The pressure is on for young jobseekers as they take their first steps into work life, but it isn’t all doom and gloom for our fresh grads. Thanks to the optimistic economic outlook as well as a competitive labour market, that also means a slightly bigger paycheck.
According to a joint graduate employment survey conducted by National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU), fresh grads now command a median salary of S$3,400, up from S$3,300 in 2016. Despite a decline to 88.9% from 89.5% last year, the good news is that the employment rate remains high.
Here are other highlights in the survey that you can help you consider where to apply for that first job:
Business and IT graduates are in demand
Fresh grads in business or computing have consistently garnered higher salaries, drawing anywhere from S$4,000 to S$5,000 per month.
With a massive 84% penetration rate, there are now over 4.83 million internet users online in Singapore. This greater mobile connectivity means that ensuring the reliability of computer networks are now high on agenda. This is also creating complementary job opportunities in the areas of economics and analytics thanks to the vast amount of data all this internet usage is generating.
Adapting to a decline in full-time permanent jobs
A decline in employment rate corresponds to a 1.5% dip in fresh graduates finding permanent jobs. About 8% of them are employed on a part-time or temporary basis, of which, 4.4% went into such roles voluntarily – attributed by graduates being unable to find full-time permanent jobs.
Qualifications do not always equate to work competency. If full-time permanent jobs are hard to come by, part-time or temporary positions can be pursued not as a substitute but rather as an opportunity to harness your skills further. Never limit yourself by turning down great opportunities in part-time or temporary positions that will improve your employability in the field of your choice.
Rise of the gig economy
The push for greater work-life balance along with the freedom it entails means that young job seekers favour of the ‘gig economy’ and the perks that come with it. Freelance employment is on the rise with 2.4% of fresh grads securing jobs with freelance gigs, an increase from 1.7% in 2016.
While there may be lots flexibility in freelancing, it requires plenty of discipline to deliver quality work. If you are good at time management, managing expectations and don’t mind getting your hands dirty, there will be plenty of opportunities of freelance opportunities coming your way.
