Emerging Careers in 2022: Industries With the Highest Salary Growth

After the disruption of COVID-19, Singapore’s economic outlook is looking rosy — the city-state ended last year with a 7.2% economic rebound, the highest comeback Singapore has recorded since 2010. 

It also poses promising progress in Singapore’s labour market as opportunities and trends emerge. Thanks to the Fourth Industrial Revolution, alongside new consumer behaviours and public demands that shape business recovery in Singapore, you can expect changes in the workplace. JobStreet’s Decoding Global Talent report showed that 61% of Singaporean workers perceived their jobs at risk because of automation, prompting many employees to consider moving to different industries or taking up a new role. Moreover, 62% of employees also said they were willing to retrain for a different position, especially after the effects of the pandemic on their careers.

(Also read: Changing Careers? Here’s How to Ensure Your Current Skills Are Still Relevant)

The Money Authority of Singapore has said that they expect the labour market recovery to continue in 2022, with resident wage growth likely to firm up as companies have begun to lift salary freezes and reverse wage cuts for their employees.

Singapore’s Job Market Outlook and Salary Growth

This spells bright opportunities for jobseekers looking to rebound from retrenchment, as well as workers keen on an industry change. In Singapore, 41 industries recorded a 41% salary increase in 2021, ranking first among Malaysia, Indonesia, the Philippines, Thailand, and Hong Kong when it comes to growth in employee remuneration, according to JobStreet’s 2022 Salary Report.

The job market in Singapore reflects an overall salary growth, with the education and telecommunication industries leading with the highest year-on-year salary increase.

According to the salary report, computer IT roles and positions in banking and finance continue to be the industries that dole out the highest pay. IT-related positions are the highest-paid specialisations based on their median salary, whether they work in large corporations or small-medium enterprises.

While tech and finance are undoubtedly burgeoning industries in Singapore that drive its economic growth, other fields enjoy a steady rise and could ensure rewarding post-pandemic careers.

(Also read: Finance Is Calling: 5 Reasons You Should Jump Into This Industry)

For example, marketing and advertising have recorded the highest growth as an industry among SMEs with a median salary increase of 8.3%, or S$250. Meanwhile, banking and finance remain the most lucrative industry in the corporate world, as it registered a median salary growth of a whopping 51.3%, or a cool S$2,000.

If you have been looking to make a lateral career move to a different industry or want to compare how your current role stacks up against others, check out these emerging careers in 2022 — along with the industries that have gained the highest salary growth.

Industries With the Highest Salary Progression

Education

Education jobs recorded a 6% median growth in salary for entry-level jobs and a stunning 31.7% median increase for junior executive levels. Senior executive roles recorded a 20% growth in their paycheck, while managers and senior managers’ salaries increased by an average of 10.5% and 6.3%, respectively.

Look for roles in education here.

Telecommunication

Telecommunication roles saw the widest uptick in junior executive, senior executive, and senior manager levels at 16.3%, 17%, and 25%. Entry-level jobs and manager roles still saw an increase at 4.4% and 7.7%, respectively.

Scout for telecommunication roles here.

Marketing & Advertising

While senior executive levels stayed the same, marketing and advertising roles enjoyed a large raise in high-level positions, with managers at 15% and senior managers at 17.9%. Salaries for entry-level positions increased by 3.7%, while wages for junior executive roles grew by 8.3%.

Find your next role in marketing and advertising here.

Banking & Finance

Entry-level salaries remained the same for banking and finance; in contrast, senior executive roles received the highest increase in wages by a staggering 14.6%. Junior executive positions increased by 2.9%, followed by senior manager roles at 7.4%. Manager-level positions saw a bump in their pay grades by 10%.

Search for banking and finance positions here.

Retail & Trade

In retail and trade, wages for entry-level jobs rose by 4.7%, while junior executive and senior executive roles increased by 3.6% and 5.3%, respectively. Manager and senior manager levels saw the highest wage increase at 11.4% and 18.8%.

Join the retail and trade industry here.

Hospitality

As Singapore continues to expand its vaccinated travel lanes to other countries, hospitality and tourism are expected to see a gradual improvement after taking a hit from the pandemic. Although high-level positions in the hospitality industry remained the same, senior executive roles recorded the highest increase at 7.1%. Entry-level job wages increased by 5.1%, while salaries for junior manager roles rose by 5.7%.

Find your next role in hospitality here.

Consumer Goods

Senior executive positions enjoyed the highest wage increase within the consumer goods industry by 6.3%, while salaries for junior executive roles grew by 3.3%. Manager-level wages increased by 3%. 

Look for your next role in consumer goods here.

Public Service

Wages for junior executive roles in the field of public service saw the highest median increase at 7.3%. It is followed by senior executive positions, whose wages rose by 3.9%. Manager roles saw their salaries increase by 2.3%, while wages for entry-level positions grew by 2.1%. Remuneration for senior management positions had the lowest uptick, rising by 0.5%.

Begin a career in public service here.

Transportation

Those who want to get into transportation are in luck: the median pay for entry-level and manager roles rose by 4.4% each. Salaries for junior executive positions increased by 3.5%, while pay for senior executive roles grew by 2.4%. Senior managers’ salaries remained the same.

Join the transportation industry here.

Healthcare

Healthcare workers may want to look into entry-level, junior, and senior executive roles. These positions saw a median salary growth of 4.4%, 4.6%, and 4.7% respectively — reflecting the demand for hands-on work in health facilities and institutions across Singapore. Meanwhile, manager and senior manager roles may be less lucrative, salary-wise, as pay for managers remain unchanged, while the highest positions saw a decline of 5.6%.

Find your next healthcare role here.

The past two years under the COVID-19 pandemic may have urged Singaporeans to value financial stability, as salary and compensation emerged as the top factor employees look for the most in a role. With these promising salary growths in various industries, we hope that they help you seek the #JobsThatMatter to you as you move forward with a post-pandemic career. 

Changing careers may be a challenge, but it's sometimes worth the effort, especially if it promises various opportunities for growth and fulfilling remuneration. Are you interested in exploring any of these emerging careers this 2022? 

We want to help you find a career that gives you passion and purpose. For more expert advice on building fulfilling careers and exploring professional opportunities, visit the Career Resources Hub.