SINGAPORE: Technology and finance occupations are set to dominate the job market in 2024, according to the latest job vacancy data, released by the Ministry of Manpower (MOM). The report, based on data as of September 2023, outlined the most sought-after positions, with business development managers and software, network, and multimedia developers leading the pack.
In the rapidly expanding information and communication technology sector, network and multimedia developers, data scientists, and system analysts emerged as the positions with the highest vacancy rates. Meanwhile, the financial and insurance services sector is seeing a surge in demand for financial and investment consultants, including budget and accounting managers and directors.
Across managerial and administrative staff categories, business development managers, budget and financial accounting managers, and sales managers exhibit the highest vacancy ratios. The report indicated a persistent demand for software, web, and multimedia developers, industrial and production engineers, and systems analysts. Commercial and sales executives, pre-school teachers, and operations officers also ranked high in terms of job openings.
For individuals holding a college degree, the top three sought-after positions are software, web, and multimedia developers, followed by budget and accounting managers and business development managers. Meanwhile, professionals with specialized qualifications can find lucrative opportunities in business and sales executive roles, nursing and care professions, and preschool teaching positions.
The data also highlighted that the vacancy rates for receptionists, customer service and information workers, office clerks, waiters, construction and related industry supervisors, construction workers, and lorry drivers all exceed 20 per cent.
The 2023 Singapore Salary Survey Report from Jobstreet echoed MOM’s report on the booming job market. Job advertisements in the banking and financial industry experienced a substantial 68 per cent increase from April 2022 to March 2023, according to the Jobstreet report. Salaries in this sector also saw a notable uptick ranging from 10 to 34 per cent, particularly for positions below senior management.
The technology industry has not been left behind, boasting a 16 per cent increase in wages compared to pre-pandemic levels. As of the end of 2022, the median monthly salary for technology professionals stood at $7,376.
These trends suggest a dynamic job market with promising opportunities in the technology and finance sectors, offering competitive salaries and growth potential for job seekers in 2024.