and macro-economic challenges had a dramatic effect on the growth of our economy and affected many sectors and industries,” Foo See Yang, managing director and country head of PERSOLKELLY Singapore said.
“It is encouraging that this year’s growth outlook remains bright and we hope that this year’s salary guide will be able to provide organisations with refreshed recruitment strategies and approaches to help them attract, retain and develop talents.”