Hiring prospects and salary increments in
Singapore's finance industry are beginning to look better, despite entrenched
cautious sentiment in the global economy.
Employers
in the banking and financial-services sector are no longer as focused on cutting
back on headcount.
Instead,
their top priority now is retaining their top talents, according to the results
of a survey by financial-recruitment specialist Robert Half and the Institute
of Certified Public Accountants of Singapore (ICPAS).
Some
300 senior finance professionals and top executives from Singapore were polled
in December and January. The study was also rolled out in another 18 countries
and cities worldwide, including Hong Kong, Shanghai and Tokyo.
Mr Tim
Hird, managing director for Asia at Robert Half, said there was renewed
confidence in the global economy, especially with improved economic data from
the United States.
Dr
Ernest Kan, president of ICPAS, said: "Asia is the one region believed to
push up global gross domestic product growth in the next few years. Given
Singapore's strong links to emerging economic giants like China and India, as
well as the rest of South-east Asia, there will be more job opportunities and
high mobility of staff."
According
to the survey results, 78 per cent of the top decision makers in banking and
financial-services firms here are concerned about key skilled personnel joining
a competitor that offers higher salaries within the next year.
The
issue is most acute among large firms with more than 1,000 staff, with 91 per
cent of the top decision makers there saying they are fearful of a talent
exodus.
In
Singapore, finding the right replacement staff takes an average of 41/2 to 61/2
weeks, longer than in other major Asian markets. In Japan, for example, it
takes just 4.1 to 4.9 weeks, the survey showed.
While the
good times appear to be making a comeback, this does not extend across all
sectors of the finance industry.
Employers
are most keen to hire those with more functional knowledge, including in
accountancy, internal audit, financial analysis, as well as risk and regulatory
compliance.
This is
reflected in the massive jump in starting salaries and large bonuses for
individuals holding such specialised positions, observed Mr Hird.
He
noted that the starting pay for a senior compliance specialist in Singapore was
$120,000 per annum just two years ago. Now, one can expect $220,000 - an 83 per
cent increase.
Dr Kan
said the rise in demand for those with compliance and anti-money-laundering
knowledge can be attributed to recent moves by regulators, such as the
Singapore Exchange, to enhance corporate governance, particularly for listed
companies.
"As
firms are more aware that they need to have a robust and effective system of internal
controls to address financial, operational and compliance risks, they will have
to hire more talent to do this compliance work," he said.
Employees
in banking and financial services can expect to see their pay plumped up by
5.67 per cent this year, while those in the finance and accounting sector can
expect a 4.71 per cent rise, the survey showed.
The
best bets for skilled individuals seeking finance and accounting jobs are in
energy-related fields like oil and gas, chemicals and mining.
Those
seeking work in the banking and financial-services sector should explore areas
like insurance, commodities, and private and corporate banking, especially in
larger firms.
Reico
Wong
My
Paper – AsiaOne
Business & Investment Opportunities
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