Singapore’s highest-paying occupations in 2021
While 2020 has been a year of significant uncertainty for job seekers, workers, and companies alike, the new year signals a bright start for the post-COVID economy, coupled with further relaxing of limitations.
After a year of managing the economic consequences of COVID-19, businesses now have a better grasp of their business weaknesses and goals. They now understand how to strengthen their companies, manage risks, and develop long-term positioning plans in order to emerge stronger following a crisis.
While the coronavirus outbreak has had catastrophic economic implications and significantly impacted employment prospects and incomes in 2020, particularly in commerce and tourism, it has also focused a spotlight on jobs that are recruiting. Cybersecurity, software engineering, financial services, and healthcare are among the emerging industries.
To help mitigate the impact of the pandemic on the labour market, the Singapore government implemented a slew of training assistance programmes and salary subsidies. It has also produced over 95,000 jobs and skills opportunities via the SGUnited Jobs and Skills Package. Singaporeans’ employment levels have risen by the third quarter of 2020. Singapore’s economy is expected to recover and regain its footing in 2021, with vaccines starting and Phase 3 of Singapore’s reopening in December.
Changing employment or career paths amid a crisis is not a good idea, according to common sense. However, at times of crisis, people are compelled to reconsider their goals in life, including their jobs. On the plus side, growing industries are still recruiting. Whether you’ve chosen to use your transferrable abilities in a new field or want a new work environment, now is a perfect moment to search for a new job.
It is logical to anticipate a minimum pay increase as Singapore’s economy steadily recovers from its greatest recession. However, as revealed in our Talent Trends 2021 study, we discovered that firms and industries are still prepared to give lucrative wage packages to the appropriate people.
While our list of the top ten best paying jobs in Singapore includes senior positions, it also includes more highly paid job areas and industries, giving you a head start in your job search.
Singapore’s top ten highest-paying positions
1. Positions in the C-suite
These leadership roles in a corporation are usually at the top of the list of highest-paid occupations. Chief Financial Officers, Chief Executive Officers, and Chief Operating Officers earn salaries ranging from SG$325,000 to SG$500,000 in industries such as Financial Services, FinTech, Chemicals and Engineering, Healthcare and Life Sciences, Retail, Fast Moving Consumer Goods (FMCG), and Technology, Media, and Telecommunications (TMT). And, like with other jobs, c-suite compensation depends on the candidate’s expertise, firm size, and industry.
2. Director of Investment Banking
The Investment Banking Director, who earns up to SG$373,000 a year, is in charge of the majority of the firm’s investment banking income. This client-facing position is under extreme pressure to attract new customers and produce money. It requires strong analytical abilities, financial knowledge, and great communication and public-speaking abilities.
3. Director of Regulatory Affairs
One of Singapore’s fastest-growing industries is healthcare and life sciences. With multinational healthcare corporations establishing regional offices in Singapore, there is an increasing need for employees with laboratory, technical sales, and regulatory affairs experience. The Regulatory Affairs (RA) Director position pays between SG$320,000 and SG$360,000 per year. The job is difficult. To guarantee that policies are followed, the RA director must be conversant in scientific and legal documentation, as well as government and corporate rules. It entails bridging the procedures between private healthcare firms and regulatory bodies.
4. General Counsel
General counsels engaged by public businesses are more than simply attorneys, with salaries ranging from SG$230,000 to SG$310,000. These senior legal officers must rely on industry expertise and serve as business consultants to CEOs. Furthermore, general counsels must use legal technology to assist promote efficiency in their organisations.
5. Sales Manager
The Head of Sales makes between SG$150,000 and SG$347,000 in diverse sectors such as Retail, TMT, Engineering, Financial Services, and FinTech and is responsible for the leadership of a company’s sales department. With abilities like these, sales directors can supervise a company’s sales team’s strategic efforts and ensure the team fulfils expected sales objectives.
With the rise of digitalisation in sales, sales leaders must embrace digital change while maintaining a human touch in client management.
6. Procurement Manager
The Head of Procurement is in charge of a company’s acquisitions. The procurement head earns between SG$112,000 and SG$320,000 and works with the finance and logistics departments to create purchase strategies and policies while satisfying a company’s financial and other operational criteria. Aside from making lucrative selections, the procurement director must also be skilled in market research, management, negotiation, and communication.
7. Compliance Officer
This position guarantees that the firm and its personnel follow all applicable laws, industry rules, internal policies, and bylaws. Managing bylaws and rules become more challenging as the future of work unfolds in a globalised economy. The Head of Compliance, who will need to be well-versed in compliance in various countries around the region, may earn up to SG$300,000 per year.
8. Human Resources Manager
Human Resources is no longer seen as an administrative support role in a corporation that does not produce money. It has developed into a key business partner in assisting the organisation in identifying issues, developing and maintaining employee engagement, retaining talent, and planning for the workforce’s future requirements.
As a result, HR Directors are in great demand, with salaries ranging from SG$200,000 to SG$275,000. Learn how to advance your HR career here, and look for HR job vacancies here.)
9. Director of Supply Chain Operations
At its heart, the supply chain is a collection of interconnected activities that work together to fulfil a job. The intricacy and variety of these processes vary according to the particular industries and organisational size. The salary range for the Supply Chain Operations Director is between SG$120,000 and SG$270,000.
As the supply chain management sector advances to embrace digital automation more than ever, the operations director must strategically navigate the organisation to be a revenue driver, offering tighter deadlines, quicker fulfilment, improved efficiency, and higher profitability.
10. IT Director
Aside from directing technical operational infrastructure, the Head of IT must also develop policies and satisfy governance standards for business technology, especially when it comes to risk and cybersecurity.
They also need business skills like budgeting, strategic thinking, and business analysis, as well as soft skills like leadership and vendor management. The salary range for the Head of IT is between SG$180,000 and SG$240,000.
