Hays Accountancy & Finance - July 2010
Commerce & Industry
Hotspots
Within commerce and industry, hiring has increased across the majority of sectors but the main area of demand is in the retail and FMCG sectors. Retail in particular is picking up very quickly and there are a lot of new stores opening. This has resulted in a surge of recruitment activity.
Professional services firms are also ramping up their hiring activities and there are more opportunities within Corporate Finance which slowed dramatically during the GFC.
Government linked companies in the property and construction sectors are also in good shape and are actively hiring Finance Managers, Business Development Managers/ Investment Managers, Project Managers as well as other roles are involved in projects.
Banking and financial services is particularly active. Many of the global banks have identified Asia as a growth area for the next few years and are investing heavily in Singapore as their base. Candidates with strong MAS or international regulatory experience are in high demand as are Internal Auditors.
Experienced Product Controllers are also highly sought after, particularly those with structured products experience. Singapore also benefits from the continued strategic offshoring of back office functions which creates new roles in the market.
There is also a noticeable increase in demand within the insurance sector and competition for candidates will be fierce as the market becomes candidate driven.
The coming quarter
The forecast is positive with the market predicted to remain buoyant in all areas this quarter. The upward trend looks set to continue over the course of 2010 and into next year.
Executive recruitment
Opportunities are improving at the senior level. The many projects currently under construction are creating demand within Enterprise Risk Management.
Employer trends
Salaries are still on the increase as candidates with more employment options are asking for larger increments than earlier in the year. Businesses are also focused on retaining their top people through salary reviews and counter-offers.
Employers will also consider internationally mobile candidates and are often hiring candidates through telephone interviews and video conferencing.
Candidate trends
Confidence has returned in strength and high calibre candidates are now likely to receive two or three offers. As a result they're holding out for higher salaries, particularly in the high demand areas mentioned above.
Singapore is still a popular country for candidates in Europe, Australasia and the US considering a move overseas. The lifestyle and opportunity to work in the fast-paced Asian region is a big pull.
