Recruitment and talent management firm Hudson released on Wednesday the latest edition of its Hudson Report: Employment Trends, wherein it reveals that although "hiring expectations in Singapore have fallen slightly this quarter, [they] remain high on the back of recent positive economic news in China, encouraging many companies to shift their focus to the development of current and future talent."
According to the authors of the report, "more than four out of 10 employers (43.2%) intend to increase headcount this quarter, and a growing number of employers intend to keep their headcount steady...highlighting the high demand for labour and tight-talent market."
Hudson executives surveyed over 300 Singapore employers about their hiring intentions for period April through June 2013 for the report, which also says that the industries "with the strongest intentions to hire" at present are Manufacturing & Industrial, IT&T and Banking & Financial Services.
SINGAPORE EXECUTIVE TRENDS 2nd Qtr. 2012
Manufacturing, Industrial & Energy
Demand for traditional and alternative energy talents: oil and gas and its derivatives are driving most of the growth in Singapore. Downstream refining and chemical operations will continue to expand in Singapore and particularly within Jurong Island. A new LNG plant due to open in 2013 will fuel more hiring in 2012. Increase in oil prices also triggers alternative energy recruitment, which has its Research & Development presence in this part of the region.
Continuous changing manufacturing landscape: growth in higher value added activities (including Integrated Circuits and Product Research & Development) within the electronics sector will continue while the traditional manufacturing based companies in Singapore will face further challenges with cost. Upstream IC chip developers have seen increased design and test hiring, while consolidation and growth within the downstream Outsourced Assembly and Test (OSAT ) remains slow.
Organisations want in-house business improvement capabilities.
Sales, Marketing & Communications
Understanding customer relationship management (CRM ) is business-critical.
Digital media are driving new roles.
Holistic communication skills are in demand.
Roles are becoming global.
Market rate salaries are no longer standard: with the range of remuneration becoming increasingly broad in this sector, more employers are now seeking professional advice when determining appropriate compensation.
Accounting & Finance
Tax talent commands top salaries.
Contracting is on the increase.
There is a rising demand for analysts.
Salaries are increasing albeit at a slower pace: Hiring managers are rarely willing to pay an increment of more than 10-15%, compared with up to 20% in the first half of 2011.
Banking & Financial Services
Risk management headcount is up.
Banks and financial institutions are investing in compliance (and relevant talent).
Regulatory change is driving banking technology and demand for relevant talent.
Transaction banking technology experts are always needed.
Relationship managers and private bankers are high value.
Banks are investing in business finance teams.
Demand for project and change managers is easing.
Companies are hiring ‘hunters’ (i.e business development and sales professionals).
Candidates with hybrid skills are the hottest property: IT professionals with in-depth technical knowledge and strong customer-facing abilities are a rare breed — and can virtually name their price.
Organisations are seeking business process re-engineering (BPR ) managers.
Enterprise resource planning (ERP ) consultants (especially SAP ) are still in demand.
Singapore is a strategic hub: multinational and regional companies are using Singapore as an Asian hub and seeking qualified lawyers with the ability to work cross-border.
High calibre, qualified lawyers are needed for growth areas: there is consistently growing demand for private practice lawyers with three to five years’ post-qualification experience. Many firms, both local and offshore, have openings for such candidates, particularly those with experience in the oil and gas; banking and finance; and commodities sectors.
The salary gap between private practice and in-house legal teams has narrowed.
Talent shortages are driving salaries up.
INTERNATIONAL JOB SEARCH ASIA MARKET REPORT
2nd Qtr 2011
BULLISH IN BEIJING
A global poll of 60,000+ hiring managers found that job prospects remain strongest in Asia, where employers are much more likely to add jobs than in the Americas or in Europe.
China's hiring outlook improved sequentially, but is below year-ago levels. India's index dipped from the second quarter, but its reading is the highest of all the countries surveyed, with a net 46 percent of employers looking to add workers in the next three months.
India's wholesale and retail trade sector is showing the strongest outlook in the survey's six-year history there, reflecting a fast-growing consumer economy, the survey found.
Hiring in the Chinese and Indian markets will be very good.
Japanese employers will continue hiring at a modest pace, according the survey, with the greatest demand in construction, after a devastating earthquake and tsunami in March.
Nov - Singapore is finishing the year on a strong upward trend with unemployment dropping to 2.1%. When you compare this with the close to 10% figures in Western markets it is no surprise that we have seen a 30% increase in expatriates searching for a position in Asia. The good news is that in some sectors there is a shortage of expats. In particular, Financial Services, Manufacturing, Technology, Supply Chain, Real Estate, Automotive, Telecommunications, Pharma sectors are battling to retain staff as competitors offer sizeable increases to move. Coupled with strong Asian currencies an expatriate position in Asia is more desirable than ever.
Sept - A survey across Asia showed that Singapore for the first time ranked above Hong Kong in terms of expatriate executive remuneration. Over 45% of expat contracts in Singapore were at a base salary of US$200,000 and above. Time to target your job search towards Singapore?
Over 70% of HR Managers in China expect to grow headcount during the second half 2010. In Hong Kong the figure is around 60%. Singapore continues to improve with hiring sentiment significantly stronger than 2 years ago on the back of a strong economic rebound.
4th Qtr. 2009
The total number of executive job placements increased by 23% compared with 4th Qtr. 2008.
China showed the highest growth with +28%. Hong Kong and Singapore grew at circa
15%. Thailand and Malaysia grew by circa 10% with Japan lagging behind.
Many corporations admitted that they had cut staff too aggressively in late 2008 and were now rehiring. Stock market and property gains in Hong Kong and China improved sentiment while similar factors in China led to fears of a bubble.
Sectors displaying strong upward movement included Retail, Technology, FMCG, Financial and Professional Services, Industrial Products and Chemicals.
Sept. 2008 - Managers in Hong Kong enjoy the highest spending power in Asia and the highest among executives worldwide outside the Middle East.
Hong Kong came in fourth overall while in other Asian countries, executives in Thailand ranked 10th in global spending power, followed by those in China at 17th, Singapore at 22nd, Malaysia at 24th, South Korea at 35th and Japan at 39th.
The rankings were calculated on a US baseline score of 100. Hong Kong scored 199.6 while Thailand scored 162, China 145, Singapore 141.3, Malaysia 133.9, South Korea 108.6 and Japan 106.
The top three places were taken by Qatar with a score of 241.7, the United Arab Emirates at 218.2 and Saudi Arabia at 210.1. Oman (6) and Kuwait (7) were also in the top 10.
Senior managers in Hong Kong dominate the disposable income rankings in Asia with spending power almost double that of their US counterparts.
This international trade and finance centre traditionally enjoys the highest pay - about a quarter more than other Asian countries - coupled with low taxes," it added. "Thailand, China, Singapore and Malaysia also fall into the top half of the rankings while the more developed economies of South Korea and Japan line up with their counterparts from Western Europe and North America.
Of Asian countries, the lowest score of 82.1 went to Indonesia.
|PARTNER DESIGNATE||INTERNATIONAL LAW FIRM||HONG KONG||HK$2,500,000+|
|CORPORATE LAWYER||MANAGEMENT CONSULTING||TOKYO||US$200K+|
|GEN. MANAGER||REAL ESTATE||BANGKOK||US$120K+|
|COUNTRY MANAGER||CONSUMER PRODUCTS||INDONESIA||US$150K+|
|CIO||FINANCIAL SERVICES||HONG KONG||US$350K+|