Citigroup Singapore has laid off about 40 employees in recent weeks, The Straits Times has learnt.
The job cuts, which included senior positions, have come as the American bank on Wednesday announced it would axe 4,500 jobs globally and set aside US$400 million (S$515 million) for severance and other related costs.
The cuts here are believed to have come selectively across its investment bank, markets team and private bank.
A Citi spokesman in Singapore confirmed on Wednesday that there have been layoffs.
- The Straits Times
Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts
Oct 27, 2010
Hiring expected in banking, healthcare, advertising
More jobs in Singapore's banking, healthcare and advertising sectors look set to be available towards the end of the year.
According to recruitment firm Hudson's latest report, companies' hiring expectations for the current quarter are much higher than those a year ago.
Fifty-eight per cent of respondents the study surveyed said there would be headcount growth from now till December.
This is compared to 34 per cent for the same period last year, and 57 per cent in the previous quarter.
The report also said overall hiring expectations remained at the highest level in nearly a decade.
Other industries that may hire more people include media, life sciences and Information and Technology.
Some 550 firms across various business sectors were surveyed for the report.
The report also found that 46 per cent of respondents have met job candidates who were dishonest in their resumes.
Many falsified their previous employment responsibilities and achievements.
In addition, the survey said about one-quarter of respondents saw an average of more than 10 per cent of their staff quitting in the last six months.
- Channel News Asia
According to recruitment firm Hudson's latest report, companies' hiring expectations for the current quarter are much higher than those a year ago.
Fifty-eight per cent of respondents the study surveyed said there would be headcount growth from now till December.
This is compared to 34 per cent for the same period last year, and 57 per cent in the previous quarter.
The report also said overall hiring expectations remained at the highest level in nearly a decade.
Other industries that may hire more people include media, life sciences and Information and Technology.
Some 550 firms across various business sectors were surveyed for the report.
The report also found that 46 per cent of respondents have met job candidates who were dishonest in their resumes.
Many falsified their previous employment responsibilities and achievements.
In addition, the survey said about one-quarter of respondents saw an average of more than 10 per cent of their staff quitting in the last six months.
- Channel News Asia
Oct 21, 2010
Stanchart to hire 300 more bankers
STANDARD Chartered Private Bank will ramp up hiring over the next three years to capitalise on the growing ranks of wealthy investors in Singapore and other regional centres.
Chief executive Shayne Nelson told a conference yesterday that the Republic is one of the bank's biggest Asian markets while the region as a whole is experiencing 'massive growth in wealth'.
He noted that Stanchart will hire 300 private bankers between now and 2013, and that a 'significant piece of that investment' in staff will be in Singapore and Hong Kong.
Mr Nelson, who is based here, noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.
'With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed.'
Indonesia, Malaysia and the Philippines also offered significant opportunities for private banking in Singapore, observed Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International (PBI) Wealth Summit at Shangri-La Hotel.
- The Straits Times
Chief executive Shayne Nelson told a conference yesterday that the Republic is one of the bank's biggest Asian markets while the region as a whole is experiencing 'massive growth in wealth'.
He noted that Stanchart will hire 300 private bankers between now and 2013, and that a 'significant piece of that investment' in staff will be in Singapore and Hong Kong.
Mr Nelson, who is based here, noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.
'With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed.'
Indonesia, Malaysia and the Philippines also offered significant opportunities for private banking in Singapore, observed Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International (PBI) Wealth Summit at Shangri-La Hotel.
- The Straits Times
Oct 5, 2010
Stanchart to hire 1,200 more
STANDARD Chartered's consumer banking group, which has been aggressively expanding its private and priority banking operations, is now turning to the SME business which it hopes to double in the next three years, said its CEO.
The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
'Almost everything we are trying to do, we want to double,' Stanchart's CEO for global consumer banking Steve Bertamini told Reuters in an interview.
Stanchart has been a beneficiary of the global financial crisis, which led to the collapse or government-led bailouts of many larger rivals. Its three-and-a-half-year old private bank is already a big player in Asia while its priority banking business saw a doubling in new customers last year.
In August, the UK bank said it will try to further grow its wealth management business by hiring around 800 bankers for a new service aimed at affluent Asians who do not qualify for priority banking services.
Stanchart's consumer banking business, which includes the private bank and SME business, reported a 24 per cent rise in operating profit to US$643 million (S$846.2 million) in the first six months of this year. Its wholesale bank, which handles larger corporate clients and investment banking, saw operating profit jump 35 per cent to US$2.5 billion.
- Reuters
The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
'Almost everything we are trying to do, we want to double,' Stanchart's CEO for global consumer banking Steve Bertamini told Reuters in an interview.
Stanchart has been a beneficiary of the global financial crisis, which led to the collapse or government-led bailouts of many larger rivals. Its three-and-a-half-year old private bank is already a big player in Asia while its priority banking business saw a doubling in new customers last year.
In August, the UK bank said it will try to further grow its wealth management business by hiring around 800 bankers for a new service aimed at affluent Asians who do not qualify for priority banking services.
Stanchart's consumer banking business, which includes the private bank and SME business, reported a 24 per cent rise in operating profit to US$643 million (S$846.2 million) in the first six months of this year. Its wholesale bank, which handles larger corporate clients and investment banking, saw operating profit jump 35 per cent to US$2.5 billion.
- Reuters
Jun 29, 2010
More job seekers refusing job offers: survey
Many Singapore employers are getting rejections from candidates whom they've made offers to, given the buoyant job market.
According to recruitment firm, Hudson, 40 per cent of employers in Singapore it surveyed said that candidates had declined offers of jobs made to them in the last six months.
This is almost twice as many as the 21 per cent who said that they had not received any refusals at all in this period.
And as hiring expectations continue to rise, workers will be spoilt for choice.
Hudson's Executive GM, Georgie Chong, said this makes the recruitment process more challenging.
"That good candidate in the current market is going to be very protected by the current employer. If you look at Europe and the US, the economic outlook there is still weak. Therefore, most of the growth is going to be piled into Asia. The budget for Asia is more aggressive compared to the headquarters," said Chong.
The single most important reason for refusing a job offer was the expectation of higher salaries.
However, Chong pointed out that employers would be willing to meet these expectations for key positions.
She added that companies may need to pay at least 20 per cent more to attract these candidates.
Chong said: "In certain sectors, for example in banking, compliance roles for instance where we need very specialist knowledge or critical revenue generation positions, and faced with a very tight talent pool, candidates have an upper hand.
"We've even offered candidates 30 - 40 per cent more but they still won't move because their employers come back with very aggressive counter measures."
Such counter offers from the present employer are a significant issue, being mentioned by 38 per cent of employers in the survey.
The Hudson Report also indicated that many employers recognise they must increase salaries to retain top talent.
Nearly half of respondents are prepared to offer increments of more than 10 per cent.
Other reasons cited for turning down job offers include candidates having accepted job offers from other companies.
In addition, the report showed that hiring expectations in Singapore are at their highest levels in nearly a decade.
57 per cent of respondents across all sectors forecast headcount growth in the third quarter.
- Channel News Asia
According to recruitment firm, Hudson, 40 per cent of employers in Singapore it surveyed said that candidates had declined offers of jobs made to them in the last six months.
This is almost twice as many as the 21 per cent who said that they had not received any refusals at all in this period.
And as hiring expectations continue to rise, workers will be spoilt for choice.
Hudson's Executive GM, Georgie Chong, said this makes the recruitment process more challenging.
"That good candidate in the current market is going to be very protected by the current employer. If you look at Europe and the US, the economic outlook there is still weak. Therefore, most of the growth is going to be piled into Asia. The budget for Asia is more aggressive compared to the headquarters," said Chong.
The single most important reason for refusing a job offer was the expectation of higher salaries.
However, Chong pointed out that employers would be willing to meet these expectations for key positions.
She added that companies may need to pay at least 20 per cent more to attract these candidates.
Chong said: "In certain sectors, for example in banking, compliance roles for instance where we need very specialist knowledge or critical revenue generation positions, and faced with a very tight talent pool, candidates have an upper hand.
"We've even offered candidates 30 - 40 per cent more but they still won't move because their employers come back with very aggressive counter measures."
Such counter offers from the present employer are a significant issue, being mentioned by 38 per cent of employers in the survey.
The Hudson Report also indicated that many employers recognise they must increase salaries to retain top talent.
Nearly half of respondents are prepared to offer increments of more than 10 per cent.
Other reasons cited for turning down job offers include candidates having accepted job offers from other companies.
In addition, the report showed that hiring expectations in Singapore are at their highest levels in nearly a decade.
57 per cent of respondents across all sectors forecast headcount growth in the third quarter.
- Channel News Asia
May 26, 2010
Hiring pace of 2007 back for private banks
Private banks are hiring with a vengeance, with some headhunters saying the frenzy of the heyday of 2007 is back. Also being heard is an old complaint that expats are coming here to boss over the locals.
But a check with several private banks revealed that they have been hiring mainly locals though the high demand does mean suitable foreign bankers will get some of the jobs here.
'We have never been busier, to be honest. We have just had three successive best months, pipeline is as healthy as I have ever seen it in my 10 years of recruitment in Singapore,' said James Rushworth, managing director, Profile Search & Selection.
He said it seems bizarre given how tough last year was for most people. 'Candidates are getting multiple ideas and offers, increasing wage demands - sometimes totally unrealistic . . . (and with) more firms having to 'buy back' talent, so retention is a real battle for HR/senior management again,' said Mr Rushworth.
'Seems like we have done a full circle and back to the crazy recruitment days of 2007,' he said.
While demand is hot, private banks are also getting a lot of resumes from candidates in Europe as Singapore's financial centre reputation gains traction.
David Lim, Bank Julius Baer head, private banking South East Asia and deputy CEO, Singapore, said the bank is not yet done with its hiring spree.
This, after the Swiss private bank said earlier in the month that it had hired two dozen people, a11 of them senior bankers, for its Singapore office as it continues to build up its Asian business. This is on top of the six senior bankers it has already added over the last four months.
'Our hires are mostly locals,' said Mr Lim, though in the resumes the bank has received, there are those from Hong Kong and Europe.
'We're finding resumes of bankers in Hong Kong, some are Singaporeans who were there, now looking for a role in Singapore; there are also European specialists looking to relocate here,' said Mr Lim.
Veteren bankers from elsewhere are heading here as they see that the business in Singapore and South Asia has a strong momentum, unlike in China which is trying to rein in the hot money flows.
'They are anticipating a slowdown in North Asia . . . there's more consistency in South Asia in the sense that the economies like Indonesia are more stable,' said Mr Lim.
One banker said the industry does have a long history of sending people from head office to head the business here.
'But things have changed, Asia has developed its talent, local contracts are more common,' she said.
The complaint about expats coming to lord it over locals could be more perception than widespread reality due to more overseas bankers trying their luck at getting work in Singapore.
Said one headhunter: 'It is true that there are far too many white men in senior positions in private banking here as a result of them having found jobs here when they lost their jobs in Europe in 2008.'
He noted however that more banks are localising and pointed to Julius Baer's recent hires.
An RBS Coutts executive said its recent new additions are mostly from Singapore, with some from India and a few internal transfers from the UK.
He was referring to the 65 people, 12 of them bankers, recruited in the first quarter of this year.
One banker said the private banking world is 'ethnic' based; so, for instance, Indian clients are typically served by Indian bankers.
A Bank of Singapore (BOS) spokeswoman said the bank gets applications from across various locations in Asia and Europe as well as from Singapore.
BOS - the former ING Asia Private Bank and now owned by OCBC Bank - is looking for over 100 relationship managers across the region over three years. It has hired 11 bankers to date, she said.
On the difficulty of getting suitable people, she said:
'The hiring landscape is competitive but we are continuing to attract interesting talents with BOS's unique differentiating proposition, that is we are a wholly owned subsidiary of a Singapore-headquartered banking group, dedicated to private banking.'
- The Business Times
But a check with several private banks revealed that they have been hiring mainly locals though the high demand does mean suitable foreign bankers will get some of the jobs here.
'We have never been busier, to be honest. We have just had three successive best months, pipeline is as healthy as I have ever seen it in my 10 years of recruitment in Singapore,' said James Rushworth, managing director, Profile Search & Selection.
He said it seems bizarre given how tough last year was for most people. 'Candidates are getting multiple ideas and offers, increasing wage demands - sometimes totally unrealistic . . . (and with) more firms having to 'buy back' talent, so retention is a real battle for HR/senior management again,' said Mr Rushworth.
'Seems like we have done a full circle and back to the crazy recruitment days of 2007,' he said.
While demand is hot, private banks are also getting a lot of resumes from candidates in Europe as Singapore's financial centre reputation gains traction.
David Lim, Bank Julius Baer head, private banking South East Asia and deputy CEO, Singapore, said the bank is not yet done with its hiring spree.
This, after the Swiss private bank said earlier in the month that it had hired two dozen people, a11 of them senior bankers, for its Singapore office as it continues to build up its Asian business. This is on top of the six senior bankers it has already added over the last four months.
'Our hires are mostly locals,' said Mr Lim, though in the resumes the bank has received, there are those from Hong Kong and Europe.
'We're finding resumes of bankers in Hong Kong, some are Singaporeans who were there, now looking for a role in Singapore; there are also European specialists looking to relocate here,' said Mr Lim.
Veteren bankers from elsewhere are heading here as they see that the business in Singapore and South Asia has a strong momentum, unlike in China which is trying to rein in the hot money flows.
'They are anticipating a slowdown in North Asia . . . there's more consistency in South Asia in the sense that the economies like Indonesia are more stable,' said Mr Lim.
One banker said the industry does have a long history of sending people from head office to head the business here.
'But things have changed, Asia has developed its talent, local contracts are more common,' she said.
The complaint about expats coming to lord it over locals could be more perception than widespread reality due to more overseas bankers trying their luck at getting work in Singapore.
Said one headhunter: 'It is true that there are far too many white men in senior positions in private banking here as a result of them having found jobs here when they lost their jobs in Europe in 2008.'
He noted however that more banks are localising and pointed to Julius Baer's recent hires.
An RBS Coutts executive said its recent new additions are mostly from Singapore, with some from India and a few internal transfers from the UK.
He was referring to the 65 people, 12 of them bankers, recruited in the first quarter of this year.
One banker said the private banking world is 'ethnic' based; so, for instance, Indian clients are typically served by Indian bankers.
A Bank of Singapore (BOS) spokeswoman said the bank gets applications from across various locations in Asia and Europe as well as from Singapore.
BOS - the former ING Asia Private Bank and now owned by OCBC Bank - is looking for over 100 relationship managers across the region over three years. It has hired 11 bankers to date, she said.
On the difficulty of getting suitable people, she said:
'The hiring landscape is competitive but we are continuing to attract interesting talents with BOS's unique differentiating proposition, that is we are a wholly owned subsidiary of a Singapore-headquartered banking group, dedicated to private banking.'
- The Business Times
May 21, 2010
Stanchart to hire 2000
STANDARD Chartered Bank, seizing the economic pickup in the region, on Friday announced plans to hire a whopping 2,000 more staff in Singapore by 2012.
It also pledged to boost its staff in South-east Asia by double-digit growth in countries such as Indonesia, Malaysia and Vietnam.
The bank, which earns at least three-quarters of its profit in Asia, currently employs about 6,000 staff in Singapore.
The new hires will include relationship managers, technology, risk management, and compliance personnel. A mix of junior to senior roles will be added.
And in a further stamp of confidence in Singapore's infrastructure capabilities, Stanchart on Friday became the latest bank to open a new facility in Changi Business Park. The 225,000 sq ft new building complements its planned new premises in Marina Bay Financial Centre.
Other financial institutions which have operations there include DBS, Credit Suisse, Barclays and Citibank.
- The Straits Times
It also pledged to boost its staff in South-east Asia by double-digit growth in countries such as Indonesia, Malaysia and Vietnam.
The bank, which earns at least three-quarters of its profit in Asia, currently employs about 6,000 staff in Singapore.
The new hires will include relationship managers, technology, risk management, and compliance personnel. A mix of junior to senior roles will be added.
And in a further stamp of confidence in Singapore's infrastructure capabilities, Stanchart on Friday became the latest bank to open a new facility in Changi Business Park. The 225,000 sq ft new building complements its planned new premises in Marina Bay Financial Centre.
Other financial institutions which have operations there include DBS, Credit Suisse, Barclays and Citibank.
- The Straits Times
Mar 28, 2010
Subdued job outlook for finance workers
FIRMS are still cautious about hiring finance and accounting staff, especially for entry-level positions, despite the recent rebound in the economy and financial markets, a new survey shows.
About two-thirds of the 273 Singapore respondents to a regional survey by recruitment firm Robert Half said that they expect no big change to the number of finance and accounting staff at their organisations in the next 12 months.
But another 31 per cent said they expected their firms to increase the number of such staff in the next year, with only 3 per cent expecting a decrease.
Most - 94 per cent - said that any new finance and accounting staff recruited would be to fill new positions, while 55 per cent said new hires would be to replace staff who left or were fired in the downturn. Only 30 per cent said they would recruit finance and accounting staff to fill graduate or entry-level positions.
Finance managers were the most in demand, with 52 per cent of the Singapore respondents saying they expect to hire for that position.
A slim majority - 51 per cent - said they expect their organisation to increase salaries for finance and accounting staff in the next 12 months, but 61 per cent also said their firms had cut or frozen pay for such staff during the downturn. And any pay increases are likely to be small - 72 per cent of the Singapore respondents said that they expected the increment to be in the range of 2.5-6.4 per cent; another 13 per cent expected even less, and just 14 per cent said that pay increments of 8.5 per cent or more were likely.
The survey, which polled 1,281 human resources and finance and accounting managers in Singapore, Hong Kong, Australia and New Zealand in the first quarter of this year - found that half the Singapore respondents felt that the economic downturn was not over, against 42 per cent who said it was. The rest were unsure.
'The general market sentiment is that the global recovery is still largely uncertain at this point,' said Tim Hird, managing director of Robert Half Singapore. 'That said, companies are taking the opportunity to rethink their staffing strategies, and many are in fact ramping up their hiring now in order to lure valuable talent to their firms and position themselves for the full recovery.'
- The Business Times
About two-thirds of the 273 Singapore respondents to a regional survey by recruitment firm Robert Half said that they expect no big change to the number of finance and accounting staff at their organisations in the next 12 months.
But another 31 per cent said they expected their firms to increase the number of such staff in the next year, with only 3 per cent expecting a decrease.
Most - 94 per cent - said that any new finance and accounting staff recruited would be to fill new positions, while 55 per cent said new hires would be to replace staff who left or were fired in the downturn. Only 30 per cent said they would recruit finance and accounting staff to fill graduate or entry-level positions.
Finance managers were the most in demand, with 52 per cent of the Singapore respondents saying they expect to hire for that position.
A slim majority - 51 per cent - said they expect their organisation to increase salaries for finance and accounting staff in the next 12 months, but 61 per cent also said their firms had cut or frozen pay for such staff during the downturn. And any pay increases are likely to be small - 72 per cent of the Singapore respondents said that they expected the increment to be in the range of 2.5-6.4 per cent; another 13 per cent expected even less, and just 14 per cent said that pay increments of 8.5 per cent or more were likely.
The survey, which polled 1,281 human resources and finance and accounting managers in Singapore, Hong Kong, Australia and New Zealand in the first quarter of this year - found that half the Singapore respondents felt that the economic downturn was not over, against 42 per cent who said it was. The rest were unsure.
'The general market sentiment is that the global recovery is still largely uncertain at this point,' said Tim Hird, managing director of Robert Half Singapore. 'That said, companies are taking the opportunity to rethink their staffing strategies, and many are in fact ramping up their hiring now in order to lure valuable talent to their firms and position themselves for the full recovery.'
- The Business Times
Jan 8, 2010
Banks on hiring drive
A FLURRY of hiring is underway at many banks in Singapore, reversing the bloodletting of last year when the global financial crisis took a harsh toll on jobs.
More than 1,000 staff are being hired by banks, poised to cash in on the expected return of the good times. This is based on a check of banks by The Straits Times.
Many of the jobs are senior positions but entry level jobs are on offer too.
- The Straits Times
More than 1,000 staff are being hired by banks, poised to cash in on the expected return of the good times. This is based on a check of banks by The Straits Times.
Many of the jobs are senior positions but entry level jobs are on offer too.
- The Straits Times
Dec 27, 2009
More openings in financial services sector in Q3
Job vacancies in the financial services sector soared to 1,100 by the end of September - the highest so far this year and only 100 places shy of the September 2008 figure.
Hiring sentiment in the sector continued to improve in the third quarter, as in the overall labour market, according to the preliminary report released by the Ministry of Manpower (MOM) yesterday that breaks down job vacancies by industry.
Job vacancies at banks and other financial institutions worst hit by last year's global financial crisis fell to a low of 600 at the end of Q1. But an accelerating recovery in hiring saw the number of openings rise to 800 by June and 1,100 by the end of Q3.
The posts most actively recruited for in the financial sector are bank officers, financial analysts and administrative analysts, the statistics show. And the sector's job vacancy rate - the number of vacancies as a proportion of total employee demand - was 1.1 per cent in September, which compares to 1.3 per cent in September 2008, before the worst of the financial crisis struck.
Although hiring sentiment and job vacancies are improving, actual labour market recovery tends to lag that of the wider economy.
The Q3 labour market survey released this month showed a slight rise in the seasonally adjusted unemployment rate to 3.4 per cent, from 3.3 per cent in the first two quarters.
Among residents, the Q3 unemployment rate hit a five-year high of 5 per cent.
For job-seekers, the good news is that, as at September, the number of available jobs had risen to 34,900. Of these, 25,900 spots came from the services sector. Manufacturing job vacancies also rose - to 5,600 from 3,900 in June and a low of 1,900 in March.
The ratio of job vacancies to the number of unemployed also rose in Q3 to 0.52, from about 0.3 in the first two quarters. But this was still some way off from September 2008's 0.8 ratio.
Hotels and restaurants posted a significant jump in vacancies to 3,000 by September from 1,300 in June, surpassing the 2,700 jobs on offer in September 2008.
Reflecting the government's move to raise its teacher recruitment target and campaign to recruit mid-career professionals into teaching this year, there were 2,760 teaching vacancies at end-September - the largest number for any single occupation.
The report also showed there were 1,390 openings for private security guards - the occupation with the second largest number of vacancies.
The government has been promoting the availability of jobs in that sector too, customising a Spur-Jobs scheme to improve working conditions and professionalise the security industry.
More private security posts are expected to need filling in coming years as malls, the integrated resorts (IRs) and the Youth Olympic Games are rolled out.
These developments, along with recovering consumer sentiment, are also reflected in the large number of vacancies for shop sales assistants and waiters - at more than 1,000 each.
- The Business Times
Hiring sentiment in the sector continued to improve in the third quarter, as in the overall labour market, according to the preliminary report released by the Ministry of Manpower (MOM) yesterday that breaks down job vacancies by industry.
Job vacancies at banks and other financial institutions worst hit by last year's global financial crisis fell to a low of 600 at the end of Q1. But an accelerating recovery in hiring saw the number of openings rise to 800 by June and 1,100 by the end of Q3.
The posts most actively recruited for in the financial sector are bank officers, financial analysts and administrative analysts, the statistics show. And the sector's job vacancy rate - the number of vacancies as a proportion of total employee demand - was 1.1 per cent in September, which compares to 1.3 per cent in September 2008, before the worst of the financial crisis struck.
Although hiring sentiment and job vacancies are improving, actual labour market recovery tends to lag that of the wider economy.
The Q3 labour market survey released this month showed a slight rise in the seasonally adjusted unemployment rate to 3.4 per cent, from 3.3 per cent in the first two quarters.
Among residents, the Q3 unemployment rate hit a five-year high of 5 per cent.
For job-seekers, the good news is that, as at September, the number of available jobs had risen to 34,900. Of these, 25,900 spots came from the services sector. Manufacturing job vacancies also rose - to 5,600 from 3,900 in June and a low of 1,900 in March.
The ratio of job vacancies to the number of unemployed also rose in Q3 to 0.52, from about 0.3 in the first two quarters. But this was still some way off from September 2008's 0.8 ratio.
Hotels and restaurants posted a significant jump in vacancies to 3,000 by September from 1,300 in June, surpassing the 2,700 jobs on offer in September 2008.
Reflecting the government's move to raise its teacher recruitment target and campaign to recruit mid-career professionals into teaching this year, there were 2,760 teaching vacancies at end-September - the largest number for any single occupation.
The report also showed there were 1,390 openings for private security guards - the occupation with the second largest number of vacancies.
The government has been promoting the availability of jobs in that sector too, customising a Spur-Jobs scheme to improve working conditions and professionalise the security industry.
More private security posts are expected to need filling in coming years as malls, the integrated resorts (IRs) and the Youth Olympic Games are rolled out.
These developments, along with recovering consumer sentiment, are also reflected in the large number of vacancies for shop sales assistants and waiters - at more than 1,000 each.
- The Business Times
Dec 19, 2009
DBS chief's mantra: Do everything
THE newly installed DBS Group Holdings' chief executive, Mr Piyush Gupta, was in a reflective mood during one of his first public appearances as head of South-east Asia's largest bank yesterday.
As he ruminated on his widely varied banking career, he hinted that DBS staff might expect to be assigned a wider range of roles under his leadership.
Speaking to a group of students, he warned of the limitations of aspiring bankers aiming only for glamorous front office jobs.
To illustrate, he spoke of his professional journey and offered personal insights into banking as a career.
'As a general rule, when I hire, I want people to have the capacity to do a lot of different things,' he told tertiary students in a packed auditorium at Singapore Management University. 'I hire people for (a long-term) career, not for jobs.'
Mr Gupta, 49, a veteran Citibanker appointed as DBS CEO last month, said young people wanting to work at banks often confine themselves to the more glamorous front office roles such as investment banking and corporate finance.
They eschew back office operations, such as accounting and payroll, thinking these roles may be less interesting.
However, this is the wrong mentality, stressed the Indian-born banker, a permanent resident here who has applied for Singapore citizenship.
He said that when he first graduated with a Master of Business Administration degree from the Indian Institute of Management Ahmedabad, he was given a back office role within Citi and wound up in technology and operations for four years.
Rather than despair, he found plenty of opportunities to learn in those roles.
'Working in operations and technology, you learn how things actually work. To me, the experience was invaluable.'
He also recalled that he had worked at a small Citi branch at Kolkata during the early stages of his career and had to juggle all sorts of roles - from sitting at the teller counter to calling corporate clients.
'It doesn't sound sexy, but the ability to allow you to connect the dots is invaluable,' he said.
Mr Gupta, who has dabbled in a wide range of roles, from transaction banking to corporate and consumer banking, praised firms where employees are given the chance to move around within their organisation.
'I've had 21 different roles in 28 years,' said Mr Gupta, who spent 27 years at Citi before leaving for DBS.
'In my previous company, you could move anywhere you want. So in my current company, I hope that is something I can institute.'
He was part of a panel comprising high-powered financial executives including ANZ Singapore's chief executive Bill Foo and OCBC Bank's head of global treasury Lam Kun Kin.
Lion Global Investors chief executive Daniel Chan, a panel member, said a humble attitude is very important for those entering the fund management business.
'If somebody comes and says, 'I've got this degree or training and know it all', that is a dangerous starting point.'
When hiring analysts and fund managers, Mr Chan looks for candidates with a healthy dose of scepticism and a questioning mind, clear thinking, an ability to work with numbers - and the art of good communication.
'A lot of people don't communicate well or express their ideas clearly. A lot don't write well either.'
- The Straits Times
As he ruminated on his widely varied banking career, he hinted that DBS staff might expect to be assigned a wider range of roles under his leadership.
Speaking to a group of students, he warned of the limitations of aspiring bankers aiming only for glamorous front office jobs.
To illustrate, he spoke of his professional journey and offered personal insights into banking as a career.
'As a general rule, when I hire, I want people to have the capacity to do a lot of different things,' he told tertiary students in a packed auditorium at Singapore Management University. 'I hire people for (a long-term) career, not for jobs.'
Mr Gupta, 49, a veteran Citibanker appointed as DBS CEO last month, said young people wanting to work at banks often confine themselves to the more glamorous front office roles such as investment banking and corporate finance.
They eschew back office operations, such as accounting and payroll, thinking these roles may be less interesting.
However, this is the wrong mentality, stressed the Indian-born banker, a permanent resident here who has applied for Singapore citizenship.
He said that when he first graduated with a Master of Business Administration degree from the Indian Institute of Management Ahmedabad, he was given a back office role within Citi and wound up in technology and operations for four years.
Rather than despair, he found plenty of opportunities to learn in those roles.
'Working in operations and technology, you learn how things actually work. To me, the experience was invaluable.'
He also recalled that he had worked at a small Citi branch at Kolkata during the early stages of his career and had to juggle all sorts of roles - from sitting at the teller counter to calling corporate clients.
'It doesn't sound sexy, but the ability to allow you to connect the dots is invaluable,' he said.
Mr Gupta, who has dabbled in a wide range of roles, from transaction banking to corporate and consumer banking, praised firms where employees are given the chance to move around within their organisation.
'I've had 21 different roles in 28 years,' said Mr Gupta, who spent 27 years at Citi before leaving for DBS.
'In my previous company, you could move anywhere you want. So in my current company, I hope that is something I can institute.'
He was part of a panel comprising high-powered financial executives including ANZ Singapore's chief executive Bill Foo and OCBC Bank's head of global treasury Lam Kun Kin.
Lion Global Investors chief executive Daniel Chan, a panel member, said a humble attitude is very important for those entering the fund management business.
'If somebody comes and says, 'I've got this degree or training and know it all', that is a dangerous starting point.'
When hiring analysts and fund managers, Mr Chan looks for candidates with a healthy dose of scepticism and a questioning mind, clear thinking, an ability to work with numbers - and the art of good communication.
'A lot of people don't communicate well or express their ideas clearly. A lot don't write well either.'
- The Straits Times
Jul 10, 2009
Upturn in finance sector hiring: Good sign for the economy?
FOR the first time since early 2007, hiring expectations are up - and nowhere is this turnaround more telling than in the banking and finance sector, which was seeing a slew of layoffs just nine months ago or less.
Of all the sectors covered in recruitment firm Hudson's May survey, it reported the biggest leap in hiring expectations: 32 per cent of respondents expect to bump up Q3 recruitment, from Q2's 19 per cent. The proportion planning to cut headcount more than halved.
With the financial sector a major growth engine for Singapore, is this a sign of better times ahead not just for sector professionals - but the economy as well?
In its report card on the financial sector, Hudson noted: "Hiring plans that were delayed from Q4 2008 onwards are now being implemented as the volume of deals appears to be sustainable.
"This indicates a much more positive outlook both for the financial sector and the economy as a whole."
But though 26 per cent of respondents overall forecast higher recruitment, and 48 per cent expect recovery this year or the first half of next year, analysts caution against expecting a hiring spree.
Putting the tentative signs of optimism down more to companies' belief that the worst is over, Forecast Singapore economist Vishnu Varathan said: "The banking industry was not so much affected by how much they were losing, but rather the huge uncertainty over how much the losses were going to be.
"Now that there is less uncertainty, commodity prices, mergers and acquisition have picked up, we're seeing activity returning to the market and targetted hires."
The key word is targeted. Financial services headhunter David Powe, of Strategic Search Partners, told Today: "Few firms are hiring, and if they are, it's not across the board."
The opportunities that banks want to exploit currently are in distressed assets and Asian products, he said: "Clients are after candidates who are 100 per cent close to the fit and it's usually someone with five years of experience."
Nearly half the employers in the banking and financial services industry felt able to negotiate lower starting salaries - the most of all the sectors.
Hudson surveyed 700 executives across key industries. The manufacturing sector, responsible for the majority of jobs shed in the last few quarters, expressed a surprisingly optimistic hiring outlook.
CIMB-GK economist Song Seng Wun said the companies' forecast was consistent with the sector's seasonal patterns.
"Production and business pads up in the second half of the year to meet more orders for Christmas. You'll find this increase in demand whether it is a recession or not," he said.
On the same note, Mr Varathan said we shouldn't necessarily take the forecast at face value. "It's not clear from the data presented whether they are actually expanding operations," he said.
Manufacturing companies were most conservative about prospects for an economic recovery, with 25 per cent unsure when it will happen. Just 11 per cent think it will be this year, compared to 15 per cent of respondents from consumer, media and advertising.
Meanwhile, 42 per cent of respondents in the IT and technology sector anticipate recovery in the first half of next year, more than in any sector; while 77 per cent of healthcare and life sciences sector think the upturn will come sometime during next year.
Mr Varathan puts these varying forecasts down to each sector using different yardsticks.
"Manufacturing would want to see something more convincing like an upward trend in global demand before they stick their neck out," he said.
- TODAY newspaper
Of all the sectors covered in recruitment firm Hudson's May survey, it reported the biggest leap in hiring expectations: 32 per cent of respondents expect to bump up Q3 recruitment, from Q2's 19 per cent. The proportion planning to cut headcount more than halved.
With the financial sector a major growth engine for Singapore, is this a sign of better times ahead not just for sector professionals - but the economy as well?
In its report card on the financial sector, Hudson noted: "Hiring plans that were delayed from Q4 2008 onwards are now being implemented as the volume of deals appears to be sustainable.
"This indicates a much more positive outlook both for the financial sector and the economy as a whole."
But though 26 per cent of respondents overall forecast higher recruitment, and 48 per cent expect recovery this year or the first half of next year, analysts caution against expecting a hiring spree.
Putting the tentative signs of optimism down more to companies' belief that the worst is over, Forecast Singapore economist Vishnu Varathan said: "The banking industry was not so much affected by how much they were losing, but rather the huge uncertainty over how much the losses were going to be.
"Now that there is less uncertainty, commodity prices, mergers and acquisition have picked up, we're seeing activity returning to the market and targetted hires."
The key word is targeted. Financial services headhunter David Powe, of Strategic Search Partners, told Today: "Few firms are hiring, and if they are, it's not across the board."
The opportunities that banks want to exploit currently are in distressed assets and Asian products, he said: "Clients are after candidates who are 100 per cent close to the fit and it's usually someone with five years of experience."
Nearly half the employers in the banking and financial services industry felt able to negotiate lower starting salaries - the most of all the sectors.
Hudson surveyed 700 executives across key industries. The manufacturing sector, responsible for the majority of jobs shed in the last few quarters, expressed a surprisingly optimistic hiring outlook.
CIMB-GK economist Song Seng Wun said the companies' forecast was consistent with the sector's seasonal patterns.
"Production and business pads up in the second half of the year to meet more orders for Christmas. You'll find this increase in demand whether it is a recession or not," he said.
On the same note, Mr Varathan said we shouldn't necessarily take the forecast at face value. "It's not clear from the data presented whether they are actually expanding operations," he said.
Manufacturing companies were most conservative about prospects for an economic recovery, with 25 per cent unsure when it will happen. Just 11 per cent think it will be this year, compared to 15 per cent of respondents from consumer, media and advertising.
Meanwhile, 42 per cent of respondents in the IT and technology sector anticipate recovery in the first half of next year, more than in any sector; while 77 per cent of healthcare and life sciences sector think the upturn will come sometime during next year.
Mr Varathan puts these varying forecasts down to each sector using different yardsticks.
"Manufacturing would want to see something more convincing like an upward trend in global demand before they stick their neck out," he said.
- TODAY newspaper
Jul 5, 2009
Fresh grads rush in for jobs, banks may oblige
Thousands of fresh graduates continue to make a beeline for jobs in the financial industry, unfazed it seems by its less than sterling reputation and reports of retrenchment.
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Jun 8, 2009
Slow hiring at Big 4
AMID the general downturn in the economy and staff clinging on to their jobs, the Big Four audit firms are adopting a more cautious approach and easing recruitment at the entry level.
This is in stark contrast to the economic boom times just a few years back, when the staff churn rate was high as these firms were losing talent to the more lucrative banking and finance industry.
Back in 2007, the Big Four firms hired aggressively to counter the attrition rates - some hired up to 300 graduates - and raised the starting pay by 20 per cent in a bid to attract more fresh graduates into the profession.
But since then, the salaries of fresh graduates joining the Big Four have remained unchanged at $2,400.
'Starting pay levels are not being reduced despite the current economic conditions,' said Mr Philip Lee, head of people, performance and culture at KPMG in Singapore.
Selected individuals with better academic results and leadership qualities are recognised and rewarded in accordance with their merit, he added.
But two of the Big Four - PricewaterhouseCoopers and Deloitte - have indicated that the starting pay of newbie auditors will be reviewed.
Deloitte is taking in about 180 fresh graduates this year, unchanged from last year.
But it is looking to review the starting pay, said Mr Philip Yuen, chief of operations at Deloitte Singapore.
PricewaterhouseCoopers human capital partner Deborah Ong said: 'We are still reviewing our salaries at the moment, and will continue to monitor market conditions closely.'
- The Straits Times
This is in stark contrast to the economic boom times just a few years back, when the staff churn rate was high as these firms were losing talent to the more lucrative banking and finance industry.
Back in 2007, the Big Four firms hired aggressively to counter the attrition rates - some hired up to 300 graduates - and raised the starting pay by 20 per cent in a bid to attract more fresh graduates into the profession.
But since then, the salaries of fresh graduates joining the Big Four have remained unchanged at $2,400.
'Starting pay levels are not being reduced despite the current economic conditions,' said Mr Philip Lee, head of people, performance and culture at KPMG in Singapore.
Selected individuals with better academic results and leadership qualities are recognised and rewarded in accordance with their merit, he added.
But two of the Big Four - PricewaterhouseCoopers and Deloitte - have indicated that the starting pay of newbie auditors will be reviewed.
Deloitte is taking in about 180 fresh graduates this year, unchanged from last year.
But it is looking to review the starting pay, said Mr Philip Yuen, chief of operations at Deloitte Singapore.
PricewaterhouseCoopers human capital partner Deborah Ong said: 'We are still reviewing our salaries at the moment, and will continue to monitor market conditions closely.'
- The Straits Times
May 13, 2009
StanChart to hire 100 private wealth managers
BANKING giant Standard Chartered will hire 100 private bankers over the next 12 months, despite a weak hiring forecast for the financial sector.
The British-listed lender, which has a major presence in Singapore, aims to bolster the presence of its wealth management arm in fast-growing markets across Asia, Europe and the Middle East.
Although StanChart declined to elaborate further, a bank source said most of the new hires will probably be based in Asia, with the remaining going to Europe and the Middle East.
The global head of its private bank unit, Mr Peter Flavel, said yesterday that despite the challenging economic climate, the bank is in good shape, allowing it to grow and support the increasing needs of its clients.
'As we're seeing a continuing increase in client demand for our private banking services, we will continue to invest in attracting talent to further strengthen our proposition,' said Mr Flavel.
He added that the bank is looking for talented people who possess excellent track records and would be consistent in meeting the expectations of its high net worth clients.
'We are here to meet clients' needs. To achieve this, we need a certain type of relationship manager - someone with exceptional people and advisory skills, a strong team player, commitment to building long-term partnerships with clients.'
StanChart bucked the trend of the banking sector by reporting that profits for last year had soared 19 per cent to a record US$4.8 billion (S$7 billion).
About 100 relationship managers out of its private bank's worldwide total of 350 are based in Singapore, its global headquarters.
The bank's move to beef up its wealth management unit goes against the grain of employment forecasts for the banking and finance sector.
Last week, a report from the recruitment group Kelly Services Singapore said the finance industry, which saw major retrenchments in recent months, has seen the 'most significant' change in its hiring strategies.
It said financial institutions have adopted a 'more cautious recruitment approach owing to the weaker Singapore economy and the global financial turmoil'.
- The Straits Times
The British-listed lender, which has a major presence in Singapore, aims to bolster the presence of its wealth management arm in fast-growing markets across Asia, Europe and the Middle East.
Although StanChart declined to elaborate further, a bank source said most of the new hires will probably be based in Asia, with the remaining going to Europe and the Middle East.
The global head of its private bank unit, Mr Peter Flavel, said yesterday that despite the challenging economic climate, the bank is in good shape, allowing it to grow and support the increasing needs of its clients.
'As we're seeing a continuing increase in client demand for our private banking services, we will continue to invest in attracting talent to further strengthen our proposition,' said Mr Flavel.
He added that the bank is looking for talented people who possess excellent track records and would be consistent in meeting the expectations of its high net worth clients.
'We are here to meet clients' needs. To achieve this, we need a certain type of relationship manager - someone with exceptional people and advisory skills, a strong team player, commitment to building long-term partnerships with clients.'
StanChart bucked the trend of the banking sector by reporting that profits for last year had soared 19 per cent to a record US$4.8 billion (S$7 billion).
About 100 relationship managers out of its private bank's worldwide total of 350 are based in Singapore, its global headquarters.
The bank's move to beef up its wealth management unit goes against the grain of employment forecasts for the banking and finance sector.
Last week, a report from the recruitment group Kelly Services Singapore said the finance industry, which saw major retrenchments in recent months, has seen the 'most significant' change in its hiring strategies.
It said financial institutions have adopted a 'more cautious recruitment approach owing to the weaker Singapore economy and the global financial turmoil'.
- The Straits Times
CIMB-GK to hire 35 grads under MAS plan
CIMB-GK Securities will hire about 35 fresh graduates under the new Finance Graduate Immersion Programme started by the Monetary Authority of Singapore (MAS).
Chief executive Carol Fong told The Straits Times yesterday: 'We believe we are the first brokerage under this scheme. It's a win-win situation. If not for the MAS scheme, I would think twice before hiring fresh graduates in such big numbers.'
The scheme involves the MAS subsidising the pay of new graduates hired by the financial sector, to spur employment during the downturn. The one-year programme has a budget of $15 million.
CIMB's decision to hire the graduates is part of its aim to double the size of its retail business by next year. It plans to add about 100 staff to its base of 300 remisiers and dealers by next year. The graduates will be channelled to equity sales, research and compliance positions.
- The Straits Times
Chief executive Carol Fong told The Straits Times yesterday: 'We believe we are the first brokerage under this scheme. It's a win-win situation. If not for the MAS scheme, I would think twice before hiring fresh graduates in such big numbers.'
The scheme involves the MAS subsidising the pay of new graduates hired by the financial sector, to spur employment during the downturn. The one-year programme has a budget of $15 million.
CIMB's decision to hire the graduates is part of its aim to double the size of its retail business by next year. It plans to add about 100 staff to its base of 300 remisiers and dealers by next year. The graduates will be channelled to equity sales, research and compliance positions.
- The Straits Times
Good news for finance, accounting job seekers
THINGS may start looking up by the end of the year for finance and accounting industry workers, according to a survey by Morgan McKinley.
Fifty-three per cent of employers in Singapore believe that financial and accountancy recruitment will start to increase before year-end, the survey found.
Conducted in March this year, it polled 120 senior human resources and hiring managers in financial services and other commercial organisations.
Although the outcome suggests a note of optimism, the managing director of Morgan McKinley Singapore, Jeremy Canning, said: 'Given business' current focus on cost-savings and efficiency, it is likely to be a steady rise over several months rather than an overnight surge in hiring activity.'
Despite lower hiring levels right now, there is still demand for professionals in niche markets, Mr Canning said.
'In Singapore at the moment, there is still some demand within the wealth management space, as well as in risk and technology from both financial institutions and industry,' he said.
If Singaporeans can hold on a little longer, the finance and accounting industry may bounce back up and spur demand for professionals in the field, according to those surveyed.
Almost nine out of 10 employers believe that there will be an increase in demand for financial services and accountancy professionals within the next 18 months.
The survey also provided some interesting insights into employer perceptions on salaries.
Despite the increased competition in the market for fewer jobs, basic salaries are likely to remain as they are.
Seventy-three per cent of employers polled expect basic salaries offered to new recruits to their business to remain the same in 2009.
This is because 81 per cent of these employers believe that it is just as difficult (47 per cent), if not more difficult (34 per cent), to find the right candidate for a job than it was a year ago.
The survey also found that employers are positive about their own staffing plans for the rest of this year.
Fifty-one per cent expect their firms' recruitment activity to remain at current levels while 29 per cent expect it to increase in 2009.
- The Business Times
Fifty-three per cent of employers in Singapore believe that financial and accountancy recruitment will start to increase before year-end, the survey found.
Conducted in March this year, it polled 120 senior human resources and hiring managers in financial services and other commercial organisations.
Although the outcome suggests a note of optimism, the managing director of Morgan McKinley Singapore, Jeremy Canning, said: 'Given business' current focus on cost-savings and efficiency, it is likely to be a steady rise over several months rather than an overnight surge in hiring activity.'
Despite lower hiring levels right now, there is still demand for professionals in niche markets, Mr Canning said.
'In Singapore at the moment, there is still some demand within the wealth management space, as well as in risk and technology from both financial institutions and industry,' he said.
If Singaporeans can hold on a little longer, the finance and accounting industry may bounce back up and spur demand for professionals in the field, according to those surveyed.
Almost nine out of 10 employers believe that there will be an increase in demand for financial services and accountancy professionals within the next 18 months.
The survey also provided some interesting insights into employer perceptions on salaries.
Despite the increased competition in the market for fewer jobs, basic salaries are likely to remain as they are.
Seventy-three per cent of employers polled expect basic salaries offered to new recruits to their business to remain the same in 2009.
This is because 81 per cent of these employers believe that it is just as difficult (47 per cent), if not more difficult (34 per cent), to find the right candidate for a job than it was a year ago.
The survey also found that employers are positive about their own staffing plans for the rest of this year.
Fifty-one per cent expect their firms' recruitment activity to remain at current levels while 29 per cent expect it to increase in 2009.
- The Business Times
Subscribe to:
Posts (Atom)