Talent Snapshot:
- Having flexible hours, enhanced use of technology, and an increased focus on well-being are the most preferred ways of working for professionals in Singapore.
- 53% are unsure or pessimistic of receiving a salary increment in 2025.
- When changing jobs, 85% of professionals are likely to request more than a 10% increase in salary, with 24% of respondents expecting more than 20% salary increments.
Employer Snapshot:
- Overly high expectations of salary and benefits, a lack of industry experience, and a shortage of applications are among the key challenges faced by companies in attracting talent.
- In-demand soft skills: 66% of companies value professionals with problem-solving and critical thinking skillsets.
- Companies value the skillsets professionals bring to the table, more so than their qualifications.
Contract Hiring:
- 46% of companies have hired talent on a contract basis in 2024.
- 86% of contract assignments were at least 6 months long.
Singapore, December 19, 2024 – Companies and professionals alike are emerging cautiously from 2024’s backdrop of geopolitical tensions, increased operating costs, and economic uncertainty. While monetary compensation and benefits remain important, talent will value flexible working arrangements (especially having flexible working hours), a positive work culture, and job security in an ideal employer. Professionals who stay in their current jobs are keeping expectations of higher salaries low, with 1 in 2 (53%) unsure or pessimistic about getting a salary increment.
Attracting and retaining top talent with in-demand skillsets remains challenging, as companies are turning to engage more contract staff to better manage manpower and costs. Professionals who are able to demonstrate in-demand skillsets will be well sought after, even if they may not have sufficient qualifications or years of experience.
Talent moving between jobs can expect increments of 12%–15%, or up to 20% for sectors such as AI or data. Employees staying with their current companies will see their salaries increase by 2-5% to align with inflation.
These are some of the key findings on employees and companies in Singapore, based on specialist professional recruitment firm Robert Walters’ global Salary Survey 2025, an authoritative analysis and benchmark of salary trends.
The Face of Flexible Work Arrangements: What Employees Want
Having flexible working hours came up top (82%) for professionals surveyed on their preferred ways of working. Other areas include the enhanced use of technology (46%), having an increased focus on well-being (43%), and more opportunities for cross-department work (32%). In contrast, only 19% said they would prefer to work reduced hours or full-time remote working (23%).
Likewise, when asked what benefits they would consider “essential” apart from salary, professionals cited having a Bonus Scheme (76%) and flexible working hours (70%). Other benefits that mattered to them include remote work arrangements, extended health insurance, and Training & Development courses.
When asked about the benefits offered to employees, the top initiatives were giving a Bonus Scheme (83%), Training & Development courses (66%), flexible working hours (63%), and family/personal leave benefits (63%).
Skill-Based Hiring Approach
In 2025, we will continue to see the move from a more traditional credential-based hiring model to a skills-first approach, as employers re-evaluate their recruitment priorities and processes to increase efficiency. This trend was seen in the Robert Walters Global Talent Trends E-guide as well, where 79% of HR professionals shared that they would value skills assessments over traditional hiring processes. 36% of HR professionals would progress a candidate if they possessed the skills but not the years of experience required.
Soft skills will be a focus for companies looking to hire talent. The Salary Survey found that employers especially valued talent with:
- Problem-solving and critical thinking skills (66%),
- Having a positive attitude and resilience (47%),
- Initiative and self-motivation (45%).
Contract Jobs: An Increasingly Popular Option to Meet the Needs of Employers and Talent
Companies are looking into offering contract positions, with 86% of the positions in 2024 being at least 6 months in duration, as a way to better manage costs. The survey showed that 46% of companies have hired contract staff in 2024. Functions where contract staff were deployed include Tech & Transformation (43%), Accounting & Finance (38%), HR and Business Support (21%), and Supply Chain, Procurement, and Logistics (21%). However, the top difficulty for companies in recruiting contract staff is the ability to source skilled contractors (70%).
With some companies open to the possibility of converting contract positions to permanent ones with good performance, professionals can find it beneficial to consider these positions to gain experience or meet their needs. Top benefits offered by companies for contract positions include flexible work arrangements (59%), medical/insurance (49%), and a completion bonus (48%).
Overcoming Challenges in Hiring and Retention
Top challenges when sourcing staff include:
- Salary and benefit expectations perceived to be too high (58%),
- Lack of industry experience (56%),
- Lack of applications/candidate supply (33%).
As companies try to retain top talent while balancing business costs, main challenges include:
- Limited advancement & career growth opportunities (42%),
- Difficulty in offering competitive pay and benefits (41%),
- High competition for talent (36%).
Monty Sujanani, Country Manager at Robert Walters Singapore, stated, “To attract and retain top talent, companies need to adopt a strategic approach to address the need for work-life balance, meaningful work, and professional growth. Flexibility will be key to addressing diverse needs across compensation options and work arrangements. Companies that create a positive and engaging work environment fostering employee satisfaction and well-being, as well as providing opportunities for learning and career advancement, will have a competitive advantage.”
2025 Industry Predictions for Singapore
Uncertain economic conditions and increased operational costs drove companies to be cautious in hiring during 2024. To reduce costs, some companies moved roles, including strategic ones, to countries such as Malaysia and Thailand. Companies are also investing in technology tools, such as AI, to improve efficiency and productivity. With a shortage of talent with these skillsets, companies are upskilling and reskilling the workforce. Increasingly, companies turned to project-based hires to better manage costs and headcount.
In 2025, a continued focus on digitalisation and sustainability will see increased demand for professionals with expertise in digital transformation technologies, including AI, IoT, and blockchain, as well as sustainable supply chain practices. Apart from technical skills, businesses will look to hire professionals with the knowledge to build use cases on how to automate tasks, improve efficiency, and uncover new business opportunities. To boost productivity, companies will value professionals with the ability to analyse complex situations, identify issues, and propose effective solutions. Contract positions are likely to increase as well.
Other Singapore-based insights of the Salary Survey include:
- Top industries that are likely to see the highest attrition (Respondents looking to change jobs in 2025): Tech & Transformation (89%), Banking & Financial Services (88%), Accounting & Finance (85%), and Sales & Marketing (85%).
- Top industries that can expect pay raises in 2024: Supply Chain & Procurement (82%), Accounting and Finance (80%), Banking & Financial Services (79%).
- Top in-demand professions for 2025:
- Accounting & Finance: Financial Analyst, Finance Business Partners, Business Analyst.
- Banking & Financial Services: Regulatory Governance/Compliance Officers, Wealth and Portfolio Managers, Risk Management Specialists.
- Human Resources: HR Business Partners, Talent Management, Total Rewards Specialist/Manager.
- Sales & Marketing: Sales Managers/Key Account Managers, Marketing Analyst, Business Development Managers.
- Supply Chain, Procurement & Logistics: Regional Logistics & Distribution Manager, Supply Chain Project Manager, Sustainable Procurement Manager.
- Technology & Transformation: Data Scientist/Data Analyst, Cyber Security Specialist, Software Engineer.
Research Methodology
Robert Walters surveyed more than 300 professionals and companies in Singapore in September 2024 to gather feedback on their expectations or concerns for the coming year concerning salaries, career changes, or staff retention.
Salaries shown in the Robert Walters Salary Survey are based on an analysis of placements made across their network of offices and specialist disciplines during the course of 2024. Now in its 26th year, the survey is used by employers, HR managers, and employees for benchmarking salary levels within their industries.
The Robert Walters Salary Survey is available at www.robertwalters.com.sg/salarysurvey.html. For more information on Robert Walters Singapore, please visit www.robertwalters.com.sg.
