According to the latest annual Global Salary Survey from professional recruitment firm Robert Walters, the competition for Singaporean talent has intensified over the past few years and will continue to increase in the year ahead. Singaporean employers are increasingly seeking to hire Singaporean talent, as supported by the Fair Consideration Framework.
This candidate-driven employment market has created a strong demand for Singaporean talent – resulting in a keen interest from organisations and the government to attract overseas local talent returning back to Singapore. Their international exposure, coupled with knowledge of the local business culture, will be an asset to companies looking to develop a core of local professionals.
Figures from the survey suggest that in-demand candidates who switched jobs in 2014 could command an average 10 – 20% salary increment. Toby Fowlston, the Managing Director of Robert Walters Singapore, commented:
The employment landscape of 2015 will likely see the competition for Singaporean professionals accelerate. To fulfil the market’s demands, organisations are looking outside of the tight candidate pool and recognising the importance of attracting overseas Singaporeans back home. This creates opportunities for a more dynamic workforce and offers potential employers varied professional experiences to draw from.
2015 Key Highlights for Singapore
Due to tightened regulatory measures from the Monetary Authority of Singapore (MAS), employers continue to experience skills shortages in the areas of governance such as compliance, internal audit, legal and risk management. As businesses continue to invest in digital strategies, IT and marketing professionals skilled in online content, project delivery, mobile and application development as well as user experience will be in demand.
HR professionals who are expected to be more involved in the wider business activities and function as experienced practitioners with business partnering skills likely to be sought-after. Employee attraction, retention and talent development remain key priorities in many businesses. Candidates with accounting and finance competencies, who are skilled in audit, tax and pricing will also see opportunities in both permanent and contract positions as demand outstrips supply.
Contracting recruitment will continue to grow in 2015, particularly where companies are apprehensive about their permanent staff headcount, often looking towards alternative sources for potential talent. But it may behoove government to relook certain fundamental political principles of their ethos, if they wish to incorporate