Now that you’re a fresh graduate or in your final year of polytechnic or university, you might be thinking about your future job. What are the most profitable industries?
The grass is greener for some on-the-rise industries in Singapore, where you can get good pay, fast promotions and advance quickly on your career ladder.
If you choose a stagnating industry, you might need to consider professional job change in a few years. The alternative is to find yourself in a stalemate, working at a job with no advancement opportunities.
So make the right choice. Read the article below and go for a job you like in one of the industries below:
1. Fintech Sector
Singapore is a fintech Mecca. The fast advancement of technology has given rise to digital marketing and online product management, so the financial and technological sectors are intertwined.
Singapore saw a growing number of fintech startups during the last years, and these companies continue to spread. There is a stark need for people who are literate in the world of financial products but also have good technical know-how.
Flywire, TradeHero, and MoneySmart are just a few of these prodigies in a continuous expansion. These sites offer lots of helpful advice on financial matter and have been growing in popularity over the years. They provide cost guides, reviews of credit cards, loans and financial policies for readers of all ages.
The truth is that many local merchants, including hotels, restaurants, amusement parks or banks, have adapted their businesses according to innovative fintech ideas. These businesses are looking for people who know the ins and outs of customer needs and marketing, but who can also devise easy-to-use apps.
2. Start-up Sector
The number of start-ups is growing on the island of Singapore. This sector is a good choice for fresh graduates as well as people who want to swap careers, provided you go for the right industry.
That’s why tech start-ups are the best choice. These companies are extremely innovative and receive a lot of media support, which makes them extremely successful. The Singaporean market isn’t saturated with tech start-up even if they’re the fastest rising companies.
Start-ups focus on consumer needs and attractive prices. While start-ups don’t follow a traditional business model, they’ve managed to attract multi-million dollar funds, and bring in good profits.
Most of the new start-ups ask employees to chip in and buy some company shares. If the start-up succeeds, you’ll get a good share of the profits, but, if it doesn’t, you’ll lose your investments. For some companies in Singapore, they choose to obtain business funding from financial institutions in Singapore to capture the right business opportunities.
The advantage of working with a start-up is a laid-back working environment, which is a huge appeal for Millennials.
3. Freelancing Sector
Freelancing is huge in Singapore today. Many young people want to work flexible hours and do the job they like without having to follow a chain of command. You can be a home beautician, writer, financial guru, social media influencer, part-time driver, teacher or designer. In fact, you can be all that at once.
The ride-hailing industry is beaming with freelance private-hire drivers. Their number increased five times from 2016 to 2017, and it’s going steady now.
The 2017 studies show that 9% of Singaporeans work as freelancers, a number which is expected to grow within the next years.
The downsides are that freelancers don’t get paid vacations or days off, nor do they have a state pension fund. As such, you have to be very disciplined with your finances to ensure a secure future.
4. Boutique Fitness Sector
Singaporeans have moved away from big gym chains towards boutique fitness that offer a wide array of choices. From wrestling fitness to barre classes, CrossFit and MMA to surf workouts, small gyms bring a lot of novelty in the fitness sector.
Besides, tech start-ups made things easier with innovative, user-friendly apps that allow Singaporeans to try different workouts over a variety of disciplines.
The boutique fitness sector expands rapidly because people are more interested in health and fitness, especially the affluent demographic. As such, fitness instructors, tech-savvy people and nutritionists will have a lot to gain.
5. Medical Sector
We will always need healthcare and medical professionals. In Singapore, the government has crafted our CPF in a way where the bulk of our medical fees are covered my our insurance, MediShield Life and our savings. Though however, in cases of emergencies or when the situation does not meet the claim criteria, Singaporeans need to have enough savings for the hefty medical bills or they may need affordable medical loans to help with payment.
The healthcare sector received a big cut from the budget, and there’s a growing need for healthcare professionals. With new community hospitals, age care centers and polyclinics being built, a profession in the medical sector is a good bet.
The truth is that Singapore sees fast aging of its population, so it needs a stellar healthcare system. There are also plenty of medical tourists to think of, which is why Singapore needs innovators in the Medtech sector.
With pressing demands for advanced medical equipment, there’s always a need for researchers and engineers.
6. Cybersecurity Sector
With the rapid advancement of the online world, an increasing number of companies have online businesses they need to protect.
That’s why there’s a growing need for expert advisors in cybersecurity. Many companies invest in identifying external threats because it’s more affordable to proactively fight them, rather than deal with the results of a cyber-attack.
The cybersecurity sector will continue to expand in Singapore, at the same pace with future technological advancements. As such, cyber security analysts are key figures in companies, working alongside stakeholders, so this sector demands skilled professionals.
7. Human Resources Sector
The talent pool is limited in Singapore when it comes to professionals with niche skill sets, and the same thing is true at a global level. That’s because it’s increasingly difficult to predict the jobs of the future, or how the future will look like for that matter.
As such, young people need a certain mindset and diverse abilities, rather than specific knowledge. That’s why there will be an increasing need for capable HR professionals, who can find sift qualified candidates in search of people who can grow into their roles.
The HR sector will expand because Millennials want good pay, flexible hours and to focus on personal growth. As such, HR people build a bond between employees and employers, who need to prove they can support their workers’ dreams and visions. The HR sector will be indispensable in Singapore because the HR staff can turn a company into a family.