Following the de-escalation of the US-China trade war, we predict that an economic rebound is in the works for Singapore. Employment prospects will largely follow the pace of economic recovery. Here are the top talent trends for Singapore:
Hiring decisions and job vacancies
With an improvement in the global outlook, regions across Asia are likely to experience the largest salary increase. Based on a study by ECA International, we anticipate a 3.2% salary increase in 2020. Singapore is projected to have an average real salary increase of 3%-7% for those staying with their current company. For those who move to another company in Singapore, at mid manager level there will be around a 10%-12% increment; while those at senior levels will get a 7%-10% increment.
In Singapore, due to the rise in fintech, more and more companies are moving their data to the cloud. This shift is leading to a rise in technology roles across data, cyber, cyber security and cloud-based, as well as an increase in governance roles to ensure firms are frugal and operating in a sustainable way As employers are more careful about where they spend their money, there will be a decrease in front office trading and global markets roles.
Singapore will continue to be an attractive destination for talent. However, the gap in skillsets needs to be plugged with more investment in training and development by employers.
What to expect for jobseekers in the coming year
The demand for well-rounded candidates who have technical and professional skills will increase; they will be a necessary bridge between stakeholders due to their technical expertise and business acumen. Overall demand for candidates with technological skills, digital savvy and language expertise will continue to grow.
Other valued skillsets include creativity, critical thinking and the ability to build meaningful relationships.
Team Lead for Risk, Legal, Compliance & IT Recruitment, Selby Jennings Singapore
"Singapore is an attractive destination for investors. Singapore has low tax, is highly regulated, and has a strong technology and financial talent pool for building businesses. As a result , we have seen increasing investment in FinTech and Tech start-ups in Singapore. The availability of skilled talent in Data, Technology and Governance create a strong platform for companies to hire. It allows companies to build businesses based in Singapore that could run regionally, and even globally.
Many highly skilled Tech professionals across Data Science, Cyber Security and Infrastructure choose Singapore as the place to work following their undergraduate and postgraduate degrees. Thanks to this influx of new talent, we have a strong diverse candidate pool region and a more vibrant and dynamic work culture.
The Hong Kong political and sociological events have benefited Singapore. There are firms looking to move headcount to their Singapore offices. Firms are also looking to move their expat talent to Singapore instead of losing them back to the West.
Although the recent coronavirus has slightly impacted hiring, we firmly believe Singapore will bounce back from this and regain its status as a FinTech and Financial hub."
This talent trends article was originally published by Human Resources Online.
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