Singapore's economic landscape demonstrates resilience and potential for growth as the Ministry of Trade and Industry (MTI) projects 2025’s GDP growth to be around 1% to 3%, reflecting the nation's robust fundamentals and strategic global positioning.
The labour market remains stable, with the seasonally-adjusted unemployment rate at 1.9% in quarter 3 of 2024. Meanwhile, employment growth continues to be positive, particularly in Financial & Insurance Services, Information & Communications, and Professional Services sectors.
As Singapore advances its digital transformation agenda, demand for specialised skills in technology and innovation will only grow in 2025. Key focus areas include AI, machine learning, cybersecurity, data analytics, and digital marketing.
Discover insights into Singapore's job market with Randstad's 2025 Job Market Outlook and Salary Guide. This report analyses labour trends, salary benchmarks, bonuses, and hiring patterns across industries. Download the report to improve your talent acquisition strategies and workforce planning for the upcoming year.
more businesses keeping up with digital developments
Singapore's digital economy has become a crucial driver of overall economic growth, contributing S$113.2 billion in value-added (VA) in 2023, representing 17.7% of GDP. Comprising about one-sixth of the economy, this highlights the crucial role of digitalisation in shaping the nation's economic landscape.
Digitalisation has a widespread impact, with finance and insurance, wholesale trade, and manufacturing sectors leading the way. SMEs are embracing digital solutions with growing enthusiasm, with 82% implementing at least one digital solution for general business functions in 2024, up from 69% in 2022.
This trend towards advanced digital technologies is set to boost innovation and productivity across industries. As more companies leverage AI for commercial results, we expect to see new job opportunities emerge. This shift has the potential to reshape Singapore's labour market and economic landscape in the coming years.
hiring will concentrate in sales, business development, and technology
Singapore's services sector, which includes commerce, transport, communications, financial, business, community, social and personal services, accounts for about two-thirds of the country's GDP. This sector is slated to be a key driver of growth in 2025.
The push to become a leading green finance hub is likely to boost growth across various industries, including banking, manufacturing, accounting, and finance. This shift towards sustainability could create new job opportunities in green technologies, renewable energy, and environmental consulting. Meanwhile, the manufacturing sector is showing signs of recovery after facing global supply chain challenges.
In 2025, businesses will focus on boosting revenue and profits while enhancing their technology capabilities.
Our dipstick survey reveals that 45% of employers expect increased demand for revenue-generating talent such as sales and business development professionals. Additionally, 23% are targeting technology talent, while 13% are focusing on digital transformation, AI, and engineering professionals.
bridging the skills gap in singapore’s labour market
Skills mismatch continues to be a major challenge in Singapore's job market, despite low unemployment rates. The rapid advancement of technology has created a gap between available skills and industry needs. 2 out of 3 employers cited the shortage of candidates with necessary skills as their main talent acquisition challenge.
This includes regularly assessing skill requirements and providing upskilling support aligned with development goals and business objectives. This approach not only narrows the skills gap but also prepares the workforce for future challenges in a rapidly evolving job market. When done right, it will also improve the company's ability to attract self-motivated talent looking for growth opportunities.
talent and salary expectations in 2025
Flexibility is a key priority for workers in Singapore, with many considering work-life balance essential when choosing an employer. According to our 2024 Workmonitor survey, 95% of respondents view work-life balance as an important factor in their current or future jobs. Additionally, 42% would not accept a position that lacks flexibility in terms of where and when they work.
Following closely behind are salary and benefits, especially given the rising competition in the labour market and increasing costs.
Our dipstick survey shows that 43% of employers plan to raise salaries by 3% to 5%, while 17% intend to offer even higher increases of 5% to 10%. However, these figures can vary significantly by industry and skill level, with high-demand roles in technology and digital sectors likely to see above-average salary growth due to ongoing skills and talent shortages.
Looking ahead to 2025, 3 in 5 employers expect that tightening corporate budgets will be their biggest HR challenge. Despite this, 38% plan to increase hiring budgets for technical roles, highlighting the substantial gap between talent supply and demand in these positions.
download randstad singapore’s 2025 job market outlook and salary guide report
Our 2025 Job Market and Salary Guide report cuts through the complexity to deliver actionable insights and expert analyses from our industry leaders. Let us help you navigate today's challenges and create new opportunities to strengthen your workforce for the future, ensuring your business doesn't just adapt — it thrives.
Randstad’s 2025 Job Market Outlook and Salary Guide examines key talent expectations as well as current industry trends and salary benchmarks in the following industries:
- Accounting and finance
- Banking and financial services
- Human resources
- Insurance
- Legal
- Manufacturing
- Sales and marketing
- Supply chain
- Technology
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