According to an Employment Outlook Survey conducted recently, much has been said about the strong hiring outlook in Singapore in 2022 for the past 11 years. Overall, Singapore reported a net employment outlook of 25 percent in Q2 2022, an increase of 11 percentage points since Q1 2022. Sectors with the strongest hiring intentions are from IT, technology, telecoms, and communications and new media sectors, with a hiring outlook of 38 percent. In addition, 71 percent of Singapore employers are also giving a salary increase of 3 percent or more. Furthermore, 81 percent of employers intend to give bonuses of 1 month or more to their employees.

1) Q2 Singapore Employment Outlook (April to June 2022)

42 percent of 500 employers surveyed plan to hire more workers, and 39 percent plan to keep their workforce levels steady.Net employment outlook stands at 25 percent, the strongest outlook quarter since Q4 2011. Digital growth drives the most demand in Singapore, with growth expected in 10 out of 11 industries. IT, technology, telecoms, communications, and new media sectors take the lead with the strongest hiring outlook of 38 percent, followed by Banking, Finance, Insurance, Real Estate, and Manufacturing sectors at 26 percent. Large organisations also report the strongest hiring growth at 28 percent.

2) Salary increments and Bonuses in Singapore

71 percent of employers are planning to increase at least 3 percent in 2021/2022, with manufacturing, retail, and IT sectors reporting the largest increase in salary hikes. Small organisations will give the greatest increments, whereas 1 in 10 companies will give 7 percent or more increments. In the upcoming quarter, employers who anticipate increasing headcount will also give current staff bigger pay raises. Organisations giving pay increments will also give out large bonuses.4 in 5 employers intend to give bonuses of 1 month or more to their staff. The finance and trade sectors are also the most generous with their bonuses. The largest organisations are also giving the biggest bonuses.

Overall, demand for skilled workers has been growing worldwide, and Singapore’s quarter-over-quarter improvements remain strong at 11 percent against the other 39 countries surveyed.

What do you think of the above results from the employment outlook survey? Will you anticipate a pay raise and a bigger bonus for this year?