We’re getting to that time of year when bonuses are doled out to employees. That means it’s time to evaluate your career and, if the time is right, to quit your job in search of greener pastures.
Every year, experts weigh in on the industries that will have growth potential in the coming year.
If you’re planning a job switch right now, you’d do well to search for one in an industry that’s growing rather than contracting, where companies are more likely to be hiring than firing.
So avoid sectors like marine, offshore engineering and construction, and instead apply for jobs in the following industries, all of which which are expected to do well in 2018.
Employees in banking have seen some tough times lately, but it seems things are looking up for those in financial services and wealth management as the economy starts to recover.
The overall business climate is expected to improve in 2018, and financial services is one of the sectors that stands to benefit most from this turnaround.
So if you’ve been thinking of making a lateral move to the finance industry or are a fresh grad who’s considering a career in banking, now is a good time to try to get your food in the door. That being said, this is potentially also one of the most volatile industries to enter so making sure you’re conscious of building other skills that will tide you through any potential tough times regardless of your job.
However, with banks such as DBS hoping to change the way banking is done with the recent launch of their API platform, we’re certainly optimistic of a good shift at least in the consumer banking scene that truly places the customer first. From a job’s perspective, having advancements like this is definitely an exciting prospect.
Business and professional services
Another sector that stands to benefit from general economic growth is the business and professional services sector.
This includes people such as accountants, corporate lawyers, consultants, recruiters, as well as related support staff such as secretaries, HR personnel and admin. If your clients are other businesses, you’re on the right path.
There’s been a lot of hype surrounding the infocomms sector, which has been identified as one of the major economic drivers of the future. In fact, it has been predicted that the infocomms media sector’s value-add will grow twice as fast as the general economy.
This means fresh grads would do well to acquire skills that will serve them well in this sector. Software engineers should consider building competencies in Artificial Intelligence, while those from non-technical backgrounds should make sure they are comfortable with digital.
Orchard Road may be on the brink of extinction, but that doesn’t mean a career in retail is necessarily a bad idea.
Retail growth in Singapore in picking up, and is expected to continue to be strong on the back of an improving economy.
A lateral move to the retail industry might thus be a wise move in 2018. Just choose your employer with care, as the rise and fall of retail businesses in Singapore can be difficult to predict.
You want to look for a forward-looking employer that’s adapting to the times, rather than one that’s in decline due to a refusal to consider online shopping and/or in-store experiences. With many more brands attempting to reinvent the brand and retail experience, like the recently launched YSL Beauty Club, you could be exposed to a lot more than just your normal retail operations.
The Singapore Tourism Board’s come up with a brand new slogan, and our old taglines Uniquely Singapore and Your Singapore are now a thing of the past.
This rebranding decision comes hot on the heels of a rise in tourism, which made Singapore the fourth most visited city in the world last year.
The tourism industry looks set for further growth as the government continues to court regional tourists, especially those from China.
Are you satisfied with the industry in which you’re working right now? Tell us why or why not in the comments.