Morgan McKinley has released its 2019 Salary Guide for Singapore. The research has shown some familiar issues such as off-shoring staff to lower cost locations, however, the overall outlook remains positive with an increased demand in hiring particularly local professionals in the fintech, risk and security sector.
Morgan McKinley has noted a slight increase in confidence, not just in Singapore but in the wider APAC region and in fact across the globe. The improvement in market conditions witnessed in 2018 is expected to continue in 2019 creating even more opportunities for Singapore’s talent pool.
There is a growing trend for employees to be more IT savvy due to the disruptions in technology across many industries. In the accounting and finance sector candidates experienced in regulatory reporting are in high demand while banks are increasingly looking to hire Trade Finance Operations Specialists. Specialists with skills and experience in analytics, applications, data science, the Internet of Things and skills associated with sociability, creativity and critical thinking will be placed high on the list of hiring managers in the engineering sector.
A good mix of data analytics combined with managing creative campaign ideas to drive performance is also what hiring managers are looking for when looking to fill marketing positions. As businesses are becoming more and more cost conscious and striving to adapt “new ways of working”, the demand for senior change managers with solid transformation experience will continue to grow.
Employers have further been seeking to attract strong commercial talent with many years of track record in building strategic partnerships with key stakeholders as Singapore continues to attract new startups creating a demand for data driven business development talents.
“We expect hiring to remain active in 2019 especially across technology, banking, sales, marketing and change management where local talent have been highly sought after,” says Gurj Sandhu, managing director, Singapore. “At the same time, the market for contractors remained buoyant in 2018 and this trend is set to continue throughout 2019, with job seekers and organisations, viewing contracting as a potential opportunity to get into their preferred organisation and a means to address temporary workforce shortages. Competition for top talent will be fierce and candidates should keep in mind that languages and softer skills will be key competitive advantages.”
What hiring trends will continue in 2019?
- Contracting: Singapore-based companies will continue to offer a great number of contract roles providing more flexible working arrangements.
- The Fintech sector will also keep growing with many financial institutions continuing to invest in fintech systems to ensure more efficient compliance processes.
- Experts are predicting an increase in the technology sector particularly in the non-financial services such as healthcare, e-commerce and automotive.
- Risk and Security will remain key topics in both the risk management industry as well as the IT sector. The risk management industry is looking to fill positions offering more dynamic and business advisory roles. In the IT sector some of the most sought-after skills include cyber security, cloud security and data science.
- In the financial services space growth is expected across the board with the digital agenda gathering pace. The overhaul of the MAS 610, which requires banks to provide information at a far more granular level, offers opportunities to those experienced in quality assurance.
- Companies are increasingly asking for a good mix of different genders in order to have a good balance within their departments.
Local talent in high demand
Across many industries but especially across sales, banking, IT, marketing, project and change management employers have expressed interest in recruiting and training Singaporeans. This is in part due to stricter rules for companies wishing to hire foreign talent.