Welcome to the Ultimate Job Search Guide for Singapore in 2023!
In today’s dynamic job market, where technological advancements and shifting industry landscapes continue to reshape the employment landscape, the need for an effective job search strategy has never been greater. Whether you’re a recent graduate embarking on your professional journey or a seasoned professional seeking new opportunities, this comprehensive guide is designed to equip you with the essential tools and insights needed to navigate the evolving job market of 2023.
Throughout this guide, we will delve into a multitude of topics to support your job search endeavours.
Current Outlook of the Job Market in Singapore
As Singapore moves forward into 2023, it is essential for job seekers and employees to stay informed about the current outlook of the job market. Despite global uncertainties and ongoing disruptions, Singapore’s labor market displays both positive trends and challenges. In this article, we will delve into the key findings and insights from recent reports, shedding light on the state of the job market and providing guidance for those navigating their careers in Singapore.
Promising Labor Market Resilience
Singapore has demonstrated remarkable resilience in its labor market recovery from the Covid-19 pandemic. According to the Ministry of Manpower (MOM), total employment has seen unprecedented growth, surpassing pre-pandemic levels by 2.9%. The low rates of residential unemployment and long-term unemployment further contribute to the positive outlook.
Industry-Specific Hiring Trends
Different industries in Singapore have experienced varying levels of growth and opportunities. Financial services, information and communications, and professional services have shown a strong hiring outlook, offering prospects for local job seekers. Sectors related to aviation and tourism are expected to benefit from the recovery in air travel and the easing of border restrictions.
The financial services industry in Singapore has displayed a strong hiring outlook. With Singapore being a global financial hub, there is a continuous demand for skilled professionals in areas such as banking, insurance, asset management, and fintech. The industry’s growth is driven by factors like increasing digitalization, expanding regional markets, and the need for expertise in areas like risk management and regulatory compliance.
Information and Communications
The information and communications industry is another sector experiencing positive hiring trends. As technology continues to advance and digital transformation becomes a priority for businesses, the demand for professionals in areas like software development, cybersecurity, data analytics, and digital marketing has increased. Singapore’s commitment to becoming a smart nation further contributes to the growth of this industry.
The professional services sector, which includes fields like consulting, legal services, accounting, and human resources, has also witnessed robust hiring. Companies in Singapore rely on professional services to support their operations, navigate complex regulations, and drive growth. Professionals with expertise in specialized areas such as management consulting, legal advisory, and financial consulting are in high demand as businesses seek to enhance their competitiveness and navigate market uncertainties.
Aviation and Tourism-related Sectors
Despite the challenges faced during the pandemic, aviation and tourism-related sectors, such as air transport and accommodation, are expected to benefit from the recovery in air travel and the relaxation of border restrictions. As countries gradually reopen their borders and travel resumes, there will be a need for skilled professionals in areas like airline operations, hospitality management, travel services, and tourism marketing.
The manufacturing sector faces a comparatively weaker growth outlook due to the broader slowdown in the global economy. Factors such as global trade uncertainties, supply chain disruptions, and changes in consumer demand patterns have contributed to the challenges faced by this sector. However, specific manufacturing industries within Singapore, such as advanced manufacturing or industries focusing on emerging technologies, may still offer opportunities for skilled professionals.
Headwinds and Challenges
The job market in Singapore, despite its overall resilience, is not without its headwinds and challenges.
Global Economic Downturn
The global economic downturn poses a significant challenge to the job market in Singapore. Cyclical changes in the global economy can lead to reduced employment opportunities and slower growth in various industries. Singapore, being highly reliant on foreign trade, is sensitive to global economic fluctuations, and the effects of the downturn can impact employment prospects across sectors.
Technological disruptions, particularly digitalization, continue to reshape industries and job roles, rendering certain skills obsolete and creating a demand for new ones. The pace of technological advancements and the adoption of automation and artificial intelligence can impact the structure of the job market. Workers need to upskill and reskill to stay relevant and navigate the changing demands of the digital economy.
Different industries within Singapore face varying levels of challenges. While financial services, information and communications, and professional services display positive hiring trends, sectors such as manufacturing may experience a weaker growth outlook due to the broader slowdown in the global economy. Supply shortages, rising costs, and more localized supply chains can also impact industries, leading to uneven employment growth and potential job market disruptions.
Importance of Continuous Upskilling
To navigate the evolving job market, it is crucial for Singaporean workers to focus on continuous upskilling and staying adaptable to changing trends. The government has invested in initiatives like Workforce Singapore’s Career Conversion Programme, which supports mid-career workers in acquiring new skills and transitioning to new roles or sectors. Embracing technology and staying abreast of industry developments will be key in securing opportunities.
For ways in which to upskill, we recommend that you take a look at our guide Free Udemy Courses for Singaporeans: A Step-by-Step Guide.
Salary and Compensation Trends
Salaries in 2023 show a mixed outlook. While some industries are expected to have higher salary increments, inflationary pressures have led many companies to adopt a cautious approach. The emphasis on total rewards communication, benchmarking competition, and addressing wage increases for lower-income employees is evident in the strategies adopted by companies.
According to the recently published Total Remuneration Survey (TRS) by Mercer, the salary and compensation outlook for 2023 in Singapore presents a varied landscape. The TRS, which serves as a benchmarking study for compensation and benefits, involved the participation of over 1000 companies based in Singapore.
While there is anticipation among local employers that salary increases in 2023 will surpass pre-pandemic levels, inflationary pressures have tempered their sentiment. As a result, approximately 54% of companies in Singapore have taken a cautious “wait-and-see” approach to their salary budgets.
To address this cautious stance, employers are adopting alternative strategies to maintain competitiveness in the market. These strategies include benchmarking competition (70%), focusing on total rewards communication (69%), and increasing wages for lower-income employees (55%), instead of immediately raising wages to match inflation, as noted by Mansi Sabharwal, Reward Products Leader at Mercer Singapore.
Key findings from the report highlight the industries that are likely to experience the highest salary increments in 2023. The table below outlines the projected salary increments for specific sectors:
|Salary Increment Projection
|Banking and Finance
|3.09% to 3.52% (forecasted increase)
Among these sectors, the aerospace industry is expected to witness an improvement in salary increments, potentially rising from 3.09% to 3.52% in 2023. This projection aligns with the momentum gained in global travel as the world recovers from the effects of the Covid-19 pandemic.
These projections and trends highlight the cautious yet optimistic approach of employers in Singapore when it comes to managing salaries and compensation in 2023. It is important to note that these figures are based on the findings of the Mercer Total Remuneration Survey and can vary across organizations within each industry.
Please note that the provided information is based on the available context, and the salary increment figures are directly sourced from the Mercer report.
Embracing Digitalization and Future Skills
Singaporean companies foresee the adoption of new technologies at a faster pace compared to the rest of the world. This highlights the importance of embracing digitalization and developing future skills to remain relevant in a changing job market. Dependability, attention to detail, and adaptability are skills that are expected to increase in importance.
Digitalization has become a driving force across industries, reshaping the way businesses operate and creating new opportunities. The increasing automation of processes, the utilization of data analytics, and the adoption of cloud-based platforms have transformed traditional workflows. Embracing digitalization means being open to integrating technology into everyday work and leveraging digital tools to enhance productivity, efficiency, and innovation. That includes incorporating Artificial Intelligence tools into everyday work.
Developing Future Skills
As the job market evolves, certain skills are gaining prominence and becoming increasingly essential for success. Future skills encompass a range of competencies that enable individuals to thrive in a rapidly changing landscape. These skills include but are not limited to:
A. Technological Proficiency: With AI and automation taking center stage, proficiency in technology is vital. This includes understanding emerging technologies, acquiring coding skills, and being comfortable working with data analytics tools.
B. Critical Thinking and Problem-Solving: In an AI-centric world, critical thinking and problem-solving abilities become even more valuable. The ability to analyze complex situations, think creatively, and find innovative solutions will set individuals apart.
C. Adaptability and Flexibility: Adapting to changing circumstances and being open to new ideas and ways of working are crucial skills in a dynamic environment. As AI continues to evolve, individuals must be agile and able to quickly adapt their skills to new challenges and opportunities.
D. Emotional Intelligence: While technology plays a significant role, the human element remains essential. Developing emotional intelligence skills, such as empathy, effective communication, and collaboration, will be vital for working alongside AI systems and maintaining strong interpersonal relationships.
Job Search Platforms
Singapore boasts a wealth of job search platforms, leaving job seekers spoilt for choice. With a wide array of options available, there is no shortage of platforms tailored to meet the diverse needs of individuals seeking employment opportunities in Singapore.
Here are some notable job search platforms in Singapore:
MyCareersFuture is an Singapore Government Agency job portal launched by Workforce Singapore (WSG) and the Singapore Public Service Division. It offers a comprehensive range of job listings across various industries and allows job seekers to create profiles, upload resumes, and receive personalized job recommendations. It stands out as a comprehensive and user-friendly platform for job seekers in Singapore.
Aside from its extensive job listings, MyCareersFuture goes above and beyond by providing an array of resources designed to support job seekers in their career development journey. One notable resource is their regularly updated blog, which covers an array of topics such as job hunting strategies and interview preparation. These valuable resources are tailored to empower job seekers, equipping them with the knowledge and skills needed to enhance their chances of securing their desired positions.
JobStreet’s reputation and extensive network of employers make it a valuable platform for both active and passive job seekers. Its user-friendly interface, comprehensive job listings, and helpful resources make it one of the more popular job search platforms in Singapore.
JobStreet offers a resume builder tool that allows job seekers to create professional resumes quickly, as well as a job alert and recommendation feature. Through regular email notifications, users receive personalized job recommendations based on their preferences and qualifications.
LinkedIn is widely regarded as the premier professional networking platform, offering a multitude of opportunities for job seekers and professionals alike. With its comprehensive features and user-friendly interface, it has become a go-to resource for those seeking career growth and advancement.
One of the key strengths of LinkedIn lies in its expansive job listing database. Whether you’re searching for entry-level positions or executive roles, LinkedIn provides an extensive array of opportunities to suit various career paths. Notably, the platform’s Easy Apply feature streamlines the application process, enabling candidates to submit their profiles and documents with remarkable ease and efficiency.
Beyond its job search capabilities, LinkedIn offers a wealth of resources designed to enhance your professional skills and expertise. The platform boasts a diverse range of courses, enabling users to acquire new knowledge and broaden their skill set. Additionally, LinkedIn’s skill assessments allow individuals to showcase their proficiency in specific areas, providing an extra edge in a competitive job market.
In addition to its robust job search and learning features, LinkedIn places great emphasis on the power of professional networking and offers a platform for personal branding and career growth. You can potentially gain access to a vast network that can facilitate valuable connections and open doors to hidden job opportunities.
As a leading job search platform, Indeed has cemented its reputation as a reliable and effective resource for job seekers in Singapore. With its extensive job listings, user-friendly interface, and valuable features, Indeed offers a wealth of benefits that can propel job seekers towards their dream career. Making informed decisions about potential employers is vital, and Indeed provides valuable insights through its employer reviews feature.
Indeed’s main strength lies in its ability to aggregate job postings from various sources, ensuring a comprehensive selection across different industries, job functions, and experience levels. It’s friendly user interface and seamless application process also eliminate unnecessary complexities and allow you to apply for any job that catches you eye in second.
Building an Effective Resume
When it comes to job hunting, a well-crafted resume is your ticket to standing out from the competition. Your resume serves as a snapshot of your skills, experiences, and qualifications and this absolutely must capture the attention of hiring managers.
Here are a few tips to keep in mind when building your resume:
Start with a Compelling Summary
Think of the summary statement as your personal elevator pitch—a brief snapshot that encapsulates your unique value proposition. It serves as your opportunity to make a memorable first impression and showcase your expertise. Create a concise and compelling summary statement that highlights your key traits and career goals.
Showcase Your Achievements
When listing your work experience, start with your most recent role and work backward. Provide clear and concise descriptions of your job responsibilities, emphasizing relevant achievements and contributions. Use bullet points and start with action verbs to make your accomplishments more impactful and easily readable.
Do NOT list down tasks that did not result in a key accomplishment or does not add any obvious value.
Highlight Relevant Skills and Interests
Make sure to include a dedicated skills section that showcases your relevant hard and soft skills. Tailor the skills you highlight to match the requirements of the job you’re applying for. You can also consider including any certifications, training programs, or professional development courses that enhance your skill set.
Keep it Concise
If you’re relatively new to the job market and possess limited experience, maintaining a concise and focused resume becomes paramount. In such cases, adhering to a one-page format is highly recommended. You should always only aim to capture the most relevant and impactful detail. Be selective and only include information that directly supports your qualifications for the job.
Proofread and Seek Feedback
Always proofread your resume carefully to ensure accuracy and correctness. Consider asking a trusted friend, mentor, or career advisor to review your resume and provide constructive feedback, and be willing to accommodate changes. Their fresh perspective can help identify areas for improvement.
During the interview, it is essential to present yourself confidently and effectively to potential employers. Anticipating and practicing answers to common interview questions can significantly boost your chances of success. To assist you in your interview preparation, we have compiled a comprehensive list of 13 common job interview questions and provided sample answers to help you tackle the toughest inquiries with confidence.
Salary Negotiation and Benefits
Once you’ve impressed the hiring manager and made it to the salary negotiation stage, it’s important that you approach this critical phase with confidence and strategy. Here are key tips to help you navigate salary negotiation and make the most of your benefits:
Research Salary Benchmarks
Before entering salary negotiations, research industry salary benchmarks and average compensation for similar roles in your region.
Highlight Your Value
During negotiations, emphasize the value you bring to the company. Articulate how your skills, qualifications, and achievements align with the job requirements and contribute to the organization’s success. Demonstrate your unique abilities and why you deserve fair compensation.
Prioritize Total Compensation
Salary negotiations extend beyond base pay. Consider the comprehensive benefits package, including healthcare, retirement plans, stock options, vacation time, professional development opportunities, and other perks. Assess the value of these benefits alongside your salary to gauge the overall worth of the offer.
Don’t make the mistake of accepting a higher salary in place of these additional benefits. Your ability to care of your mental health is also a really important consideration when accepting a job offer.
Consider Non-Financial Perks
Explore non-monetary perks that can enhance your work-life balance and job satisfaction. Flexible work arrangements, remote work options, wellness programs, and professional growth opportunities are among the offerings that can make a significant impact on your overall job experience.
Timing Is Key
Choose the right time to initiate salary negotiations. Typically, it’s best to wait until you receive a formal offer before discussing salary. This demonstrates your interest and commitment to the role while allowing for a more focused discussion on compensation.
Practice Effective Communication
Develop strong negotiation skills by practicing clear and confident communication. Use active listening, ask clarifying questions, and maintain a respectful and professional demeanor throughout the negotiation process.
Throughout your job search journey, remain adaptable, resilient, and open to growth opportunities. Continuously upskill and stay informed about industry trends and advancements. Seek guidance from mentors or career coaches who can provide valuable insights and support.
Remember, your job search is a dynamic process that requires perseverance and strategic planning. Good luck, and may your career journey be fulfilling and rewarding.