{"id":9871,"date":"2022-12-24T08:00:00","date_gmt":"2022-12-24T00:00:00","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=9871"},"modified":"2022-12-24T09:34:37","modified_gmt":"2022-12-24T01:34:37","slug":"singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/","title":{"rendered":"Singapore\u2019s Employment and Salary Outlook for 2023: What Are the Headwinds and Industries That Might Be Affected?"},"content":{"rendered":"\n<p><strong><em>This article was contributed by Workforce Singapore\u2019s&nbsp;<\/em><a href=\"https:\/\/content.mycareersfuture.gov.sg\/?utm_source=kolpartners&amp;utm_medium=DollarsAndSense&amp;utm_campaign=2022&amp;utm_term=MyCareersFuture&amp;utm_content=contenthub\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Workipedia by MyCareersFuture<\/em><\/a><em>.<\/em><\/strong><\/p>\n\n\n\n<ul><li><em>There are indicators that Singapore\u2019s labour market is slowing down due to global inflation and economic factors<\/em><\/li><li><em>Some unevenness in employment and salary growth may emerge across sectors<\/em><\/li><li><em>For workers at all levels, capability development is the surest solution<\/em><\/li><\/ul>\n\n\n\n<p>Without sugar-coating it, there are three significant headwinds affecting Singapore\u2019s job market outlook.<\/p>\n\n\n\n<ol type=\"1\"><li>The global economic downturn where the cyclical changes will reduce employment opportunities.<\/li><li>The ongoing pandemic crisis is still uncertain in its trajectory and may linger on for some time.<\/li><li>Technological disruptions, particularly digitalisation, will continue to induce structural changes that make jobs and skills redundant.<\/li><\/ol>\n\n\n\n<p>That said, it\u2019s not entirely all doom and gloom for local employees and jobseekers, though there are indicators that Singapore\u2019s labour market is slowing down with economic growth numbers.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.mycareersfuture.gov.sg\/?utm_source=content.mycareersfuture.gov.sg&amp;utm_medium=referral&amp;utm_campaign=employment_salary_2023&amp;utm_term=na&amp;utm_content=na\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>Find your next job on MyCareersFuture. We have over 80,000 job opportunities daily for you.<\/em><\/strong><\/a><\/p>\n\n\n\n<p>According to figures released by the&nbsp;<a href=\"https:\/\/www.mti.gov.sg\/Resources\/Economic-Survey-of-Singapore\/2022\/Economic-Survey-of-Singapore-Third-Quarter-2022\" target=\"_blank\" rel=\"noreferrer noopener\">Ministry of Trade and Industry (MTI) in November 2022<\/a>, Singapore\u2019s economic growth is expected to slow to 0.5 to 2.5% in 2023, due to global uncertainties, down from the projected 3.5% growth in 2022.<\/p>\n\n\n\n<p>Singapore\u2019s Ministry of Manpower&nbsp;<a href=\"https:\/\/stats.mom.gov.sg\/iMAS_PdfLibrary\/mrsd-LMAR-Q3-2022.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">revealed in an October 2022 report<\/a>: \u201cIn the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions could affect the labour market outlook.<\/p>\n\n\n\n<p>\u201cSome unevenness in employment growth may emerge across sectors\u201d, they elaborated. On the numbers front, there was a \u201cslight uptick\u201d in unemployment rates, and a rise in retrenchments, though both remained on par with pre-Covid levels.<\/p>\n\n\n\n<h3 id=\"whats-the-big-picture-that-affects-singapores-job-market-outlook\"><strong>What\u2019s the big picture that affects Singapore\u2019s job market outlook?<\/strong><\/h3>\n\n\n\n<p>Arturo Bris, Professor of Finance and Director of the IMD World Competitiveness Centre Switzerland, shared his take with&nbsp;<a href=\"https:\/\/content.mycareersfuture.gov.sg\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Workipedia by MyCareersFuture<\/em><\/a>: \u201cFrom the economic standpoint, there are two main uncertainties.<\/p>\n\n\n\n<p>\u201cThe first one is the global economic crisis caused by the invasion of Ukraine and the disruption of global supply chains.<\/p>\n\n\n\n<p>\u201cIts effects on inflation and growth are heard everywhere, including Singapore. As an economy that relies on foreign trade, it is extremely sensitive.<\/p>\n\n\n\n<p>\u201cThe second uncertainty pertains to China and the negative worrying signals from the Asian giant. In particular, there are concerns about the growth prospects of China and its preference to grow its domestic market instead of relying on neighbouring countries.\u201d<\/p>\n\n\n\n<h3 id=\"which-singapore-hiring-industries-could-see-headwinds-in-2023\"><strong>Which Singapore hiring industries could see headwinds in 2023?<\/strong><\/h3>\n\n\n\n<p>In fact, according to&nbsp;<a href=\"https:\/\/www.businesstimes.com.sg\/singapore\/economy-policy\/singapore-employment-rises-75600-q3-momentum-may-be-easing\" target=\"_blank\" rel=\"noreferrer noopener\">a Business Times report<\/a>, Maybank analyst Chua Hak Bin noted that many sectors, such as hospitality, construction and healthcare, are still experiencing acute labour shortages.<\/p>\n\n\n\n<p>For Singaporean workers, recent employment number gains came from industries such as information and communications, professional services, and financial services.<\/p>\n\n\n\n<p>However, the MOM report states that administrative and support services saw a sustained decline, \u201cpartly reflecting the gradual scale-back of Covid-related occupations\u201d.<\/p>\n\n\n\n<p>MTI also reported that weaker economic sentiments would weigh on the growth of outward-oriented sectors in Singapore, such as our electronics and chemicals clusters.<\/p>\n\n\n\n<p>That said, the ministry expects that Singapore\u2019s strong recovery in air travel and international visitor arrivals will continue to benefit sectors related to aviation and tourism. This includes air transport, arts, entertainment and recreation, and consumer-facing sectors like food and beverage services.<\/p>\n\n\n\n<p>Lifting of travel restrictions in Singapore and the region has also boosted the recovery of the professional services sector.<\/p>\n\n\n\n<p>Professor Lawrence Loh, from NUS Business Schools\u2019 Department of Strategy and Policy, said to&nbsp;<a href=\"https:\/\/content.mycareersfuture.gov.sg\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Workipedia by MyCareersFuture<\/em><\/a>: \u201cIn view of the international economic outlook, particular industries in Singapore like manufacturing and financial services will be significantly challenged due to weaker demands in 2023.<\/p>\n\n\n\n<p><a href=\"https:\/\/go.gov.sg\/careergrit-mcf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>Have a job but want to level up? Explore career events and resources designed to help you develop your skills and expand your knowledge with Career GRIT. Check it out now!<\/em><\/strong><\/a><\/p>\n\n\n\n<p>\u201cWhile industries affected by the pandemic such as aviation and travel have been recovering, these have to be continually on the alert for any unexpected new twist in the situation.<\/p>\n\n\n\n<p>&nbsp;\u201cMoving into next year, as always, technology will almost always have impacts on organisational structures and products, as well as individual jobs and skills.\u201d<\/p>\n\n\n\n<p>\u201cThis will happen across a broad spectrum of industries, particularly those that are manually driven such as retail, hospitality and even financial services.\u201d<\/p>\n\n\n\n<h3 id=\"what-about-2023-salaries-then\"><strong>What about 2023 salaries, then?<\/strong><\/h3>\n\n\n\n<p>2023 looks to be a mixed bag when it comes to salaries, according to&nbsp;<a href=\"https:\/\/www.mercer.com.sg\/newsroom\/salary-increments-to-surpass-pre-pandemic-levels.html\" target=\"_blank\" rel=\"noreferrer noopener\">Mercer\u2019s recently released Total Renumeration Survey<\/a>&nbsp;(TRS).<\/p>\n\n\n\n<p>The flagship annual compensation and benefits benchmarking study identifies key remuneration trends and predictions for hiring and pay for 2023. Over 1000 Singapore-based companies participated in this year\u2019s survey.<\/p>\n\n\n\n<p>While local employers anticipate salary increases in 2023 to surpass pre-pandemic levels, inflation is also depressing sentiment, with more than half of the companies in Singapore (54%) adopting a wait-and-see approach to their salary budgets.<\/p>\n\n\n\n<p>\u201cEmployers remain cautious about bumping up wages to match inflation,\u201d said Mansi Sabharwal, Reward Products Leader at Mercer Singapore. \u201cAnd many are turning to less permanent solutions such as benchmarking competition to stay competitive in the market (70%), focusing on total rewards communication (69%) and increasing wages of lower-income employees (55%).\u201d<\/p>\n\n\n\n<p>Some other key findings from Mercer\u2019s report on salaries revealed which industries could have the highest salary increments as below:<\/p>\n\n\n\n<ul><li>Logistics: (4.4%)<\/li><li>Banking and Finance (4.27%)<\/li><li>Tech (4.06%)<\/li><li>Real Estate (3.25%)<\/li><\/ul>\n\n\n\n<p>The aerospace industry is also forecasted to see improvement, with salary increments expected to rise from 3.09% to 3.52% in 2023, given global travel continues to gain momentum in the aftermath of Covid-19.<\/p>\n\n\n\n<p><strong><em>Read More:&nbsp;<a href=\"https:\/\/content.mycareersfuture.gov.sg\/upskilling-courses-juggling-time-work-family-difficult-challenges-singapore-policies-skillfuture\/\" target=\"_blank\" rel=\"noreferrer noopener\">Equipping, Empowering and Assuring Workers \u2013 What\u2019s Singapore\u2019s New Strategy?<\/a><\/em><\/strong><\/p>\n\n\n\n<h3 id=\"working-in-an-industry-that-might-slow-down-heres-some-advice\"><strong>Working in an industry that might slow down? Here\u2019s some advice<\/strong><\/h3>\n\n\n\n<p>Associate Prof. Trevor Yu, from the College of&nbsp;<a href=\"https:\/\/content.mycareersfuture.gov.sg\/upskilling-courses-juggling-time-work-family-difficult-challenges-singapore-policies-skillfuture\/\" target=\"_blank\" rel=\"noreferrer noopener\">Business\u2019<\/a>&nbsp;(Nanyang Business School) Division of Leadership, Management &amp; Organisation, shared the below advice:<\/p>\n\n\n\n<ul><li>Take a proactive look at your current skill set and project what areas you need to develop and upskill in the next few years.<\/li><li>Consider also whether it is time to explore other options in faster-growing sectors like those listed above and what steps are needed to reskill for possible career changes and transitions.<\/li><li>Finally, how much meaning do you derive from your current job role? Do you feel engaged both physically and psychologically? What steps can you take to craft or negotiate a better situation at work so that you can give the best that your talent can offer?<\/li><\/ul>\n\n\n\n<p>Prof. Loh concludes: \u201cThere are two perennial challenges for jobs \u2013 creations and displacements \u2013 both of which will be critically influenced by the job market headwinds.<\/p>\n\n\n\n<p>\u201cFor organisations, especially those more vulnerable to the headwinds, continued transformation is the way forward \u2013 it is key to constantly adapt, innovate and strive for resilience.<\/p>\n\n\n\n<p>\u201cAs such, no skill will remain relevant forever \u2013 in fact, the shelf life for skills is getting shorter and shorter.<\/p>\n\n\n\n<p>\u201cFor workers at all levels, capability development is the surest solution \u2013 it is imperative to always upskill and reskill!\u201d<\/p>\n\n\n\n<p><strong><em>Looking for career guidance? If you are exploring career changes and need professional advice, register for a complimentary session with&nbsp;<a href=\"https:\/\/go.gov.sg\/cms-mcf\" target=\"_blank\" rel=\"noreferrer noopener\">WSG\u2019s Career Coaching<\/a>&nbsp;today.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Continued transformation is the way forward\n","protected":false},"author":8,"featured_media":9872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[1606,314,335,162,135],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore\u2019s Employment and Salary Outlook for 2023: What Are the Headwinds and Industries That Might Be Affected? | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"Singapore\u2019s labour market is slowing down with economic growth numbers. Here are the headwinds and affected industries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore\u2019s Employment and Salary Outlook for 2023: What Are the Headwinds and Industries That Might Be Affected? | DollarsAndSense Business\" \/>\n<meta property=\"og:description\" content=\"Singapore\u2019s labour market is slowing down with economic growth numbers. Here are the headwinds and affected industries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/\" \/>\n<meta property=\"og:site_name\" content=\"DollarsAndSense Business\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-24T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-24T01:34:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/12\/chuttersnap-xmPLXZvQIV8-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1281\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"6 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/#website\",\"url\":\"https:\/\/dollarsandsense.sg\/business\/\",\"name\":\"DollarsAndSense Business\",\"description\":\"Helping Real People Build Real Businesses\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/dollarsandsense.sg\/business\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/12\/chuttersnap-xmPLXZvQIV8-unsplash.jpg\",\"contentUrl\":\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/12\/chuttersnap-xmPLXZvQIV8-unsplash.jpg\",\"width\":1920,\"height\":1281},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#webpage\",\"url\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/\",\"name\":\"Singapore\\u2019s Employment and Salary Outlook for 2023: What Are the Headwinds and Industries That Might Be Affected? | DollarsAndSense Business\",\"isPartOf\":{\"@id\":\"https:\/\/dollarsandsense.sg\/business\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#primaryimage\"},\"datePublished\":\"2022-12-24T00:00:00+00:00\",\"dateModified\":\"2022-12-24T01:34:37+00:00\",\"author\":{\"@id\":\"https:\/\/dollarsandsense.sg\/business\/#\/schema\/person\/037a24623f32d90d5589659d69dea7bf\"},\"description\":\"Singapore\\u2019s labour market is slowing down with economic growth numbers. Here are the headwinds and affected industries.\",\"breadcrumb\":{\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"item\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/\",\"url\":\"https:\/\/dollarsandsense.sg\/business\/\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"position\":2,\"item\":{\"@id\":\"https:\/\/dollarsandsense.sg\/business\/singapores-employment-and-salary-outlook-for-2023-what-are-the-headwinds-and-industries-that-might-be-affected\/#webpage\"}}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/dollarsandsense.sg\/business\/#\/schema\/person\/037a24623f32d90d5589659d69dea7bf\",\"name\":\"Contributor\",\"url\":\"https:\/\/dollarsandsense.sg\/business\/author\/dnsbizcontributor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/posts\/9871"}],"collection":[{"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/comments?post=9871"}],"version-history":[{"count":2,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/posts\/9871\/revisions"}],"predecessor-version":[{"id":9876,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/posts\/9871\/revisions\/9876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/media\/9872"}],"wp:attachment":[{"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/media?parent=9871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/categories?post=9871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dollarsandsense.sg\/business\/wp-json\/wp\/v2\/tags?post=9871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}