Singapore’s Location Continues to Attract Multinationals

Singapore’s strategic location in Southeast Asia is continuing to generate strong interest from multinational corporations (MNCs), which regard the city state as an ideal business hub according to Robert Walters.

In its latest half-yearly market update on Singapore, the professional recruitment consultancy says that Singapore’s attractions have led to an increased number of regional offices being established there, creating a demand for shared services functions such as accounting, finance and human resources.

Quality contracting talent has become a viable option for companies as they look to maintain a flexible workforce. Such candidates offer a swift solution to bridging workforce talent gaps in times of maternity cover, permanent headcount freeze or a limited talent pool.

Among the report’s key findings:

  • Financial services institutions and banks continued to offshore their finance, operations and IT functions to lower-cost locations such as India, the Philippines and Eastern Europe.
  • Nonetheless, selective roles have been onshored to Singapore from London and Tokyo, particularly in areas such as derivative products.
  • The front office banking space maintained buoyant recruitment levels, in particular, within the corporate transaction banking sector. This was due to expansion efforts and constant candidate movements, including several at the senior management level.
  • Traditionally strong sectors such as FMCG, pharmaceutical, oil and gas as well as technical healthcare have maintained healthy levels of growth. This has generated opportunities for professionals in sales, marketing and IT.
  • Organisations have continued hiring in-house lawyers, contracts managers, paralegals and corporate secretaries to boost legal teams and reduce external counsel costs.

“An increasing number of companies are recognising the benefits which contract and temporary hires can offer them,” said Toby Fowlston, managing director, Robert Walters Singapore. “This will be of assistance not just momentarily, but also as a viable long-term headcount solution.”

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