Higher starting salary for fresh graduates in 2011

Here's some good news for fresh graduates in 2011 in spite of the gloomy global economy.

Global management consultancy Hay Group reports that fresh graduates this year can expect a higher starting salary compared to last year's cohort as companies here compete to attract bright talents and minds to join their organisations.

According to the Hay Group’s Fresh Graduate Pay Survey 2011, engineering jobs command the highest starting salary of S$2,745 per month for degree holders, followed by jobs in legal (S$2,738) and production (S$2,728). The average starting salary for other jobs for degree holders is S$2,593 per month.

100 companies across general industries in Singapore took part in the Hay Group survey.

For diploma holders, Design/Creative jobs proved to be the most rewarding, with the starting salary at S$1,854 per month. Following that are jobs in IT and telecommunications (S$1,826) and merchandise operations (S$1,818).

The average starting pay for diploma holders is S$1,799 per month, compared to $1,763 last year.

Mr. Victor Chan, Regional General Manager, Singapore and ASEAN, for Hay Group’s Reward Information Services, said, ‘Despite the slowdown in the US and European economies, organisations in Singapore are still competing for fresh graduate talent. As a knowledge-based economy, the next generation of knowledge professionals will be in demand. This is reflected in Hay Group’s survey results as employers set a higher benchmark for the starting pay package for fresh graduates, with a focus this year on jobs in Engineering, Legal and Production. In the next 12 months, organisations are projecting a healthy forecast with regards to the starting pay for Diploma and Bachelor graduates, most notably in the Legal and Health & Environment sectors.’