Global Salary Guide 2009-SG

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Singapore – Salary and Labour Market Guide 09

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Singapore Salary and Labour Market Guide 09 l Labour Market


Singapore – the recruitment market outlook
The Singapore recruitment market has undergone a period of extreme volatility over the past 12 months, from the peak of 2008 to its present slowdown. The global credit crisis had significant impact on market sentiment in the second half of 2008, with right sizing exercise or hiring freeze enforced in organisations across the board. Financial institutions bore the brunt of the meltdown, as did companies in the Property, Electronics and Manufacturing sectors. Whilst overall sentiment remained negative, there were some pockets of growth in sectors including Information Technology (IT), Fast Moving Consumer Goods (FMCG), Healthcare and Energy. 2009 started on a similar pessimistic note with employers taking a cautious stance and recruitment freezes in place within many multinational organisations. However as we approach the second half of 2009, there is increasing evidence of improvement in market fundamentals and ‘cautiously-optimistic’ sentiment creeping in. Selective expansion and replacement hiring has begun, though the process is still somewhat protracted. As expected, the outlook was bleak for the greater part of last year for the Banking and Finance sectors. Sales and trading functions were hit, as were corresponding back office settlement positions, while Audit, Risk and Compliance remained areas of growth. Recruitment for private bankers continued to be stable, but requirements became a lot more stringent. Investment Banking suffered the most with extensive job cuts across the board. Salary increments were negligible, with employers relying on non-monetary incentives like stability, job security, and career growth prospects to attract talent. Within commercial organisations, recruitment activity for Accounting and Finance professionals remained resilient, with strong demand for experienced professionals in talent short areas of Taxation, Audit and Cost Controls. Analysts, controllers and chief financial officers (CFOs) with strategic mindset and business partnering abilities continued to command a premium – despite depressed market conditions. In these challenging times, employers are seeking talent who not only meet immediate needs, but who also add value to their business in the long run. Salaries continued to rise in this sector, though increments were not as aggressive as in the past years. Retention of staff at junior to mid level remained an ongoing challenge for employers. The IT sector saw strong growth in early 2008 within Banking and Commercial organisations, but the environment became challenging towards the later part of the year. Moving into 2009, the IT sector saw significant cut backs and recruitment freeze as appetite for IT investment reduced across the board. The outlook for the second half of 2009 is projected to remain cautious with limited opportunities in select areas such as storage, security, and other business-critical projects. Where possible, employers are showing preference for hiring on fixed-term contract, rather than permanent basis. Hiring prospects remained strong for sales, business development, and account management professionals, who deliver measurable ROI, grow market share, and add value to their employer’s balance sheet. Across a variety of sectors like FMCG & Retail, IT & Telecommunications, Engineering & Energy and Financial Services the demand for sales professionals remained strong, with significant salary increments being offered to the right talent. Marketing professionals on the other hand encountered hiring freeze, pay cuts and right-sizing, especially within agencies, as their clients scaled back marketing spend. Whilst it is impossible to predict if the bottom has been reached, there seems to be greater optimism now when compared to the start of 2009. The latter half of this year will present interesting opportunities for organisations looking to ramp up their talent pool in anticipation of an upturn in the market. Progressive employers have started to build up their talent pipeline, whilst at the same time focusing on staff retention issues, in preparation of an imminent improvement in market conditions, and the talent race that is bound to accompany it.

Singapore Salary and Labour Market Guide 09 l Labour Market


Singapore – labour market factors
This section provides a variety of information regarding the labour market in Singapore, factors that will influence its recruitment market, and the availability of candidates required by employers. All data is taken from the Singapore Statistical Authority.

The chart below shows the total population in Singapore as well as the population of Singapore residents who are Singaporean citizens and permanent residents:

The chart below shows unemployment rates across Singapore:

Population – Singapore
5000 4500 4000 3500 3000 000s 2500 2000 1500 1000 4559

Unemployment Rates
5 4.5 4 3583 3.5 3 2.5 2 1.5 1 0.5



500 0 0 Total Singapore Singapore Residents
Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08

Unemployment rates have by and large been reducing since 2005 to a low of 1.7% in September 2007. However, since December 2007, rates have increased across the resident population as have the overall rates across the country.

Singapore Salary and Labour Market Guide 09 l Labour Market

The chart below shows the number of staff in Singapore, by industry sector:

The chart below shows the number of Singaporean residents employed in different occupational groups:

The chart below shows the highest educational level/qualification held by those economically active aged over 15 in Singapore:

Staff by Industry 3

Staff by Occupation

Highest Qualifications

Degree Community, social and personal services

Administrative and support services

Cleaners, labourers and related workers

Professional services

Plant & machine operators and assemblers

Polytechnic diploma

Real estate and leasing services

Production craftsmen and related workers

Upper secondary

Financial services Services workers, shop and market sales workers Secondary Clerical workers

Information and communications

Hotels and restaurants

Transport and storage Technicians and associate professionals

Wholesale and retail trade

Lower secondary



Construction Managers, working proprietors and senior officials 0 500 1000 1500 (000s) 2000 2500 0 50 100 150 200 250 300 350 400 Primary and below







250 (000s)


350 400 450



A range of industries are present in Singapore with the majority of the population engaged in the Service sector. There are a fair number employed in the Manufacturing sector which has seen an increase since 2007.

A variety of jobs are undertaken by workers in Singapore. The majority of roles fall into the Technicians and Associate Professionals group, followed by Professionals and Managers.

A wide variety of qualifications are held by those who are economically active in Singapore. The majority of the population are educated to secondary level and beyond, with a large number of the population, just over 20%, educated to degree level.

Singapore Salary and Labour Market Guide 09 l Salary Snapshot


Accounts Payable/Credit Control/Payroll
Job roles Accounting Manager Credit Control Manager Credit Controller Payroll Manager Accounts Assistant

Min ($SGD) 80,000 80,000 70,000 60,000 40,000 Max ($SGD) 120,000 120,000 120,000 90,000 65,000

Core Finance
Job roles Chief Financial Officer Finance Director Financial Controller Finance Manager Financial Analyst Accountant

Min ($SGD) 250,000 140,000 120,000 100,000 60,000 45,000 Max ($SGD) 500,000 200,000 160,000 150,000 100,000 65,000

Internal Audit
Job roles Director Manager Auditor

Min ($SGD) 150,000 85,000 40,000 Max ($SGD) 250,000 120,000 65,000

Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Banking & Insurance
Job roles Appointed Actuary Actuary Part Qualified

Min ($SGD) 170,000 75,000 40,000 Max ($SGD) 300,000 100,000 60,000

Core Finance
Job roles Chief Financial Officer Product Controller Financial Controller Financial Accountant Management Accountant Junior Accountant

Min ($SGD) 350,000 100,000 90,000 80,000 60,000 55,000 Max ($SGD) 600,000 180,000 160,000 120,000 100,000 75,000

Legal & Compliance
Job roles Senior Legal Counsel Junior Legal Counsel Compliance Manager Para Legal Compliance Associate

Min ($SGD) 150,000 90,000 80,000 50,000 40,000 Max ($SGD) 230,000 140,000 140,000 80,000 70,000

Job roles Operational Risk Head Credit Risk Manager Market Risk 10 years + Market Risk 5-7 years Market Risk 2-4 years Operational Risk Manager Credit Risk Associate

Min ($SGD) 150,000 120,000 165,000 80,000 60,000 65,000 50,000 Max ($SGD) 250,000 200,000 350,000 175,000 80,000 150,000 90,000

Singapore Salary and Labour Market Guide 09 l Salary Snapshot


HR & Training
Job roles HR HR HR HR HR Director Business Partner Manager Analyst Executive

Min ($SGD) 150,000 70,000 70,000 45,000 32,000 Max ($SGD) 300,000 120,000 120,000 80,000 52,000

Recruitment & Compensation
Job roles Compensation & Benefits Manager Recruitment Manager Employee Relations Manager Payroll Executive

Min ($SGD) 80,000 50,000 55,000 40,000 Max ($SGD) 130,000 90,000 100,000 65,000

Learning & Development
Job roles Training Director Organisation Development Manager Learning & Development Manager Training Manager Training Executive

Min ($SGD) 120,000 100,000 50,000 50,000 35,000 Max ($SGD) 200,000 180,000 110,000 110,000 55,000

Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Sales & Marketing
Marketing & Communication
Job roles Marketing Director Marketing Manager Communications Manager Public Relations Manager Brand Manager Product Manager Market Research Manager Events Manager Marketing Executive

Min ($SGD) 120,000 75,000 70,000 60,000 65,000 50,000 65,000 40,000 36,000 Max ($SGD) 200,000 130,000 120,000 100,000 110,000 95,000 120,000 80,000 60,000

Job roles Sales Director National Sales Manager Regional Sales Manager Business Development Manager Key Accounts Manager Sales Executive Account Director (Agency) Account Manager (Agency)

Min ($SGD) 130,000 80,000 80,000 80,000 52,000 42,000 120,000 70,000 Max ($SGD) 195,000 140,000 140,000 110,000 90,000 60,000 195,000 100,000

Job roles Visual Merchandising Manager Merchandising Manager Retail Manager Store Manager

Min ($SGD) 65,000 50,000 60,000 36,000 Max ($SGD) 120,000 110,000 100,000 60,000

Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Supply Chain
Job roles Business Development Director Logistics Director Account Director 3rd Party Contract Manager Logistics Manager Business Development Manager Account Manager

Min ($SGD) 200,000 160,000 130,000 90,000 85,000 80,000 70,000 Max ($SGD) 250,000 280,000 195,000 120,000 130,000 120,000 100,000

Job roles Procurement Director Sourcing Director Sourcing Manager Procurement Manager Buyer

Min ($SGD) 220,000 200,000 75,000 75,000 60,000 Max ($SGD) 300,000 300,000 150,000 130,000 75,000

Supply Chain
Job roles Supply Chain Director Operations Director Materials Director Operations Manager Supply Chain Manager Materials Manager Supply Chain Planner (does both Supply & Demand Planning) Demand Planner Production Planner Inventory Manager

Min ($SGD) 170,000 160,000 150,000 85,000 80,000 65,000 60,000 60,000 50,000 50,000 Max ($SGD) 300,000 250,000 285,000 120,000 150,000 120,000 100,000 85,000 80,000 70,000

Warehousing & Distribution
Job roles Warehouse Manager Distribution Manager Transport Manager

Min ($SGD) 75,000 70,000 70,000 Max ($SGD) 110,000 130,000 130,000

Singapore Salary and Labour Market Guide 09 l Salary Snapshot

IT Management
Job roles IT Director IT Project Manager Software Development Manager Service Delivery Manager IT Security Manager Infrastructure Manager QA Manager

Min ($SGD) 150,000 100,000 100,000 90,000 85,000 85,000 70,000 Max ($SGD) 300,000 200,000 160,000 150,000 130,000 130,000 100,000

Sales & Marketing
Job roles Business Development/Sales Director Channel Sales Director Presales Manager Marketing Director Business Development/Sales Manager Channel Sales Manager Marketing Manager Presales Consultant Product Manager Insides Sales

Min ($SGD) 180,000 180,000 160,000 150,000 100,000 100,000 80,000 65,000 60,000 40,000 Max ($SGD) 280,000 250,000 190,000 200,000 180,000 180,000 150,000 120,000 120,000 80,000

Job roles Architect ERP Consultant Business Analyst/Systems Analyst Database Administrator Tester/Test Analyst Systems Engineer/Administrator Developer (Applications) Technical Writer Web Content Engineer Network Engineer/Administrator

Min ($SGD) 100,000 75,000 65,000 60,000 55,000 55,000 54,000 50,000 45,000 40,000 Max ($SGD) 160,000 100,000 110,000 100,000 85,000 85,000 100,000 75,000 70,000 90,000

Trusted experts
Reed Specialist Recruitment has experts who recruit at all levels and across a wide range of specialisms including:
Accountancy Banking & Finance Healthcare Sales & Marketing Supply Chain Technology

Reed Specialist Recruitment’s worldwide operations include:
Abu Dhabi Australia Bulgaria Czech Republic Hong Kong Hungary Ireland Malta Poland Qatar Singapore UK

Contact us:
T: +65 6550 9685 E: [email protected]


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