Tax and internal audit specialists will be in high demand in Singapore this year, and the prevailing trend away from hiring of expatriates has been reversed in an effort to the widen search for the right skill sets, finds a Robert Walters 2010 Salary Survey released this month.
“2010 kicked off strongly from a recruitment point of view – as we observed more middle to senior level appointments being sourced," comments Andrea Ross, Managing Director of Singapore. Ross adds that financial services has bounced back and is showing no signs of slowing down, particularly within operations, product control, risk management and project management.
Ross notes there remains a talent shortage within some sectors of financial services and hiring of expatriates into those positions will continue albeit on local terms. Demand for contract professionals was most noticeable in the financial services sector as firms sought to rebound quickly and stay ahead of the competition. "Contracting roles have continued to grow irrespective of the market due to companies wanting a more flexible workforce and not restricting themselves to hire individuals on a permanent basis," adds Ross.
On salary, Robert Walters anticipates that organisations this year will continue to try to contain costs as much as possible which will be reflected in compensation throughout South East Asia. "However, if the global economy continues to rebound quickly, we expect to see salary inflation for certain business-critical positions," says Mark Ellwood, Managing Director of Robert Walters Southeast Asia.
Tension in Financial Services
Meanwhile, across Asia, there is tension brewing between candidates and employers--especially in the financial services sector, reveals the Robert Walters study. Having endured the difficulties of the last year, many professionals feel that it is now time to take advantage of returning levels of confidence and activity, by seeking better packages elsewhere. On the other hand, employers are struggling to balance the need to reward existing staff for their loyalty with the increased demands on capacity created by a more buoyant commercial environment.
"This partly explains why advertising numbers in many areas are not higher; because businesses recognise that they cannot simply recruit new talent when there are existing staff who have remained loyal and have become more valuable from the experience gained in the last year,” explains Mark Ellwood, Managing Director, Robert Walters Asia (ex. Japan)