Singapore’s Job Growth To Be Driven By Fintech And Other Electronic Fields

Financial technology, digital technology, UI/UX design, and others, are the fields, alongside a cautious hiring outlook, high demand for niche talent, and talent shortages are expected to drive job growth across Singapore in 2019, according to a recent report.

Michael Page recently released the annual 2019 Salary Benchmark Index, a salary report made with the aim of providing managers and potential employees with measures on salary ranges across different job fields, including, but are not limited to, Digital, Financial, and Legal, covering disciplines like UI/UX design and payroll management, among others. The report provides an outline of the job market, with employee trends and observations of sentiments from job seekers’, hiring trends, and roles in demand.

The report states that hiring in Singapore is expected to remain stable for 2019, in spite of the government’s projections suggesting a slight slowdown in growth. According to said report, this is largely in part due to businesses in the country, both large businesses, as well as small and medium enterprises (SMEs), showing increased confidence for positive growth for industries in Singapore.

Singapore has managed to remain as one of the world’s digital payment hubs, including newer areas like blockchain. According to a Frost & Sullivan report, the fintech industry in Asia-Pacific is expected to grow from 2015 to 2020 at a compound annual growth rate (CAGR) of 72.5%, which would bring it up to US$72 billion.

Michael Page notes that Singapore has high demand for roles in fields like AI, machine learning, UI/UX design, and digital transformation, and that businesses need to have a sound game plan in order to attract talent in the country’s tight labor market. There’s also pressure for the educational institutions in the country to produce top-quality, industry-ready talent in order to meet the demand of businesses.

As a result, contracting has become more popular across Singapore, due to its ability to not only increase headcount during intensive periods, but also allowing for experimenting with new people and their new skills that could develop businesses. The benefits are becoming more and more apparent to the labor market, which led to contract roles in Singapore going up by 20% throughout 2018, and this growth is expected to continue in 2019.