SINGAPORE (Feb 21): 71% of Singapore’s workforce say they would leave their current jobs for a better salary or benefit package, putting the city state at the top spot in Asia for citing ‘salary or benefit package’ as the main reason for seeking a new employer, as compared to China (63%), Hong Kong (64%), Japan (49%) and Malaysia (61%).

At the same time, ‘work-life balance’ is the No. 1 reason for the nation’s employees to remain with their current employer as indicated by nearly half of candidates surveyed in Singapore (47%).
 
These findings are according to 2017 Hays Asia Salary Guide, which surveyed some 3,000 organisations in Asia employing a total of over six million people.

The annual publication by Hays Specialist Recruitment (Singapore) was launched at an event earlier today which saw Christine Wright, managing director of Hays Asia, and Lynne Roeder, managing director of Hays Singapore, share their views and present key findings for the guide.

Now in its 10th edition, the guide notes 2017 as a “time of challenge” for many employers across Asia on the anticipation of changing economic conditions, linked to evolving trade partnerships both regionally and globally — although the majority of employers in Singapore (46%), Hong Kong (49%) and Malaysia (46%) are still intending for an average salary increase of 3-6%.

The specialist recruitment company also remains the most optimistic on hiring demand within the following sectors in Singapore:

Audit, risk & compliance

There is potential for hiring growth across internal audit functions with new roles related to the auditing of financial crime to come to market, says Hays, although hiring levels for product audit professionals should remain generally stable. It also notes a growing trend in fast-moving consumer goods (FMCG) and manufacturing employers seeking both internal auditors and internal controllers who are able to perform sole contributor roles.

Construction & engineering

Hays notes that publicly-funded transport and infrastructure projects to improve transport connectivity are “having a very positive impact on the recruitment market”. As such, demand for design engineers and resident technical officers (RTO) engineers are expected to increase, especially those with project experience related to rail, station and tunnelling works. Demand for critical facilities managers are also projected to increase further this year with Singapore’s growth in the construction of data centres.

Fintech

Financial Technology is highlighted for remaining buoyant despite increasing disruption within the industry, with the introduction of new government regulations and rules for financial institutions contributing to steady recruitment growth.

Hays observes more growth on the application side versus infrastructure projects; banks looking for talent with specialist knowledge in Java tools will prioritise seeking developers with experience and skills in new technologies, while the cyber security industry will also seek experts in the field of threat prevention, risk management and issue resolution. With many insurance organisations also restructuring their businesses to align with banks, Hays says demand for project managers and business analysts will remain a high priority as well.

HR

After what Hays dubs a “mixed year” in Singapore’s HR recruitment scene, the company notes a strengthening in this aspect, particularly for specialists in learning & development and talent acquisition. 2016 also saw a “huge shortage” occurring for strong compensation & benefits (C&B) partners, which remain in high demand. However, Hays also highlights that as per what has become the norm in HR, temporary and contract hiring in this sector will continue to grow in the year ahead.

IT

Hays expects demand for talent in the application and development space to remain high this year across all IT sectors. With increased restrictions on foreign employees applying for an Employment pass, candidates eligible for work in roles such as developers, programmers, testers and application are in “hot demand” according to Hays, and can command salaries of at least 15% higher when taking on a new role.

Insurance

Hays expects a strong job market for talent within Singapore’s insurance industry this year, particularly in the product development and risk fields thanks to a growing demand for candidates to fill technical and delivery roles, particularly those with experience in programming and data sciences. Another trend which the company finds encouraging is the emerging capital strength of Asian insurers.

Sales & marketing

Yet another strong year for sales & marketing recruitment has been predicted after Hays observed good levels of hiring in Singapore throughout 2016, in addition to the city state’s reputation as an attractive location for a regional base to many foreign businesses. Additionally, the company believes the current focus on digital marketing will “open up a plethora of opportunities across the digital marketing space with companies increasingly looking to implement marketing strategies based on their data generation capabilities”.