SINGAPORE – With the economy on a better footing, employees in Singapore appear to have the upper hand in the job market in their negotiations with employers.

According to the 2017 Kelly Services and Capita Salary Guide released on Friday (May 5) by the recruitment firms, companies in Singapore may find it increasingly difficult to engage and retain their workforce, with nearly two thirds of workers (64 per cent) saying they are in a good position to secure a similar or better role. A vast majority (74 per cent) of workers in Singapore also believe that their skill set and experience allow them to compete effectively with other job seekers, the report showed.

Mr Foo See Yang, Managing Director and Country Head for Kelly Services Singapore, said: “Singapore has a highly skilled workforce where its workers are well aware of their market power. If they are dissatisfied with an organisation, they will actively look to find something better. This is especially so for high performers and those with high demand skills such as data analytics or risk management.”

Buoyed by an upswing in several major and emerging economies, Singapore may achieve better economic growth this year than last year’s 2 per cent expansion, Prime Minister Lee Hsien Loong said in his May Day message. However, he also warned that over the long term, the unemployment rate is expected to rise as the economy matures.

The report by Kelly Services and Capita also noted that while Singapore’s workers may be confident of their bargaining power in the job market, they are concerned about their future given uncertain economic conditions, the anticipated rise in overall unemployment to 2.3 per cent, and the steady increase in redundancies since 2010. About 7 in 10 workers (72 per cent) said their top concern is that their knowledge and skills will become obsolete. In contrast, only about 3 in 10 workers (28 per cent) indicated layoffs as their biggest concern.

Based on a database of about 19,000 permanent and temporary contract placements last year, this year’s highest paying industries are accounting, banking & finance, healthcare & life sciences, information technology, and legal, the 2017 Kelly Services and Capita Salary Guide showed.

Senior accountants and financial controllers in the accounting industry can expect to command salary ranges of S$5,000 to S$7,500 and S$8,000 to S$16,000, respectively. Financial technology professionals are also in high demand as more than 200 fintech companies have started operating in Singapore over the last two years. Fintech developers and senior business analysts/analysts working in the information technology industry can expect to command salary ranges of S$7,500 to S$12,000 and S$8,000 to S$12,000, respectively.

“While industries experiencing high growth are in a better position to provide competitive remuneration, employee engagement and retention go beyond the employee’s pay packet,” said Mr Foo.

“Employers who empower their people, and provide learning opportunities that build skills and competencies will be able to better attract and retain their top talent. Job seekers who are looking to diversify their skills may also want to consider growing industries where the need for talent is stronger,” he added.