market outlook: biomanufacturing & chemicals verticals bolstering growth in 2021.

11/01/2021 08:38

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The Singapore Manufacturing Federation has set a target for the sector to contribute 30% of Singapore’s overall gross domestic product by 2030. The diversification of the manufacturing industry to keep the economy open will help meet this goal. Within the manufacturing industry in Singapore, the biomanufacturing and chemicals verticals were seen to be bolstering the growth in 2020, albeit at a slower rate due to COVID-19.

The operating volume and hiring activities in the biomanufacturing and chemicals sectors are expected to resume fully after Q2 2021, if the COVID-19 situation does not worsen. However, the search for highly-skilled specialists continues to be a challenge.

Kwan Yit Wei, Associate Director for Construction, Engineering and Property talent recruitment at Randstad Singapore said, “Many employers, especially in the chemical industry, are looking for specialists who are equipped with niche skills for roles in production engineering, research & development, design engineering and lean manufacturing.”

2021 labour trends for professionals in biomanufacturing & chemicals

Even with the limited local talent pool in biomanufacturing where employers are struggling to find the right candidates, job seekers and employers have both raised their expectations.

Local biomanufacturing and chemicals specialists who have in-demand skills and experience are able to negotiate for a salary that may even be higher than pre-COVID times. Before the pandemic, candidates received 8% to 12% salary increments when switching employers. In 2021, local in-demand talent may negotiate for more than a 12% salary increment.

Candidates are also looking to join employers that are financially healthy and have a strong organisational culture. These factors usually signal that the company can provide greater financial stability and the opportunity to develop in a collaborative and supportive environment.

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key highlights in the biomanufacturing & chemicals industry outlook in 2021:

  • evolution of job responsibilities and required skills for biomanufacturing & chemicals in 2021.
  • anticipated job mobility of professionals across industries and different levels of seniority.
  • evolving job search behaviours and expectations to address in 2021.

read more on 2021 talent trends in Singapore in other industries:

If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. You can also check our key areas of expertise in biomanufacturing and chemicals recruitment.