The job market in Singapore is picking up reflecting a more optimistic economic outlook and just in time for the annual candidate migration that follows bonus season, according to recruiting experts Hays in Singapore.
The Hays Quarterly Report, for the April to June quarter, shows that while some sectors remain cautious others are planning to increase their levels of hiring beyond replacement roles.
“In the post bonus season we expect more roles to come to market across the financial and management accountancy space and also across Audit Risk and Compliance especially as anti-money laundering initiatives remain a key area of focus for banks and other financial institutions,” explains Lynne Roeder, Managing Director for Hays in Singapore.
“The post bonus season always creates replacement hiring in Banking and Financial Services but we are also seeing new roles being created. These include roles in the private banking sector focused on China and Chinese investment as well as trade finance roles in smaller banks,” says Lynne.
Banking and finance technology roles are also being created across the investment, corporate and private banking sectors, influenced by a range of factors including regulatory change, a greater focus on cyber security and the Singaporean Government’s funding assistance for fintech startups.
“Project managers with excellent resumes are highly sought after in the Financial Technology space,” says Lynne. “However, successful candidates must have both solid technical knowledge and excellent stakeholder management skills, cost management skills and the ability to make multiple decisions almost simultaneously.”
Insurance is another lively sector for post bonus movement. Those with regulatory skills and experience are in high demand as well as candidates able to drive revenue such as business development managers.
In the architecture space the number of roles for designers is on the rise as a range of Asian countries outsource large-scale projects to Singapore. Life Sciences is experiencing employment growth too, particularly in the food and nutrition sector.
Another ongoing trend is that some employers are looking to hire temporary and contract workers given the uncertainty in the global and regional landscape and the challenge of securing permanent headcount.