Market Insights

2023
Singapore

Banking & Financial Services 2

Contracting 11
Finance & Accounting 18
Sales & Marketing 22
Supply Chain & Procurement 29
Technology 32
The State of Work Report 38
*Click on the specialism of interest to view the full report.

www.ambition.com.sg
Market Insights
2023
Banking & Financial Services

Singapore
2023 Market Insights Singapore | Ambition Banking & Financial Services

KEY HIGHLIGHTS
• Active hiring activities within support functions &
regulatory compliance

• Quant & high-frequency trading (HFT) firms continue to

post strong returns, capitalising on market volatility

• Family offices & relative investment firms continue to

thrive in Singapore due to political stability, favourable
tax structures & a robust governance framework

• Decrease in mergers & acquisitions (M&A) activities led

to low demand for M&A professionals

• Steady hiring volumes to be expected in 2023

• Professionals with data skills will be highly sought after

LOOKING BACK OVER 2022

Overview of hiring trends
Although there have been a lot of negativity surrounding the
mass layoff announcements by many market-leading and
innovative companies in H2 2022, it has been net positive in
terms of employment with data pointing towards the best
metrics since the start of the pandemic. Within banking and
financial services, we have observed a few interesting trends
over the last year:

• Banking remained resilient and will continue to be a

bright spot in terms of hiring.

• Asset managers faced a challenging year but grew in

selective areas.

• Crypto / Web3 has an important role in shaping the future

of finance. The market ‘reset’ in this space has helped clear
out the pretenders from the market, leaving only value-
adding projects that survived the ‘crypto winter’.

Busy hiring activities across operations, increases to secure the right talent. Salary increments offered
finance & audit have gone up from an average of 10% – 20% to 20% – 25%,
Hiring within support functions has been extremely busy with candidates expecting 30 – 40%.
throughout 2022, which could be attributed to the firms’
restructuring and expansion plans, as well as to support Continued demand for regulatory compliance
replacement hiring. On top of that, European and American professionals
banks have been setting up new teams (i.e. loans, digital The governance space has been red hot, with strong demand
assets) in Singapore, with some European banks moving for good regulatory compliance professionals. At the same
their operation functions from Hong Kong to Singapore. time, we saw professionals making a move from fintech to
the banking industry for job stability. Many banks have been
In a bid to retain talent, we have seen some banks offer offering salary adjustments, including an average increment
one-off increments to their staff. These increments ranged of 10% – 20% for top-performing employees who have been
from 5% – 20% depending on the role and function. At the in their roles for over 2 years, to bring them up to the market
same time, employers were willing to offer attractive salary rate for their positions.

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2023 Market Insights Singapore | Ambition Banking & Financial Services
Cautious hiring decisions across retail banking & private drop in M&A deal volume. This, in turn, led to a slowdown in
wealth sectors hiring demand for M&A professionals. However, there have
The market has been volatile throughout 2022. In general, been a number of firms performing compensation alignment
both global and local banks have adopted a more cautious due to global changes in this area that were subsequently
approach to hiring, particularly for front office sales roles. reflected in the Asian markets.

Meanwhile, foreign banks such as Citibank and Standard

Chartered Bank, have shifted their focus to high-net- Talent with product & project management
worth (HNW) clients. This shift resulted in the banks’ capabilities were highly sought after
preference to hire experienced Premier and Premier Private The cryptocurrency, fintech, and corporate banking sectors
Relationship Managers with proven sales track records. have continued to grow over the last year. This growth has
While there has been demand for experienced relationship resulted in an increase in demand for professionals with good
managers, movement in this area slowed down in H2 2022 product and project management capabilities. In particular,
as professionals (especially strong performers) have been project managers with data knowledge across management,
reluctant to move given that they have accomplished a visualisation, and governance have been highly coveted
substantial part of their KPI. within the banking and asset management sectors. Apart
from that, there has been a preference for professionals
Slowdown in hiring demand for M&A professionals well-versed in Agile and Six Sigma methodologies.
Given the uncertain macro outlook in 2022, we have seen a

LOOKING INTO 2023

Overall outlook for 2023
As we move into 2023, it is difficult to predict how the
macro environment will evolve. We foresee steady hiring
activities within the banking and financial services industries,
albeit slower when compared to 2022. Given the number of
candidates who have started new roles in the last year, we
are also expecting less hiring for replacement headcount.
This, in turn, should lead to lower frictional unemployment.

Jobseekers’ expectations on their next career move

When deciding on their next career move, jobseekers will
continue to have high salary expectations. On top of that,
flexible work arrangements, benefits, and career progression
opportunities will be important factors for jobseekers when
considering a job offer.

Hiring forecast within retail banking & private

wealth sectors
In H1 2023, we expect hiring activities to be more active in the
retail banking and private wealth sectors. At the same time,
firms will be planning additional headcount in anticipation of
talent attrition after the bonus and retention payouts.

Tech skills will continue to be highly sought after

Various programming languages, digital capabilities, and data
skills will continue to be embedded into hiring requirements
outside of IT specific roles. In particular, professionals with
the ability to manipulate data will be in demand.

Strong influx of senior executives to Singapore

With the introduction of Singapore’s new Overseas Networks
and Expertise Pass (ONE Pass) in January 2023, we expect a
strong influx of senior executives.

4
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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report

Investment Banking
Job Title Years of Experience Annual Salary Range (SGD$)
Audit/Internal Control
Head of Audit / Internal Control / Operational Risk 15+ 280K+

Senior Vice President 15+ 180K–250K

Vice President 12–15 140K–200K

Assistant Vice President 7–12 80K–145K

Analyst / Associate 1–8 45K–90K

Compliance
Head of Compliance 15+ 250K+

Senior Vice President 15+ 180K–250K

Vice President 12–15 130K–200K

Assistant Vice President 7–12 80K–130K

Senior Associate 3–7 60K–90K

Compliance Officer / Analyst 1–3 40K–80K

Credit Risk
Head of Credit Risk 15+ 250K+

Senior Vice President 12+ 160K–250K

Vice President 10–12 130K–160K

Assistant Vice President 6–10 85K–130K

Associate 3–5 60K–90K

Analyst 1–3 45K–65K

Market Risk
Head of Market Risk 15+ 300K+

Senior Vice President 12+ 180K–280K

Vice President 10–12 140K–180K

Assistant Vice President 6–10 85K–140K

Associate 3–5 60K–90K

Analyst 1–3 45K–65K

Operational Risk
Head of Operational Risk 15+ 280K+

Senior Vice President 12+ 180K–280K

Vice President 10–12 120K–180K

Assistant Vice President 6–10 70K–120K

Associate 3–5 50K–70K

Analyst 1–3 40K–50K

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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

CFO
Regional Chief Financial Officer 15+ 330K–500K

Country Chief Financial Officer 12+ 210K–330K

Management Reporting / Financial Planning & Analysis

Head of Management Reporting 15+ 300K+

Senior Vice President 15+ 200K–280K

Vice President 12–15 140K–200K

Assistant Vice President 7–12 80K–140K

Management Accountant 3–6 60K–90K

Junior Accountant / Analyst 1–3 40K–60K

Regulatory Reporting / Financial Accounting

Regional Financial Controller 15+ 250K+

Senior Vice President 15+ 180K–220K

Vice President 12–15 150K–180K

Assistant Vice President 7–12 80K–150K

Accountant 3–6 60K–90K

Junior Accountant 1–3 45K–70K

Product Control
Head of Product Control 15+ 280K+

Senior Vice President 15+ 200K–280K

Vice President 10–15 130K–200K

Assistant Vice President 6–12 85K–130K

Associate 3–6 60K–90K

Analyst 1–3 40K–60K

Tax
Head of Tax (large bank) 15+ 220K–300K

Head of Tax (small bank) 12–15 180K–280K

Senior Vice President 15+ 180K–220K

Vice President 12–15+ 140K–180K

Assistant Vice President 7–12 80K–140K

Tax Accountant 3–7 50K–80K

Operations
Head of Operations 15+ 250K+

Senior Vice President 12+ 180K–250K

Vice President 12–15 140K–180K

Assistant Vice President 7–10 80K–140K

Associate 3–7 60K–80K

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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report
Job Title Years of Experience Annual Salary Range (SGD$)
Operations
Analyst 1–3 40K–60K

Middle Office
Head of Middle Office 15+ 250K+

Senior Vice President 15+ 180K–250K

Vice President 12–15 140K–180K

Assistant Vice President 7–10 80K–140K

Associate 3–7 60K–80K

Analyst 1–3 40K–60K

Client Services
Head of Client Services 15+ 250K+

Senior Vice President 12+ 180K–250K

Vice President 12–15 140K–180K

Assistant Vice President 7–10 80K–140K

Associate 3–7 60K–80K

Analyst 1–3 40K–60K

Project Management
Head of Project Management 15+ 280K+

Senior Vice President 15+ 200K–250K

Vice President 12–15 150K–200K

Assistant Vice President 7–10 80K–150K

Associate 3–7 60K–80K

Analyst 1–3 45K–60K

Soft Commodity Trading

Head of Trading 15+ 250K+

Senior Trader 8–15 150K–250K

Trader 3–8 70K–150K

Assistant Trader 1–3 40K–70K

Hard Commodity Trading

Head of Trading 15+ 300K+

Senior Trader 8–15 180K–300K

Trader 3–8 90K–180K

Assistant Trader 1–3 45K–90K

Commodity Middle Office

Head of Middle Office 10+ 150K+

Senior Middle Officer 5–10 100K–150K

Middle Officer 1–5 45K–100K

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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Commodity Operations
Head of Operations 15+ 120K+

Senior Operations Executive 10–15 70K–120K

Operations Executive 4–10 50K–70K

Operations Officer 1–3 40K–50K

Chartering
Head of Chartering 12+ 200K+

Senior Charterer 5–12 150K–200K

Charterer 3–5 80K–150K

Fintech - Finance
Head of Finance 10+ 180K–250K

Finance Manager 8–10 96K–140K

Senior Accountant 4–8 65K–84K

Accountant 2–4 42K–60K

Fintech - Sales
Head of Sales 10+ 120K–200K

Sales Manager 5–8 75K–130K

Senior Sales Executive 3–5 55K–70K

Sales Executive 1–3 40K–55K

Fintech - Compliance & Risk

Head of Compliance & Risk 10 150K–200K

Compliance Manager 8–10 120K–150K

Risk Manager 5–7 96K–120K

Compliance Specialist 1–3 40K–60K

Risk Specialist 1–3 40K–60K

Marketing
Job Title Years of Experience Annual Salary Range (SGD$)
Marketing Director 12+ 180K–250K

VP, Marketing 8–10 120K–180K

AVP / Marketing Manager 5–8 70K–120K

Associate / Assistant Marketing Manager 3–5 48K–70K

Head of Corporate Communications / Affairs 12+ 150K–240K

VP, Corporate Communications / Affairs 8–10 100K–150K

AVP / Manager Corporate Communications / Affairs 5–8 70K–100K

Associate / Assistant Corporate Communications Manager 3–5 48K–70K

Head of Brand 12+ 200K–250K

VP Brand 8–10 150K–200K

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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

AVP / Manager Brand 5–8 110K–150K

Event Specialist 3–5 50K–110K

VP Paid Media 7–12 120K–180K

Front Office
Job Title Years of Experience Annual Salary Range (SGD$)

IBD / Securities - Trading / Institutional Sales / GCM

Director 15+ 240K–300K

Vice President 9–12 170K–240K

Associate 5–9 120K–170K

Analyst 2–5 60K–120K

IBD / Securities - IBD (IPO, M&A)

Director 15+ 240K–300K

Vice President 9–15 170K–240K

Associate 5–9 120K–170K

Analyst 2–5 60K–120K

Corporate Banking - Relationship Management

Department Head 15+ 180K–250K

Team Head 10–15 140K–180K

Senior Relationship Manager 7–10 110K–140K

Relationship Manager 5–7 80K–110K

Assistant Relationship Manager 3–5 50K–80K

Retail Banking - Relationship Management

Department Head 15+ 180K–250K

Team Head 10–15 140K–180K

Senior Relationship Manager 7–10 110K–140K

Relationship Manager 5–7 80K–110K

Assistant Relationship Manager 3–5 50K–80K

Asset Management (Private Equity, Family Office, VC)

Head / Partner 15+ 350K+

Principal 10–15 230K–350K

Vice President 7–10 150K–230K

Associate 5–7 100K–150K

Analyst 3–5 60K–100K

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2023 Market Insights Singapore | Ambition Banking & Financial Services | Salary Report

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper.
6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as
15–20% of the base salary for senior executives.

10
Market Insights
2023
Contracting

Singapore
2023 Market Insights Singapore | Ambition Contracting

KEY HIGHLIGHTS
• 2022 was a busy year for hiring

• Gradual shift back to in-office work arrangements

• Employers will be more cautious in their hiring plans moving

into 2023

• Business analysis & project management skills will remain

highly sought after

LOOKING BACK OVER 2022

Active hiring activities throughout H2 2022
In 2022, hiring within the contracting space remained busy,
especially in the second half of the year. In particular, there
was a spike in demand for contractors in the financial services,
technology, and healthcare industries. Some of the highly sought-
after contract tech professionals include L1-L3 IT support, UI/UX
designers, software developers (i.e. Python, Java, Golang), mobile
developers, business analysts, and data analysts.

Due to the movements and changes in the market, we also

saw an increase in demand for project managers, business
analysts, as well as compliance and control professionals.

Reinstatement of in-office work arrangements

Many companies in Singapore have been expanding progressively
over the last year. With the ease of COVID-19 restrictions, we saw
many companies resume in-person events and activities. As a
result, there has been an increase in demand for marketing, public
relations (PR), and communications related roles.

At the same time, we noticed a gradual shift back to in-office

work arrangements across different industries. This, in turn, led
to a surge in demand for business support professionals such
as secretaries, administrators, human resources professionals,
and office managers.

2022 continued to be a candidate-driven market

Due to talent shortages, it has been extremely competitive and
challenging for companies to hire contractors, particularly within
the technology, fintech, and startup space. Jobseekers typically
had several options and often received multiple offers. In the face
of strong competition from other companies – especially the
ones hiring for permanent positions, employers are willing to offer
attractive salary increases to secure the right talent.

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2023 Market Insights Singapore | Ambition Contracting

LOOKING INTO 2023

Overall outlook for 2023
The increasing risks of an economic slowdown in Singapore may
dampen the labour market. Due to the volatility of the situation,
employers will be more cautious in their hiring plans over the
next year. Some of the industries that may be affected by the
dampened labour demand include financial services, wholesale
trade between businesses, and manufacturing.

Spike in number of shorter-term contracts

In 2023, a trend that we can expect to make a return is the
increase in shorter-term contract roles (i.e. 6-12 months
contracts). Most of these short-term contract roles are expected
to be sabbatical cover or project-based support to help
companies get through tight project deadlines.

Hot areas within the contracting space

As we move into 2023, some of the hot areas in contract
hiring will include project management, compliance and
control, business analysis, data analytics, finance, human
resources, and technology. Apart from that, professionals with
a consultancy background and strong project management
skills will be highly coveted. The same goes for professionals
with hands-on experience in programming languages such as
SQL, VBA, R, and Python.

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2023 Market Insights Singapore | Ambition Contracting | Salary Report

Banking & Financial Services

Job Title Years of Experience Monthly Salary Range (SGD$)
Audit / Internal Control
Vice President 12–15 13K–20K

Assistant Vice President 7–12 9K–13K

Analyst / Associate 1–8 4K–9K

Compliance
Vice President 12–15 13K–20K

Assistant Vice President 7–12 9K–13K

Senior Associate 3–7 6K–9K

Compliance Officer / Analyst 1–3 4K–6K

Credit Risk
Vice President 10–12 12K–18K

Assistant Vice President 6–10 8K–12K

Associate 3–5 6K–8K

Analyst 1–3 4K–6K

Market Risk
Vice President 10–12 14K–20K

Assistant Vice President 6–10 9K–13K

Associate 3–5 6K–8K

Analyst 1–3 4K–6K

Operational Risk
Vice President 10–12 15K–22K

Assistant Vice President 6–10 10K–15K

Associate 3–5 7K–10K

Analyst 1–3 4K–7K

Management Reporting / Financial Planning & Analysis

Vice President 12–15 11.5K–17K

Assistant Vice President 7–12 6.5K–11.5K

Management Accountant 3–6 5K–7.5K

Junior Accountant / Analyst 1–3 3.5K–5K

Regulatory Reporting / Financial Accounting

Vice President 12–15 12.5K–15K

Assistant Vice President 7–12 6.5K–12.5K

Accountant 3–6 5K–7.5K

Junior Accountant 1–3 3.75K–5.8K

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2023 Market Insights Singapore | Ambition Contracting | Salary Report

Job Title Years of Experience Monthly Salary Range (SGD$)

Product Control
Vice President 10–15 12K–18K

Assistant Vice President 6–12 9K–12K

Associate 3–6 6K–9K

Analyst 1–3 4K–6K

Tax
Vice President 12–15+ 12K–18K

Assistant Vice President 7–12 9K–12K

Tax Accountant 3–7 4K–9K

Operations / Middle Office / Client Services

Vice President 12–15 11K–13K

Assistant Vice President 7–10 8K–11K

Associate 3–7 6K–8K

Analyst 1–3 4K–6K

Project Management
Vice President 12–15 12K–20K

Assistant Vice President 7–10 9K–12K

Associate 3–7 6K–9K

Analyst 1–3 4K–6K

IT Management
IT Director 10+ 15K–30K

Senior IT Manager 8+ 10K–20K

IT Manager 6+ 8K–15K

Project Management
Program Manager (VP to D) 15+ 12.5K–30K

Project Manager (AVP to VP) 10–15 8K–20K

Business Analyst (AVP to VP) 6–15 6K–15K

Application Development
Solutions Architect (VP to SVP) 12–18 12K–25K

Development Manager (VP to SVP) 10–15 10K–20K

Developer 6–15 8K–15K

RDBMS Developer / DBA 6–15 6K–15K

Infrastructure
Infrastructure Manager (VP) 10–15 12K–25K

Infrastructure Engineer (AVP) 6–15 6K–12K

Systems Administrator 4–8 6K–10K

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2023 Market Insights Singapore | Ambition Contracting | Salary Report

Job Title Years of Experience Monthly Salary Range (SGD$)

Infrastructure
L2 Support 5–10 4K–7K

Trading Systems Support (Front Office) 6–15 8K–15K

Info Security Director (VP to D) 15+ 12.5K–30K

Info Security Specialist (AVP to VP) 8–15 8K–15K

Security Analyst 4–8 6K–10K

Commerce & Industry

Job Title Years of Experience Monthly Salary Range (SGD$)
Audit / Internal Control
Senior Audit Manager 8–10 10.8K–12.5K

Internal Audit Manager 5–8 7.5K–10.8K

Internal Auditor 3–5 4.1K–7.5K

Financial Accounting
Regional Financial Controller 10+ 12.5K–20.8K

Financial Controller 8–10 10K–12.5K

Finance / Accounting Manager 6–10 6.7K–10K

Financial Accountant 3–6 4.1K–6.7K

Accounts Payable / Accounts Receivable Accountant Up to 8 years 3.3K–5K

Management Accounting
Manager 8–10 10K–15K

Senior Management Accountant 5–8 6.7K–8.3K

Management Accountant 3–5 4.1K–6.7K

Planning & Analysis

Head of Planning & Analysis 10–12 11.7K–18.3K

Financial Planning & Analysis 8–10 6.7K–11.7K

Senior Financial Analyst 6–8 6.7K–10K

Financial Analyst 3–6 4.1K–6.7K

Tax
Tax Manager 8–10 9.1K–16.7K

Tax Accountant / Senior Accountant 3–6 5.8K–9.1K

Treasury
Treasury Manager 7–10 7.5K–14K

Treasury Accountant 3–6 4K–7.5K

IT Management
Senior IT Manager 8+ 10K–18K

IT Manager 6+ 8K–12K

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2023 Market Insights Singapore | Ambition Contracting | Salary Report

Job Title Years of Experience Monthly Salary Range (SGD$)

Project Management
Program Manager 15+ 12K–25K

Project Manager 10–15 8K–15K

Business Analyst 6–15 6K–15K

Application Development
Solutions Architect 8–12 10K–15K

Development Manager 8–12 7.5K–15K

Developer 5–10 7K–15K

RDBMS Developer / DBA 5–8 6K–12K

Infrastructure
Infrastructure Manager 8+ 8K–16.7K

Systems Administrator 5+ 5K–10K

Network Administrator 5+ 6K–15K

Network or Systems Engineer / 3rd Line Support 5+ 6K–15K

Capacity Planning Engineer 5+ 6K–10K

Capacity Planning Manager 6–8 8K–15K

IT Security Manager 6–10 8K–15K

IT Security Analyst 5+ 6K–12K

Helpdesk / Desktop Support 3–7 3.5K–6K

Helpdesk Team Lead / Manager 5–8 6.5K–10K

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.

2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper
6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days
is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution
levels as much as 15–20% of the base salary for senior executives.

17
Market Insights
2023
Finance & Accounting

Singapore
2023 Market Insights Singapore | Ambition Finance & Accounting

KEY HIGHLIGHTS
• Finance professionals with business partnering experience
remain highly sought after

• Demand for junior to mid-level finance professionals

continues to grow

• Consistent hiring demand across different industries – from

manufacturing to professional services

• Talent development & retention will be employers’ top

priorities in 2023

LOOKING BACK OVER 2022

Job market within finance remained buoyant
There has been an increase in hiring activities for both
replacement roles and new headcount due to business
expansion across the region. Professionals with good
business partnering experience remain highly sought after.

In general, headcount in the life science space remained stable

with low turnover rates, while manufacturing and semiconductor
industries witnessed headcount expansion. Hiring activities
remain busy across the professional services industry, especially
within the legal and media sectors. Meanwhile, we observed
companies in the service industry seeking specific, niche finance
skillsets and relevant industry knowledge.

Competitive hiring market for junior to mid-level In-demand finance professionals

finance talent Financial planning and analysis (FP&A) and business
In 2022, Singapore continued to be one of the most partnering professionals remain high in demand, especially
attractive job locations for global talent. With the ongoing those with regional experience. Due to the volatile business
trend of multinational corporations (MNCs) shifting their landscape, employers have strongly considered candidates
regional focus to Singapore from other regions such as Hong with a background in digital transformation for business
Kong, the country has become a more vibrant regional hub. partnering roles as they play an important role in preparing
We observed a rise in demand for junior to mid-level finance an organisation for any potential challenges. Apart from that,
professionals due to the expansion of some regional hubs. finance talent with strong system enhancement and project
experiences, as well as internal audit and IT audit skills have
In general, the junior to mid-level hiring market has been also been highly sought after.
competitive. We have seen candidates receiving multiple
offers, and strong counteroffers as companies seek to retain
their talent. At the same time, most companies have a limited Most companies reinstated in-office work arrangements
quota to sponsor work passes. With the ease of COVID-19 measures, many companies have
resumed in-office work arrangements in H2 2022. However,
During the second half of 2022, it was common to witness majority of jobseekers prefer hybrid work arrangements due
regional movements from other locations. We saw a number to the greater flexibility and work-life balance offered.
of senior finance roles move to Singapore, but recruitment for
new hires slowed down when compared to levels in H1 2022.

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2023 Market Insights Singapore | Ambition Finance & Accounting

LOOKING INTO 2023

Higher expectations for experienced finance
professionals
Senior finance hiring will remain stable in 2023, with most
of the hiring being for replacement roles. At the same time,
employers will expect senior finance jobseekers to have value-
added knowledge such as finance transformation, system
enhancement, and cost-saving project management.

Apart from that, finance professionals with regional or global

experience in business process reengineering, system
revamping, as well as integration and transformation will
be highly sought after.

Talent development & retention are top priorities for

employers in 2023
As we move into 2023, we will continue to see a high demand
for junior to mid-level finance professionals, as the talent
shortage remains. Given the small pool of local finance talent
as well as high turnover rates in 2021 and 2022, we foresee
talent development and retention to be high priorities for
most companies in 2023.

20
2023 Market Insights Singapore | Ambition Finance & Accounting | Salary Report

Commerce & Industry

Job Title Years of Experience Annual Salary Range (SGD$)
Audit / Internal Control
Head of Audit 12–15 200K–400K

Senior Audit Manager 8–10 130K–200K

Internal Audit Manager 5–8 90K–130K

Internal Auditor 3–5 50K–90K

Financial Accounting
CFO 15+ 300K–500K

Finance Director 12–15 250K–300K

Regional Financial Controller 10+ 150K–250K

Financial Controller 8–10 120K–150K

Finance / Accounting Manager 6–10 80K–120K

Financial Accountant 3–6 50K–80K

Accounts Payable / Accounts Receivable Accountant Up to 8 years 40K–70K

Management Accounting
Manager 8–10 120K–180K

Senior Management Accountant 5–8 80K–100K

Management Accountant 3–5 50K–80K

Planning & Analysis

Head of Planning & Analysis 10–12 180K–300K

Financial Planning & Analysis 8–10 80K–180K

Senior Financial Analyst 6–8 80K–120K

Financial Analyst 3–6 50K–80K

Tax
Vice President / Head of Tax / Tax Director 12+ 180K–350K

Tax Director 10+ 200K–350K

Tax Manager 8–10 110K–200K

Tax Accountant / Senior Accountant 3–7 70K–110K

Treasury
Head of Treasury 10–12 170K–350K

Treasury Manager 7–10 90K–170K

Treasury Accountant 3–6 50K–90K

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper.
6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as
15–20% of the base salary for senior executives. 21
Market Insights
2023
Sales & Marketing

Singapore
 Hong Kong| |Ambition
2023 Market Insights Singapore Ambition Sales & Marketing

KEY HIGHLIGHTS
• Hiring demand across the sales & marketing industry remains
strong

• Consumers are more inclined towards online shopping,

despite the ease of pandemic restrictions in Singapore

• Sales professionals will continue to be highly sought after in

2023

LOOKING BACK OVER 2022

Strong demand for sales & marketing professionals
2022 has largely been a year of recovery for most industries
in Singapore. Within the sales and marketing industry, the
employment market witnessed a drastic demand for sales and
marketing professionals as most companies sought to revive
activities that were dampened over the last 2 years.

Continuous growth of e-commerce

As Singapore began transiting into the endemic phase, there
has been a return to shopping in physical stores. However, we
observed that most consumers preferred online shopping as
they would like to shop in their own comfort and convenience.
As a result, e-commerce continued to grow throughout 2022.
Companies that have yet to establish an online presence
began to develop one, while the others sought to boost their
e-commerce capabilities.

B2B companies explored direct-to-consumer channels

In general, B2B and B2C companies have been using a
variety of sales channels to sell their products or solutions
to end consumers. However, we saw some B2B companies
exploring a new avenue, direct-to-consumer (DTC). Although
a challenging approach, it offers companies a high level of
control over their online storefront and the ability to have
one-on-one relationships with their consumers.

Sales hiring trends in banking & financial services

It has been a relatively buoyant market for revenue-generating
professionals across the banking and financial services sectors.
In addition to growing local fintech firms, we saw global ones
set up their regional headquarters in Singapore. As a result,
there was a surge in demand for sales talent to sustain the
growth or to drive expansion.

23
2023 Market Insights Singapore | Ambition Sales & Marketing

LOOKING INTO 2023

Overall outlook for 2023
Despite the speculations of an upcoming recession, we foresee
many companies continue to grow their sales functions. After all,
sales plays a key role in the building of loyalty and trust between
customer and business, as well as generating revenue for the
company. While there have been hiring freezes and redundancies
within the technology, crypto, and fintech industries, we predict
hiring activities in the manufacturing and FMCG sectors to remain
busy in 2023.

Innovative marketing strategies critical for developing

a competitive advantage
Companies in the FMCG industry seek to innovate their
marketing strategies in order to develop a competitive
advantage. We expect a gradual hiring recovery within this
space in H1 2023, and this will lead to a higher demand for
sales and marketing professionals.

24
3
2023 Market Insights Singapore | Ambition Sales & Marketing | Salary Report

Banking & Financial Services

Job Title Years of Experience Annual Salary Range (SGD$)
Marketing
Marketing Director 12+ 180K–250K

Vice President 8–10 120K–180K

AVP / Marketing Manager 5–8 70K–120K

Associate / Assistant Marketing Manager 3–5 48K–70K

Head of Brand 12+ 200K–250K

VP Brand 8–10 150K–200K

AVP / Brand Manager 5–8 110K–150K

Event Specialist 3–5 50K–110K

VP Paid Media 7–12 120K–180K

Corporate Communications / Affairs

Executive Director 20+ 350K+

Director 15+ 175K–275K

Head of Corporate Communications / Affairs 12+ 150K–240K

Vice President 8–10 100K–150K

Assistant Vice President 5–8 70K–100K

Associate / Assistant Corporate Communications Manager 3–5 48K–70K

Internal Communications Manager 6–8 100K–125K

Events
Executive Director 20+ 200K–300K

Director 15+ 175K–225K

Conference / Event Manager 6–10 80K–120K

Events Specialist 3–5 60K–80K

Media Relations Manager 6–8 70K–100K

Market Research / Business Intelligence

Head of Market Research / Business Intelligence 15+ 175K–250K

Market Research / Business Intelligence Manager 8–10 100K–150K

Commerce & Industry

Job Title Years of Experience Annual Salary Range (SGD$)
Broadcasting / Entertainment
Vice President / Marketing Director 15+ 200K–300K

Associate Director 10+ 150K–200K

Marketing Manager 5–8 60K–150K

Vice President / Director, Distribution 12+ 200K–300K

25
2023 Market Insights Singapore | Ambition Sales & Marketing | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Broadcasting / Entertainment
Associate Director, Distribution 10+ 125K–175K

Distribution Manager 6–8 80K–120K

Vice President / Director, Advertising Sales 12+ 200K–300K

Associate Director, Sales 10+ 125K–175K

Sales Manager 8+ 80K–130K

FMCG
General Manager 15+ 250K–300K

Sales Director 12+ 150K–225K

Sales Manager 8+ 60K–120K

Key Account Manager 5–8 50K–100K

Assistant Key Account Manager 2–4 40K–55K

Marketing Director 15+ 125K–220K

Marketing Manager 10+ 75K–125K

Assistant Marketing Manager 6–8 60K–90K

Senior Brand Manager 8–10 90K–120K

Brand Manager 6–10 70K–110K

Assistant Brand Manager 5–8 50K–70K

Category Manager 5–8 90K–130K

Assistant Category Manager 3–5 50K–70K

Product Manager 5–8 50K–80K

Assistant Product Manager 3–5 40K–60K

Trade Marketing Manager 5–8 50K–90K

Assistant Trade Marketing Manager 3–5 40K–60K

IT / Telecommunications
Sales / Business Development Director 10–15+ 200K–300K

Account Director 10–15+ 200K–250K

Marketing Director 15+ 200K–250K

Marketing Manager 8+ 100K–175K

Assistant Marketing Manager 6+ 50K–80K

Product Manager 3–5 60K–90K

Professional Services
Marketing Director 15+ 150K–250K

Marketing Manager 6–8+ 80K–120K

Business Development Director 15+ 150K–200K

Business Development Manager 6–8+ 90K–130K

26
2023 Market Insights Singapore | Ambition Sales & Marketing | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Professional Services
PR Manager 6–8+ 70K–110K

Publishing
Publisher 20+ 275K+

Circulation Director 15+ 150K–225K

Circulation Marketing Manager 6–8+ 60K–90K

Circulation Sales Manager 6–8+ 60K–90K

Advertising Sales Director 15+ 150K–200K

Advertising Sales Manager 6–8 60K–90K

Retail
Head of Marketing 15+ 130K–160K

Marketing Manager 10+ 70K–120K

Assistant Marketing Manager 5–8 40K–70K

Marketing Executive 1–3 30K–45K

Brand Manager 5–8 70K–100K

Assistant Brand Manager 3–5 50K–80K

PR Manager 5–8 60K–80K

Assistant PR Manager 3–5 40K–60K

Merchandising / Buyer Manager 8+ 70K–100K

CRM Director 15+ 200K–250K

CRM Manager 8+ 80K–130K

Advertising Agency
Group Managing Director 20+ 500K+

Managing Director 15+ 250K–400K

Business Director / Management Supervisor 12+ 175K–250K

Client Services Director 12+ 150K–300K

Strategic Planning Director 12+ 200K–275K

Group Account Director 10+ 150K–200K

Account Director 6–8 75K–125K

Account Manager 5+ 50K–70K

PR Agency
Managing Director 20+ 250K–350K

Director / Practice Leader 15+ 175K+

Account Director 6–8 90K–130K

Account Manager 5+ 50K–80K

27
2023 Market Insights Singapore | Ambition Sales & Marketing | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Online
Sales Director 15+ 200K–250K

Sales Manager 8+ 100K–150K

Digital / E-Commerce
Managing Director 12+ 250K–350K

Marketing Director 10+ 150K–300K

Sales Director 10+ 150K–200K

Marketing Manager 5+ 75K–125K

Sales Manager 5+ 75K–100K

Travel & Hospitality

Marketing Director 10+ 200K+

Sales Director 10+ 150K–200K

Marketing Manager 6–8 70K–120K

Account Manager 5+ 50K–90K

Sales Manager 5+ 60K–100K

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper.
6. Holiday entitlements range from 12– 25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20%
of the base salary for senior executives.

28
Market Insights
2023
Supply Chain & Procurement

Singapore
2023 Market Insights Singapore | Ambition Supply Chain & Procurement

KEY HIGHLIGHTS
• Slowdown in hiring within manufacturing & logistics as we
approached Q4 2022

• Supply chain analysts & order fulfilment analysts among the

commonly sought-after professionals in 2022

• Steady volume of hiring & movement to be expected in

2023

• Upward hiring trend for senior level professionals with a

background in analytics

LOOKING BACK OVER 2022

Candidate driven market in 2022 However, the same cannot be said for the semiconductor
In the first half of the year, we saw an upward trend in hiring industry as it continued to show a positive drift in terms of
demand across all functions within the supply chain and hiring. This can be attributed to the increase in operations
procurement industry. Apart from a low attrition rate, there stemming from companies onboarding new high net worth
was also an increase in newly created headcount hiring – an clients from the automotive, consumer device, and medical
indication of a recovering economy and job market. application industries.

Low hiring demand in manufacturing & logistics In-demand supply chain & procurement professionals
In Q4 2022, we saw some roles being made redundant due to We saw a number of vacancies across planning, production
the relocation of some manufacturing plants and outsourced and demand, as well as manufacturing engineering open up
warehouses. This led to a significant dip in new headcount in 2022. Some of the commonly sought-after professionals
being created and a slowdown in hiring within manufacturing include supply chain analysts and order fulfilment analysts.
and logistics.

LOOKING INTO 2023

Steady hiring volume can be expected in 2023
Moving into 2023, we expect hiring activities within supply chain
and procurement to steadily increase throughout the year as
the market becomes more stable. There will be a need for new
headcount, with a focus on hiring for technical and analytics roles
as tech integration continues across different industries.

Technical & analytical abilities will be highly

sought after
Supply chain and procurement professionals with technical
and analytical skills will be in demand. At the same time, there
will be an upward hiring trend for senior level professionals
with a background in analytics.

30
2023 Market Insights Singapore | Ambition Supply Chain & Procurement | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Supply Chain Management
Global Head of Supply Chain 18+ 220K–300K

Regional Supply Chain Director / VP 15+ 180K–250K

Supply Chain Director / VP 12+ 150K–200K

Supply Chain Manager 8–12 90K–120K

Assistant Supply Chain Manager 6–8 60K–100K

Senior Supply / Demand Planner 4–6 50K–80K

Supply / Demand Planner 3–5 55K–75K

Logistics / Warehouse / Operations

Global Head of Logistics / Warehouse Operations 18+ 240K–280K

Regional Director / VP 15+ 200K–250K

Director / VP 12+ 180K–200K

Regional Manager 7–10 100K–140K

Manager 5–8 60K–80K

Assistant Manager 3–5 50K–70K

Procurement / Purchasing
Global Head of Procurement 15+ 220K–300K

Director / VP 12+ 180K–260K

Senior Manager 10+ 100K–180K

Manager 8–10 80K–130K

Assistant Manager 5–7 60K–80K

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.

2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper.
6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much
as 15– 20% of the base salary for senior executives.

31
Market Insights
2023
Technology

Singapore
2023 Market Insights Singapore | Ambition Technology

KEY HIGHLIGHTS
• Buoyant market sentiment observed in 2022, with
many companies hiring mobile, front-end & back-end
engineering professionals, as well as talent skilled in product
management

• Rise in demand for cybersecurity talent as companies

sought to improve their cybersecurity capabilities

• More companies are establishing APAC IT operations hub

in Singapore

• Demand for IT infrastructure professionals is set to continue in

2023, particularly in the network engineering &
operations space

• Steady increase in candidate movement from technology

to the banking & financial sector

• High demand for data talent with hybrid skillsets

LOOKING BACK OVER 2022

Tech employment market remained candidate driven packages to secure the right talent. In particular, software
The overall market sentiment for 2022 has been positive, developers experienced in Python and C++ have been highly
with consistent hiring across different sectors. As it is still sought after.
a candidate-driven market in Singapore, it is common for
employers to encounter tech candidates with multiple job
offers. Despite the new work pass regulations introduced, Steady demand for cybersecurity talent
we saw some employers still struggling to hire the right tech Singapore saw a rise in cyber breaches in the last few years,
talent for their companies – particularly in H2 2022. with 2022 seeing a significant number of breaches and data
theft. As a result, hiring for cybersecurity talent demand has
been steady across the board, with a spike in certain sectors
Uptick in demand for software engineers such as banking and financial services. We also observed
In general, there has been an increase in demand for software more global companies that were without a cybersecurity
engineers. Those who are well-versed in C++ were particularly team in APAC, looking to set up one in Singapore so they can
sought after by companies from the manufacturing and implement a ‘follow the sun’ model.
semiconductor industries.

Hiring trends within banking & financial services

In 2022, banking and financial services firms continued to
expand their teams and have yet to show signs of slowing. The
demand for software developers within this space remained
strong. At the same time, we saw hedge funds actively hiring
back-end engineers throughout the year, given their expansion
plans in the APAC region.

Amid the layoffs across the technology and internet

industries in H2 2022, we witnessed a number of tech talent
making career moves into the financial services domain from
other sectors. Given the small talent pool in Singapore, the
competition for tech talent within this domain heightened
significantly, and employers offered attractive remuneration

33
2023 Market Insights Singapore | Ambition Technology
Demand for IT infrastructure professionals
remained strong
Following a buoyant market in 2021, hiring activities within
the IT infrastructure space have remained consistently strong
throughout 2022. This trend was observed across different
industries including financial services, professional services,
and pharmaceutical.

Diving deeper into the IT infrastructure space, there has

been a strong hiring demand for network engineering and
IT support roles (i.e. end-user support engineer) which were
mostly for new headcount along with some replacement
positions. Tech professionals who have technical and mid-
level expertise have been particularly sought after, with small
pockets of senior level hiring. There were 2 major factors that
contributed to the strong hiring demand for these roles:

• More companies have been looking to relocate their IT

operations hub to Singapore, as the country proves to be a
strategic location for APAC business operations.

• Given the stable and vibrant economy in Singapore,

companies have been setting up new offices in the country.
As such, the abovementioned roles are pertinent in keeping
the companies’ day-to-day operations up and running.

Consistent hiring demand within cloud & DevOps / SRE

engineering
Similar to 2021, the hiring demand within the cloud and DevOps
/ SRE engineering space remained consistent throughout
2022 as companies continued their migration journey from
on-premise to public cloud. Depending on the phase of cloud
migration, the hiring requirements and demands would differ
from one company to another. In general, professionals with
public cloud experience such as Azure, AWS or Google Cloud
remained highly sought after. There has also been an ongoing
demand for talent who come from a software engineering
background, with expertise in coding (either in Python, Go,
Java), and using containers such as Kubernetes.

Increase in data positions that require hybrid skillsets

There have been relatively consistent hiring activities in
the data space, especially in the financial services industry.
Most of the hiring is in data engineering and data analytics
areas. Due to the crypto bear market and the rising costs of
borrowing, employers have been seen consolidating positions
in the data space. As a result, there has been an increase in
data positions that require hybrid skillsets.

In-demand skills & experience within data space

Python and SQL continued to be the top programming
languages sought after by employers in the data space. There
has also been a preference for professionals with experience in
using data reporting tools such as Tableau and Power BI. As for
data engineering roles, experience in cloud technologies and
big data continued to be in demand.

34
2023 Market Insights Singapore | Ambition Technology

LOOKING INTO 2023

Shift of focus from international to local cybersecurity
talent
There will continue to be a steady demand for cybersecurity
professionals in 2023. However, we foresee employers shifting
their focus from international to local cybersecurity talent due
to the lower rate of global mobility. Although the Ministry of
Manpower has introduced some improvements to the work
pass application processes, we do not expect any drastic
changes in hiring demand.

In the past 2-3 years, there has been a lot of movement in the
market with some professionals changing their jobs every year.
However, we are seeing more candidates keeping their current
positions for the foreseeable future which could potentially
increase the time to hire.

Crypto firms to remain cautious on hiring in 2023

Singapore has made significant strides in establishing
regulatory standards for the cryptocurrency industry. However,
after the high-profile blow-ups of crypto outfits in the last
year, regulators in Singapore are stepping up vigilance and will
be more selective in distributing digital licences. As such, we
are expecting crypto firms to be more cautious on hiring until
the crypto market stabilises. Despite most firms’ cautious hiring
plans, we predict there will be strong demand for software
professionals as part of their expansion plans.

Singapore continues to be a key location

In addition to companies from the professional services
industry (i.e. legal firms), we can expect hedge funds and
high-frequency trading (HFT) firms to establish their APAC IT
operations hub in Singapore. As the country continues to be a
key location for many firms to establish their footprint across
Asia, we foresee network engineers and support engineers
to remain highly sought after; this includes hiring for new
headcount as well as replacement roles when the bonus
payout period is close.

Software engineers remain high in demand Demand for local data talent to continue in 2023
We foresee a high demand for software engineers in Singapore Due to the headcount regulations of most companies based
this year, as the talent shortage remains. With an increase in in Singapore, the demand for local talent in the data space will
semiconductor companies setting up new offices in Singapore, continue well into 2023. It is very likely that employers will
employers will begin sourcing tech talent for software engineering consolidate their hires further by integrating data skillsets and
roles from around Asia (such as in Malaysia and India). The same requirements into traditional business hires. As professionals
level of demand can be expected in the banking and financial in this space are less likely to look for a change in jobs due to
services industry, especially in low-latency development areas. the economic situation, employers will need to improve their
Professionals with expertise in Python and C++ will be particularly incentives to attract data talent. For example, offering attractive
sought after in this industry. remuneration packages and providing a clear map of the role’s
career progression.
At the same time, we anticipate there will be more movement
in 2023 as professionals look to leave after their bonus payout.
Those who possess the necessary skillsets may even pursue a
career within the financial services sector, particularly in hedge
funds and high-frequency trading firms.

35
2023 Market Insights Singapore | Ambition Technology | Salary Report

Commerce & Industry

Job Title Years of Experience Annual Salary Range (SGD$)
IT Management
Chief Information Officer 15+ 300K–500K

IT Director 10+ 250K–400K

IT Manager 5+ 180K–250K

Product/Project Management
Chief Product Officer 15+ 300K–500K

Product Director 10+ 200K–350K

Product Manager 5+ 60K–250K

Application Development
Chief Technology Officer 15+ 300K–500K

Engineering Director 10+ 250K–500K

Solutions Architect 8+ 150K–350K

Backend Developer 3+ 80K–300K

Frontend Developer 3+ 80K–250K

DevOps Engineer 3+ 90K–200K

Security Engineer 3+ 80K–200K

Auto QA Engineer 5+ 80K–250K

Data
Director of Data 10+ 180K – 250K

Data Scientist 3+ 90K – 180K

Data Engineer 3+ 72K – 120K

Data Analyst 3+ 60K – 90K

Machine Learning Engineer 2+ 85K – 150K

Banking & Financial Services

Job Title Years of Experience Annual Salary Range (SGD$)
IT Management
Chief Information Officer (D to MD) 15+ 350K–500K

IT Director 10+ 200K–350K

Senior IT Manager 8+ 150K–250K

IT Manager 6+ 140K–180K

Project Management
Program Manager (VP to D) 15+ 200K–350K

Project Manager (AVP to VP) 10–15 120K–240K

Business Analyst (AVP to VP) 6–15 120K–240K

36
2023 Market Insights Singapore | Ambition Technology | Salary Report

Job Title Years of Experience Annual Salary Range (SGD$)

Application Development
Development Director (D to MD) 12–18 250K–400K

Solutions Architect (VP to SVP) 12–18 150K–240K

Development Manager (VP to SVP) 10–15 150K–240K

Developer 6–15 80K–140K

RDBMS Developer / DBA 6–15 90K–200K

Infrastructure & Cybersecurity

Infrastructure Director (D to MD) 15+ 280K–400K

Infrastructure Manager (VP) 10–15 180K–280K

Infrastructure Engineer (AVP) 6–15 120K–240K

Systems Administrator 4–8 80K–150K

L2 Support 5–10 70K–130K

Trading Systems Support (Front Office) 6–15 100K–220K

Info Security Director (VP to D) 15+ 190K–310K

Info Security Specialist (AVP to VP) 8–15 130K–200K

Technology Risk Management (AVP to VP) 10–15 135K–210K

Security Analyst 4–8 90K–140K

* Notes about salary table:

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.
Bonus ranges from 1 month at the low end to 100%+ at the upper.
6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
7. Healthcare policies are standard.
8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as
15–20% of the base salary for senior executives.

37
Market Insights
2023
The State of Work Report

1
 The State of Work Report
Ambition Asia surveyed over 200 employers and 1,000 Hiring Trends
professionals to draw insights on the current state of the
employment landscape in Asia. The survey respondents work Do you see an increase in the hiring volume for your company
in a variety of different industries/sectors. as compared to the same period last year?

Yes 68%
Employers
No 32%
Hiring Outlook

Is your company looking to hire over the next 6 months? How much has the hiring volume for your company increased?

30%
88% 12%

18% 16% 17%

Yes No 14%
Towards the end of 2022, we observed greater uncertainty in
the market, amidst several high-profile layoff announcements.
While we note that hiring has slowed down (or in some cases, 3% 2%
hiring freezes have been put in place) across several sectors,
there remains pockets of hiring activity across most industries. <5% 10% 20% 30% 30<% No Decreased
88% of the respondents have indicated that their company increase
will be looking to hire over the next 6 months; this includes As the economy picked up post-pandemic, hiring activities
replacement hiring and new roles created. saw a similar uptick as well. 68% of the survey respondents
noted an increase in the hiring volume when compared to the
previous year in 2021. On the flip side, 30% of respondents
saw no increase in hiring volume, while 2% shared that their
company saw a decrease in hiring.
Confidence in Hiring Employment Market

How confident are you in the hiring employment market?

Extremely 10 6% HR Strategy Trends

confident
9 5%
What is the greatest concern around your company’s HR
8 21% strategy over the next 6 months?
7 30% Rising compensation levels Improving employee experience
6 15% 22% 4%
5 15%
4 2%
3 4%
2 2%
Not confident
at all 1 0%

Lack of talent/difficulty
As predictions of an upcoming economic slowdown gather Difficulty in retaining talent in securing talent
momentum, overall confidence in the hiring employment
28% 46%
appears to be tempered. As a whole, confidence levels ranged
from neutral to optimistic (rating of 5-8). A minority of Lack of talent or difficulty in securing talent emerged as the
respondents appeared to be pessimistic (below 5) or extremely greatest HR concern by 46% of the respondents. In 2022, we
confident (above 8) about the current state of the market. saw how the candidate-driven market put a tight squeeze on
the availability of top talent. Additionally, since the pandemic,
there have been restrictions and changes in talent flows across
the region. This has caused companies to face challenges when
recruiting, particularly for niche roles.
39
 Professionals

Job Satisfaction Salary Expectations

Are you happy in your current role? How much of a salary increment are you looking for in your
next role?
32%

Yes No 25%
23%
13%
Are you looking to change jobs in the next 6 months? 7%
<5% 6-10% 11-20% 11-30% >30%
35% 38% 27%
In 2022, the employment market was largely candidate-driven.
This resulted in fierce competition for talent, with companies
Yes No I’m uncertain offering higher salary increments and candidates receiving
multiple offers and counteroffers. Candidate expectations
8 in 10 respondents expressed that they are happy in their around salary increments also adjusted, with 13% of respondents
current role. However, it is interesting to note that when asked looking for a salary increment of more than 30%.
if they were looking to change jobs in the next 6 months, 35%
responded yes and 27% expressed uncertainty around looking Majority of the respondents (80%) are looking for a salary
for a new role. increment of between 6%-30%, with 7% of respondents being
more conservative and considering an increment of up to 5%.

Why are you looking to change jobs?

Career development/advancement Job Search Behaviours

How do you typically conduct your job search?

Apply directly on a company’s website/

Better compensation/benefits 1 LinkedIn page

2 Apply through job boards

Better work environment/culture

3 Through your connections/network

4 Work with a recruiter (from a recruitment firm)

The top 3 reasons mentioned by respondents for changing
jobs are to advance or develop their career further (34%),
better compensation/benefits (30%), and better work The top channel that respondents use when conducting their
environment/culture (11%). This highlights the importance of job search is by applying directly on a company’s website
these factors when it comes to retaining and attracting talent. or LinkedIn page. Therefore, it is important that companies
Companies should prioritise initiatives and programmes that have a well-designed and attractive careers page on their
will help to address these issues, in order to maintain an website and LinkedIn Company Page. Applying for roles via the
attractive employer brand. company website and LinkedIn should be easy and fuss-free.
Companies should also ensure that there is detailed information
on the company culture, work environment, benefits, and job
description so that jobseekers are able to make an informed
Note decision when applying for a role.
Other reasons that respondents selected include better work-life balance,
better management, lack of opportunity, and looking for a new challenge.

40
Companies should also note that jobseekers typically utilise Job Attraction Factors
several channels when carrying out their job search, instead of
relying on only one channel. It is critical that companies invest What is your top factor of consideration when accepting a
resources and efforts to ensure that they are able to reach out job offer?
to jobseekers across various channels, whilst maintaining a
consistent employer brand.
Salary/compensation package
Opportunity for career development/advancement
How do you typically apply for a role?
Work-life balance
Flexibility (e.g. WFH options)
Company culture
Company management
Desktop Mobile Tablet Benefits
59% 29% 12%
Work environment
Majority of the respondents are typically applying for roles on Stablity of the company
desktop, with a smaller percentage applying either on mobile
or tablet. The key here is simplicity; companies need to ensure
a smooth and easy application experience for jobseekers
across all channels.
What is the top factor that will deter you from a job?

Needing to work overtime frequently

Job Search Experience

What is one thing that companies do during their hiring Toxic work Uncertainty in the
company

environment/culture
process that creates a negative job search experience
for you?
Lack of autonomy in
the role
Bad management
1 Receive no feedback/response from the company
Low salary/compensation Lack of benefits

2 Long hiring process Being contacted during the weekend/on days off

3 Long/complicated application form

The top factor of consideration by professionals when accepting
a job offer is salary/compensation package (34%). Conversely,
4 I have not gone through a negative experience a toxic work environment/culture (46%) is the top deterrent
for a professional to take up a job. It is interesting to note how
professionals rank the relative importance of each factor when
In a competitive hiring employment landscape, it is imperative making a decision whether or not to take up an offer. This
that companies have in place a good and seamless hiring process provides good insights for companies when deciding on their
for candidates. Only 9% of respondents indicated that they have talent attraction strategies.
not gone through a negative experience before.

This leaves an overwhelming 91% who listed receiving no

feedback/response from the company (32%), a long hiring
process (20%), and a long/complicated application form (18%)
as top reasons that created a negative job search experience for
them. Companies should work on simplifying their processes and
keeping their candidates engaged throughout the hiring process,
so that they are able to attract the best talent for their roles.

Note
Other factors mentioned by respondents included unclear job description, lack
of clarity around the hiring process, and unprepared interviewers.

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Flexibility in Work Arrangements Job Tenure

Which work arrangement do you prefer? On average, how long do you typically stay in a role?
50% remote/WFH, Flexibility in remote/ 39%
50% in office WFH and in office
33%
20% 62%
Fully in office Fully remote/WFH
14%
7% 11% 9%
Since the pandemic, professionals have been looking for greater 5%
flexibility in their work arrangements. Majority of the respondents
(82%) prefer having the flexibility between working from home <1 year 1 to 3 years 3 to 5 years 5 to 10 years >10 years
(WFH) / remote or working in the office. Only 7% indicated that
they would prefer to be working fully in the office. Companies In recent years, there has been greater discussion around
should assess if they are able to provide some form of flexibility job hoppers and the concept of company loyalty. 72% of
in their work arrangements (if possible), to keep up with a large the respondents typically stay an average of 1-5 years in a
number of companies that have introduced similar policies. role. Only 23% typically stay longer than 5 years. There are
possible upsides to changing roles every two years or so, with
professionals picking up skills like adaptability and agility.
However, there are certain benefits to sticking out for a longer
term, namely acquiring a greater depth of knowledge.
Flexibility in Schedule & Locations

Does your company offer flexible working hours and/or

flexible work locations?
Fair Remuneration
Both 39%
Do you feel that you are appropriately paid for your current role?

Flexible work
18%
locations Yes 62%
Flexible
19%
work hours
No 38%

Not flexible 24%

The pandemic has shown that organisations are able to keep Does your company have a fair remuneration policy or
operations going without needing their full workforce to be equivalent?
located in a physical office. Consequently, more organisations
have continued to offer this flexibility to employees, even as No
restrictions lifted in 2022. 76% of respondents indicated that
32%
their company offers some form of flexibility, be it flexible
work locations, flexible working hours, or both. This signals
that companies will need to evaluate how they can provide
flexibility to their employees to remain competitive in the Yes
employment market. 68%

In this day and age, there is greater information available around

salary benchmarks and trends, with calls for greater transparency
by companies to share salary ranges for roles that they are
recruiting for. Companies are also able to more easily conduct
analyses on salaries to ensure that the compensation packages
they offer are competitive, and in line with market trends.

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Diversity & Inclusion Work Environment & Company Culture

Does your current company have a strong Diversity & Does your current company offer a positive work environment
Inclusion (D&I) policy/programme? and company culture?

67% 33%

Yes No

How can your current company improve their D&I policy/

programme?
77%
Yes
Create spaces/channels for minority/unseen groups to
1
voice their opinions

2 Improve efforts to hire people of diverse backgrounds

What has the biggest influence on creating a positive work
environment and company culture?
3 Provide diversity training to managers

4 Introduce initiatives that support minority/unseen groups

Over half of the respondents indicated that their company Supportive Friendly colleagues Plenty of office
has a strong D&I policy/programme. However, there is managers activities
certainly room for improvement in this aspect. As a follow up,
respondents were able to select options on how their company
could improve their D&I approach. The top option selected Majority of the respondents stated that their company offers
was to create spaces/channels for minority/unseen groups to them a positive work environment and company culture. This is
voice their opinions. This presents a relatively easy option that a positive sign of the current employment landscape across Asia.
companies could adopt.
When asked about the factor that has the greatest influence on
creating a good work environment and strong company culture,
supportive managers (39%) came out on top, followed by
friendly colleagues (23%), and plenty of office activities (10%).
Companies that are looking to enhance their work environment
and build a stronger company culture, should consider these
factors to determine initiatives they could introduce.

Note
Factors that have typically been ‘wow’ benefits offered by companies such as fun
stuff in the office (i.e. foosball table, pool table, etc.) and freebies (i.e. free snacks,
free lunch, free gym memberships, etc.) only garnered 5% and 4% respectively of
the share of responses. Wellness activities (i.e. corporate wellness programmes,
mental health resources, etc.) came ahead slightly at 8%. Lastly, only 5% of the
respondents indicated the office itself (i.e. great office layout, ample working
space, etc.) as the biggest influence. 6% of respondents selected the option
‘Other’ and mentioned other factors or a combination of factors.

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