Salary levels in new permanent and contract positions are expected to increase this year as the Fair Consideration Framework (FCF) comes into effect, according to a report released by recruitment consultancy firm Robert Walters on Tuesday.
The FCF is a set of rules to regulate hiring practices in companies in Singapore, requiring employers to consider local candidates for positions before candidates holding employment passes (EP). Employers will need to advertise the position on an online jobs bank for 14 days before they are able to make an EP application.
Toby Fowlston, managing director of Robert Walters Singapore, said: “In our conversations with companies across sectors, the focus on hiring local Singaporean talent has been a key focus and will continue to be in 2014. For certain professionals with niche skill sets, we foresee salaries are likely to increase between 15 to 20 per cent.”
According to the Annual Global Salary Survey conducted by Robert Walters, jobs that will be in demand in Singapore in 2014 will be for customer service professionals, middle management, lawyers, investment banking and legal secretaries. The survey results also indicate that it will be a candidate-driven job market this year.
With the focus on local hiring likely to push salaries up, survey results also indicate that successful job-movers may expect a 15 to 20 per cent salary increment in 2014, in line with last year’s findings.
Job-movers such as professionals with skills in treasury, taxation and internal audit will be among those able to command greater salary increments. Those switching jobs in the IT sector can expect salary increases of 10 to 15 per cent while top specialist talent may be offered salary increases up to 20 per cent.
The job demand trend for roles in risk and compliance sectors, sales and marketing are also expected to continue into 2014. There will also be greater demand for in-house lawyers as multi-national companies focus on reducing their external legal costs. With financial institutions taking a more proactive risk approach, risk and compliance sectors will also see greater demand for positions such as anti money-laundering specialist and financial crime risk specialists.
“An overarching trend is that regulatory developments and market events will continue to be of the bigger shapers of what’s driving recruitment,” says Yimin Lam, senior consultant at Robert Walters.