Companies and professionals alike are emerging cautiously from 2024’s backdrop of geo-political tensions, increased operating costs, and economic uncertainty. While monetary compensation and benefits remain important, talent will value flexible working arrangements (especially having flexible working hours), a positive work culture, and job security as well in an ideal employer. Professional who stay on in their current jobs are keeping expectations on higher salaries low, with 1 in 2 (53%) unsure or pessimistic about getting a salary increment.
Attracting and retaining top talent with in-demand skillsets remain challenging, as companies are turning to engage more contract staff to better manage manpower and costs. Professionals who are able to demonstrate in-demand skillsets will be well sought after, even if they may not have sufficient qualifications or years of experience. Talent moving between jobs can expect increments of 12% – 15%, or up to 20% for sectors such as AI or data. Employees staying with their current companies will see their salaries increase by 2-5% to align with inflation.
These are some of the key findings on employees and companies in Singapore, based on specialist professional recruitment firm Robert Walters’ global Salary Survey 2025, an authoritative analysis and benchmark of salary trends.
Having flexible working hours came up tops (82%) for professionals surveyed on their preferred ways of working. Other areas include the enhanced use of technology (46%), having an increased focus on wellbeing (43%), and more opportunities for cross-department work (32%). In contrast, only 19% said they would prefer to work reduced hours, or full-time remote working (23%).
Likewise, when asked what benefits they would consider “essential”, apart from salary, professionals cited having a Bonus Scheme (76%) and flexible working hours (70%). Other benefits that mattered to them include remote work arrangements, extended health insurance, and Training & Development courses. When asked on the benefits offered to employees, the top initiatives were giving a Bonus Scheme (83%), Training & Development courses (66%), flexible working hours (63%) and family/personal leave benefits (63%).
In 2025, we will continue to see the move from a more traditional credential-based hiring model to a skills-first approach, as employers re-evaluate their recruitment priorities and processes to increase efficiency. This trend was seen in the Robert Walters Global Talent Trends E-guide as well, where 79% of HR professionals shared that they would value skills assessments over traditional hiring processes. 36% of HR professionals would progress a candidate if they possessed the skills but not the years of experience required.
Soft skills will be a focus for companies looking to hire talent. The Salary Survey found that employers especially valued talent with
• Problem-solving and critical thinking skills (66%),
• Having a positive attitude and resilience (47%),
• Initiative and self-motivation (45%).
Companies are looking into offering contract positions, with 86% of the positions in 2024 being at least 6 months in duration, as a way to better manage costs. The survey showed that 46% of companies have hired contract staff in 2024. Functions where contract staff were deployed in include Tech & Transformation (43%), Accounting & Finance (38%), HR and Business Support (21%) and Supply Chain, Procurement and Logistics (21%). However the top difficulty for companies in recruiting contract staff is the ability to source for skilled contractors (70%).
With some companies open to the possibility of converting contract positions to permanent ones with good performance, professionals can find it beneficial to consider these positions to gain experience, or meet their needs. Top benefits offered by companies for contract positions include flexible work arrangements (59%), Medical/Insurance (49%), and getting a Completion Bonus (48%).
Top challenges when sourcing for staff include:
• Salary and benefit expectations perceived to be too high (58%)
• Lack of industry experience (56%)
• Lack of applications/candidate supply (33%)
As companies try to retain top talent while balancing business costs, main challenges include:
• Limited advancement & career growth opportunities (42%)
• Difficulty in offering competitive pay and benefits (41%)
• High competition for talent (36%)
“To attract and retain top talent, companies need to adopt a strategic approach to address the need for work-life balance, meaningful work and professional growth. Flexibility will be key to address diverse needs – across compensation options and work arrangements. Companies who create a positive and engaging work environment that fosters employee satisfaction and well-being, as well and provide opportunities for learning and career advancement, will have a competitive advantage,” said Monty Sujanani, Country Manager at Robert Walters Singapore.
2025 Industry Predictions for Singapore
Uncertain economic conditions and increased operational costs drove companies to be cautious in hiring during 2024. To reduce costs, some companies moved roles, including strategic ones, to countries such as Malaysia and Thailand. Companies are also investing in technology tools, such as AI, to improve efficiency and productivity. With a shortage of talent with these skillsets, companies are upskilling and reskilling the workforce. Increasingly, companies turned to project-based hires to better manage costs and headcount.
In 2025, a continued focus on digitalisation and sustainability will see increased demand for professionals with expertise in digital transformation technologies, including AI, IoT, and blockchain, as well as sustainable supply chain practices. Apart from technical skills, businesses will look to hire professionals with the knowledge to build use cases on how to automate tasks, improve efficiency and uncover new business opportunities. To boost productivity, companies will value professionals with the ability to analyse complex situations, identify issues and propose effective solutions. Contract positions are likely to increase as well.
Other Singapore-based insights of the Salary Survey include:
• Top industries that are likely to see the highest attrition (Respondents will be looking to change jobs in 2025): Tech & Transformation (89%), Banking & Financial Services (88%), Accounting & Finance (85%), and Sales & Marketing (85%).
• Top industries which can expect pay raises in 2024: Supply Chain & Procurement (82%), Accounting and Finance (80%), Banking & Financial Services (79%).
• Top in-demand professions for 2025 are
o Accounting & Finance: Financial Analyst, Finance Business Partners, Business Analyst
o Banking & Financial Services: Regulatory Governance/Compliance Officers, Wealth and Portfolio Managers, Risk Management Specialists
o Human Resources: HR Business Partners, Talent Management, Total Rewards Specialist/Manager
o Sales & Marketing: Sales Managers/Key Account Managers, Marketing Analyst, Business Development Managers
o Supply Chain, Procurement & Logistics: Regional Logistics & Distribution Manager, Supply Chain Project Manager, Sustainable Procurement Manager
o Technology & Transformation: Data Scientist / Data Analyst, Cyber Security Specialist, Software Engineer
