SINGAPORE: Hiring activity for accounting, financial services and technology professionals has hit a three-year high, according to the latest Singapore Employment Report by specialist recruitment firm Robert Half. The findings were released in a news release on Wednesday (Feb 11).
The survey was carried out across three sectors: Banking and Financial Services, Commerce, and IT. Four hundred senior hiring decision makers including Chief Financial Officers (CFOs), Financial Services business leaders and Chief Information Officers (CIOs) were polled.
The findings show that for each of the three sectors, more than 50 per cent of companies have plans to expand headcount in the first half of 2015. The biggest turnaround in activity is in the IT sector – 26 per cent of companies planned to hire technology professionals in 2013, compared to 50 per cent this year.
In the Banking and Financial Services sector, employment activity has also risen steadily for the past two years, with companies seeking to fill mid-level and senior positions. According to the report, these companies are struggling to recruit because “the demand for skilled professionals is high” and “positions which are vacant require specialised skills”.
“Two years ago, the percentage of companies making new hires was closer to a third. Now more than half of companies are increasing headcount,” said Ms Stella Tang, Managing Director of Robert Half Singapore. “With this many firms seeking new hires, the fight for talent will be tough.”
The report also noted that two per cent of companies are reducing their headcount and hiring activity across all sectors. Ms Tang said individuals who “have not been given due recognition at their existing company” are also expected to “seek out a new firm in return for better pay and conditions”.
The survey also revealed the main reason behind companies’ plans to increase headcount this year – more newly created positions are available as companies pursue new projects and initiatives.
Commerce and IT sectors saw 60 per cent of companies attributing increase in headcount to new projects or initiatives.
Ms Tang said in the news release that new positions are created as companies pursue new agendas to drive growth.
“The employee is not constrained by past ways of doing things so it is an opportunity for an ambitious person to get recognition for their achievements,” she said.
However, Ms Tang also warned that companies may quickly go back to the employment market to find a replacement if professionals “fail to deliver”.
new source & image credits: channelnewsasia.com