Profiles
IT recruitment within financial services in Singapore has remained comparatively strong in the wake of the latest economic slowdown. Let’s take a look at some of the recent and predicted trends in this busy jobs market.
Singapore trading up
There is healthy demand for IT trading support professionals, due in part to a new wave of trading houses setting up in Singapore. Historically, global banks focused their front office functions for Asia Pacific in Hong Kong. We are now seeing these banks increase their emphasis on front office functions in Singapore. The increased business focus has created demand for IT professionals that have good domain knowledge, leadership skills and above all good communication skills.
Off-shoring
Cost awareness has made way for continued off-shoring of more technically ‘hands on’ functions to lower cost countries. India has dominated here over recent years; however a shift in cost benefits is seeing a rise in off-shoring to countries such as Malaysia and the Philippines.
Conservative salary increases
After witnessing salary increases of around 6% in 2011, it is predicted that increases will be more conservative this year due to ongoing economic uncertainty. However hiring levels are expected to remain sturdy in response to restructuring and new start-ups.
Have you considered contracting?
Another trend that should continue into 2012 is the upsurge in contract openings within banks in Singapore. This follows more mature hiring trends in the West and is likely to affect most business functions. Contracting provides banks and other companies with increased autonomy and flexibility in their hiring, as approval processes for permanent roles have become stringent and more difficult for hiring managers to justify. Some professionals are wary that contract roles are less stable and this is an attitude that will take time to shift. It may be comforting to know however that over 65% of contractors we place in Singapore have their contracts extended or converted to permanent roles.
