This year’s fresh graduates in Singapore can expect minimal pay rises in starting salaries for degree holders.
According to Hay Group’s annual Fresh Graduate Pay Survey – which is based on the salary expectations of 95 organisations in Singapore – local graduates can expect 2-3% increments in starting salaries, compared with last year.
The average monthly starting salary for degree holders in the three qualification categories — without Honors, with Honors (Second Lower) and with Honors (Second Upper) — is $2,741, $2,853 and $2,939 respectively, for 2014.
From the report on Human Resources Online:
This is compared with 2013′s average starting salaries at $2,683 for Bachelor Degree (without honors), $2,795 for Bachelor Degree (honors, second lower) and $2,892 for Bachelor Degree (honors, second upper).
Additionally, one fifth of employers placed an average premium of $214 per month for local university graduates, compared with non-local university graduates.
As for diploma holders, they can look forward to a 2% increase in average starting salaries this year as well – increasing from $1,840 per month in 2013 to $1,878 this year.
The survey found the top paying jobs for degree holders (without honors) were mostly in engineering, which commanded the top average starting salary of $2,888 per month. This was followed by jobs in the legal sector at $2,856 per month and the IT sector at $2,816 per month.
Engineering jobs also topped the starting salaries for diploma holders at $1,976 per month, with marketing graduates coming in second at $1,938 per month and administration/ support/service graduates taking third place at $1,925 per month.
“Accelerated career development and not just money is the primary motivation for fresh graduates to work for a company. New entrants now have a wide spectrum of opportunities to choose from – from start-ups to entrepreneurial ventures to freelancing and contract work,” said Andrew How, managing director at Hay Group.
“With this widening range of choices, individuals are expecting acceptance and freedom to be themselves with the emphasis shifting to more cerebral needs, such as belonging, autonomy, and self-expression in the workplace.”
The research also showed employers are likely to pay up to 46% more in starting salaries for average degree holders versus diploma holders.
Top paying jobs for degree holders (without honours)
1. Engineering – $2,888
2. Legal – $2,856
3. Information Technology – $2,816
4. Project Management – $2,813
5. Production – $2,767
6. Finance and Accounting – $2,765
7. Corporate Affairs – $2,755
8. Property Management – $2,750
9. Research and Development – $2,738
10. Quality Assurance – $2,708
Top paying jobs for diploma holders
1. Engineering – $1,976
2. Marketing – $1,938
3. Administration/Support/Service – $1,925
4. Information Technology – $1,920
5. Finance and Accounting – $1,906
6. Logistics/Supply chain – $1,900
7. Property Management – $1,894
8. Human Resources – $1,884
9. Corporate Affairs – $1,881
10. Health and Environment – $1,865
Credits: Human Resources