Singapore Job Market 2023: The Salary Showdown
Picture this: over three‑quarters of Singapore’s workforce are eyeing a new job if their pay bump doesn’t keep pace with the cost‑of‑living rollercoaster. A recent Robert Walters survey says it’s not just about the numbers—burnout, boredom, and a craving for fresh challenges are steering the ship.
Inflation: The Real Party Pooper
- Core inflation—excluding private travel and housing—was 5.1 % in October.
- Headline CPI, the all‑inclusive inflation, topped 6.7 % thanks to a slight chill on private transportation costs.
Workforce Whirlwind: 78 % Are Thinking of Switching Gears
When the earnings growth lag behind inflation, the job market gets busy. A whopping 78 % of employees said they’d consider changing jobs if they don’t see at least a comparable raise.
What Employees Want
- Raises that match or beat inflation.
- Opportunities to grow—skills, responsibilities, and a chance to make an impact.
- Workplaces where they can voice ideas without fear.
- A work‑life balance that’s not just a buzzword.
What Firms Are Trying to Do
- Double down on staff‑retention initiatives.
- Launch inclusive hiring strategies—broadening perks, tweaking job specs.
- Offer pay increments ranging from 15 % to 20 % for movers and shakers.
- Bridge the talent gap, especially for managerial and senior roles.
Tech & Talents: The Real Life Crowd
- Tech expertise remains king—continues to be sought across corporate and business functions.
- ESG (Environmental, Social & Governance) champions and HR pros with retention mojo are in high demand.
- Finance, marketing & advertising roles now need predictive data analysts.
Soft Skills: Must‑Do Stuff
- Resilience and adaptability—because the future is unpredictable.
- Agility and a hunger for learning—those get the edges.
- Communication and collaboration—no harder to deploy than an open chat.
In short, Singapore’s job market is reshaping itself around pay, purpose, and a pinch of playfulness. Employees are no longer just chasing numbers—they’re after meaning, growth, and a workplace that listens. If you’re a company, the stats say it’s time to shift gears too.
