Firms Increase Focus on Developing the Singaporean Workforce in 2014

Companies in Singapore will be focusing their recruitment efforts on domestic hires in 2014, according to the Global Salary Survey 2014 from international recruiter Robert Walters. In line with this strategy, firms are expected to increase training and development opportunities and chart clearer career paths for employees.

Figures from the survey suggest that candidates who switched jobs in 2013 could command an average 15-20% salary increment. This trend is likely to continue in 2014. In particular, accounting and finance professionals with skills in areas such as treasury, taxation and internal audit, are expected to command premium salary increments.

The Fair Consideration Framework, to be launched by the Singapore government this August to bolster the hiring of Singaporeans, is expected to drive higher salary levels in both permanent and contract recruitment.

“With the increasing competition for top Singaporean talent, firms are recognising the importance of developing existing employees with transferable skill sets,” said Toby Fowlston, managing director of Robert Walters Singapore. “This allows for more promotion opportunities from within and rewards employees with an expanded scope of responsibilities. The professionals of 2014 see employment satisfaction beyond monetary rewards as career progression becomes top priority for jobseekers.”

Other key predictions:

  • Risk, governance and controls will remain the focus for financial institutions amidst ongoing market volatility.
  • Contract hiring is likely to be on the rise for HR professionals as employers prefer a flexible workforce, in particular for payroll staff and junior HR executives.
  • As companies realise the value of providing the best possible customer experience, IT professionals with usability backgrounds will be highly sought-after.
  • As Singapore looks to further regulate its banking industry and maintain its global reputation as a secure financial hub, greater demand for legal and compliance professionals is anticipated.

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