The following report provides an update on the key trends that we have observed within the Sales & Marketing job market in Singapore. It identifies emerging themes across various industries and details the major factors impacting hiring and talent movement.
ECONOMIC LANDSCAPE
Singapore’s economic landscape in the first half of 2017 could be best described as a cautious one. Restructuring exercises continued to affect professionals, managers, executives and technicians (PMETs) more so than any other demographic group. Despite the uncertainties, the Singapore economy grew, albeit by a modest 2.5% on a year-on-year basis in the second quarter of 2017, the same pace of growth as per the first quarter.
There have been some recent shifts in Singapore’s employment market across various sectors. Total employment declined in the manufacturing and construction sectors in the first quarter of 2017, but grew in sectors such as community, social & personal services, and financial & insurance services. In the second quarter total employment continued to decline, largely reflecting a decrease in Work Permit Holders in the marine and construction sectors, which have slowed due to low oil prices and continued economic weakness.
According to the Ministry of Manpower (MOM) Labour Market Report, the number of redundancies decreased in the first half of this year, resident re-entry rates remained stable and the ratio of job vacancies to unemployed individuals improved slightly.
Singapore’s labour market outlook is reasonably upbeat across sectors. Opportunities will continue to be available in finance & insurance, infocomms & media, healthcare, professional services and wholesale trade.
MARKET TRENDS
Within the B2C consumer lifestyle sector, the level of hiring has been consistently high among the beauty and sports categories.
With the advancements of technology, companies have been focusing their efforts into enhancing their corporate reputation, one of the greatest assets to a company. As a result, the number of newly created roles pertaining to corporate branding, internal communications and change management has risen sharply.
As brick and mortar businesses continue to innovate and evolve, there has been a surge in the search for sales and marketing talent who are well versed in omni-channel retail. The star profile would typically have a background in both traditional and new media channels, with experience working on eCommerce platforms and projects.
The Internet culture across Southeast Asia (SEA) has evolved over time with recent trends highlighting SEA as a high penetration and growth market for eCommerce players. We have witnessed many companies venturing into Singapore to leverage off its strengths in mobile platforms as well as data analytics. This means that clients will be on the look out for talent who can help them with their expansive efforts in eCommerce.
Recent reports have revealed that digital payment solutions have been revolutionising Singapore’s payment landscape with many Internet and eCommerce businesses adapting to the “new retail”.
Furthermore, China’s massive online consumer market now consists of over 731 million Internet users, while its mobile payments have hit a staggering 5.5 trillion USD in transaction value, roughly 50 times the size of America’s 112 billion USD market. With this in mind, we have been seeing an increasing number of Internet businesses in Singapore steadily accepting payments via Alipay and WeChat Pay in order to capture this lucrative market. In terms of job roles, we will see a surge in opportunities in the sales, marketing and digital space across functions like product development, mobile and web development, marketing operations and digital solutions.
Cyber security is a relatively new technology function in Asia, which is often underdeveloped across organisations. With more and more organisations embracing digital transformation projects within their businesses, the explosion and use of data will become more prominent than ever before. Clients have traditionally searched for cypersecurity professionals within the financial services sector but today, they are increasingly looking outside of the financial services sector to find these candidates as well.
SALARIES & BONUSES
We have observed that the average monthly salary for a Manager within the retail sector falls between 7,000 to 9,000 SGD, while at the Director level salaries range from 10,000 to 17,000 SGD. Bonuses of 1 to 2 months, on average, have been common for professionals within this sector this year.
Within the FMCG sector, the average salary for a Manager is in the vicinity of 6,000 to 8,000 SGD per month, while those at the Director level range from 9,000 to 15,000 SGD. Professionals received bonuses of 1 to 2 months, on average, within this sector this year.
Professionals within the eCommerce sector saw higher salaries and bonuses compared to other sectors. The average monthly salary range for Managers is between 8,000 to 11,000 SGD, and 12,000 to 18,000 SGD for those at the Director level. Bonuses of up to 3 months were the norm for professionals within this sector this year.
THE FUTURE
Despite a less than rosy outlook for the Singapore economy, there will still be pockets of hiring opportunities in the sales, marketing and technology functions.
Candidates with skills in omni-channel retail marketing and commercial will be in high demand in the coming years.
With the rise in social media and various digital platforms, the demand for strong corporate communication professionals who can help paint companies in the best possible light will remain strong.
There is no denying the influence that big data and analytics is having on companies, thus professionals with the relevant experience within this area will remain in high demand.
With growing concerns over mobile payment security, cultivating a cybersecurity culture will become increasingly important for companies in the years ahead.
