SINGAPORE - Job seekers and pre-university students take note: The five sectors with the highest-paying jobs in Singapore are banking and finance; oil & gas; pharmaceuticals; semiconductors; and information technology.
According to the latest salary guide produced by recruitment consultancy Kelly Services, highest demand jobs this year can command salaries of up to $10,000 to $12,500. Some of the jobs most in demand this year include application development consultants; supply chain managers; financial accountants; network/systems engineers and compliance managers.
The increase in demand for these jobs comes with recent changes to regulatory or business environments.
In the banking and financial sector, changes in the financial regulatory environment have prompted banks and financial institutions to strengthen their compliance and risk management functions, resulting in a demand for compliance and risk management personnel.
In the medical industry, the biopharmaceutical sector now contributes 4 to 5 per cent of Singapore's gross domestic product (GDP). Pharmaceutical companies are building new-generation plants and innovating to meet growing demand in the region. As a result, skilled talent with laboratory, regulatory affairs and technical sales expertise are especially in demand.
There is also increasing demand for mid-level IT professionals as the threat of cybersecurity is becoming a growing concern for businesses. Infocommunications services companies are drawn to Singapore because of its infrastructure, robust intellectual property protection regime, good physical and trade connectivity, and easy access to global talent.
Key engineering industry clusters include construction, chemicals, electronics, infocommunications and media, biomedical sciences, logistics and transport engineering. For instance, demand for mechanical and electronics engineers have risen due to the growth of Singapore's aerospace industry and the development of R&D and innovation functions across many industries.
There are also new areas of growth in the engineering industry such as clean energy, environment and water, and natural resources.
The trends and developments in top paying industries are expected to spur the overall increase in wages and demand for specialised workers, Kelly Services said.
It added that some industries which will likely grow this year include banking & finance, life sciences, supply chain, procurement and logistics and advanced manufacturing.
The study by Kelly Services also found that overall local employment grew 4.4 per cent last year.
A total of 73.8 per cent of jobs created last year went to women, older workers and permanent residents.
About 53 per cent of the workforce were in Professional, Manager, Executive and Technician (PMET) roles.
"Singapore continues to enjoy low unemployment and rising job vacancy rates. It ranks high in Global Talent Competitiveness, an index by INSEAD Business School, coming in second among 100 countries after Switzerland," Mark Hall, Vice President and Managing Director of Kelly Services Singapore
According to an earlier 2014 Kelly Global Workforce Index (KGWI) report, many Singapore professionals would rather acquire new skills than secure a pay rise or promotion.
Over half (55 per cent) of the 1,500 local workers polled stated they would be prepared to trade-off either or both for the chance to learn something new and meaningful.
"With the government's recent efforts such as the SkillsFuture initiative to continuously level the talent and skills required to spur growth in these key sectors, Singapore is well positioned to remain competitive on a global level," Mr Hall added.