Randstad Singapore’s 2023 job market and salary outlook report includes key labour trends and employer insights on salaries, bonuses, hiring outlooks and talent expectations. Download the full report for more information to guide your talent attraction and workforce planning strategy for 2023.

As we move into 2023, many businesses are again holding out on their business growth plans and will closely monitor the economic outlook before making bold and critical decisions, especially in the first quarter.

During this wait-and-see period, companies should continue to push initiatives aimed at improving mental health and employee morale such as implementing a remote-based working environment and improving company culture.

Despite the recent tech layoffs, many companies are still forging ahead with their technology recruitment plans, but with greater caution.

2023 talent and salary outlook singapore
2023 talent and salary outlook singapore

Randstad’s Talent Trends and Salary Outlook Report anticipates talent and skills developments in four pinpointed industries in 2023.

4 industries expected to see growth on talent and skills in 2023

1. banking and financial services

Due to the post-pandemic recovery, the banking and financial services industry saw an active talent hiring last year. 

Despite a slower economic growth forecast in 2023, companies will continue hiring skilled professionals for front and middle office roles, family offices and venture capital, fintechs and digital banks.

2. technology

Digital transformation and sustainability will continue to drive talent recruitment of highly skilled and experienced tech professionals in niche areas like Web3, greentech and cybersecurity.

3. transportation and logistics

New and continued investments in value and supply chain integrations, emerging technologies and green initiatives.

4. fast moving consumer goods

Pursue more consumer-centric product customisation by developing integrative and cost-effective modules that improve user experience.

singapore industry and salary trend 2023
singapore industry and salary trend 2023

grow your workforce with agility to help with piling workload

To develop a skilled workforce for the digitising landscape, companies need to redesign their internal job functions, take advantage of data and digital technologies, automate processes to cut labour costs.

We expect more business leaders lean towards building a more expandable and agile contracting workforce in their companies to drive change and ensure business continuity. In doing so, we are starting to see a growth in contract roles to help gain greater workplace flexibility and relieve the workload of existing permanent employees.

The commitment to creating high-value working environments and projects will undoubtedly impact employees’; experience and engagement, talent retention, career development, passion for work and a greater commitment to results.

With a growing culture of embracing our diverse identities, no one should feel undervalued at their job. We must continue to cultivate and educate ourselves on healthy workplace dynamics, especially in recognising that unique strengths come with our differences.

An organisation that can create an equitable and inclusive workplace will be best equipped to work with skilled talent, who will help create significant business and job opportunities in the future.

download the randstad singapore’s 2023 talent and salary outlook report

The 2023 Talent and Salary Outlook report looks at talent analysis and new salary benchmarks in the following industries:

  • Technology
  • Banking and financial services
  • Transportation and logistics
  • Fast moving consumer goods

connect with our specialised recruiters

Our specialised recruiters partner closely with employers and talent for the perfect match with our true-fit methodology - a qualitative measurement designed to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest labour market insights and your talent recruitment needs.

If you’re a job seeker looking for better career growth opportunities, start your career adventure with us by applying to our latest jobs or submitting your CV to us.

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