Tech and healthcare sectors predict biggest pay rise for 2021: report
Managers who change companies can see their salary increase by 5 to 10%.
Hiring demand in Singapore is expected to be dominated by the technology and healthcare sectors in 2021, with research and development (R&D) as well as digitization roles expected to generate average salary increases of 15% for qualified new recruits, making them the highest earners. duties in Singapore for the coming year, according to a report by RGF International Recruitment.
According to the company’s “Salary Watch 2021: Singapore” report, R&D and digital transformation functions related to healthcare are expected to see a 15% increase, the highest salary increases of the year.
Meanwhile, higher-level positions such as general managers, sales managers, and R&D managers who have changed jobs can see their salaries increase by at least 5% up to 15%.
The report observes that digitalization-related functions will continue to be an area of focus across industries as businesses seek to overcome pandemic challenges, increase efficiency and respond to changing preferences. consumers. However, skilled talent in this field remains rare and, therefore, highly sought after.
A similar trend is seen for R&D talent in Singapore, which is in high demand but in short supply, leading to increased competition and higher increments for this function, especially in the manufacturing and manufacturing sectors. health. The increase in compensation for both functions is in line with global trends, as digitalization and innovation remain priority areas of investment across all industries.
“While the Singapore government has made many commendable efforts to close these workforce skills gaps, experienced talent in particular remains very hard to find,” said RGF Singapore Manaing Director. , Mike Wilkshire, adding, “Employers hiring in these areas need to be prepared, not only in terms of increasing compensation, but also improving their employer value proposition and accelerating their hiring process to beat competition.”
“This is in addition to the need for sustained efforts to upskill and prepare the existing workforce to future-proof their business against skills shortages, as well as the continuous upgrading of technical infrastructure to not only improve functionality, but also attract top talent,” added Wilkshire.