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Singapore Salary Survey 2010

Singapore Salary Survey 2010

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Published by Nilanjan Maity

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Categories:Types, Research
Published by: Nilanjan Maity on Jun 08, 2010
Copyright:Attribution Non-commercial

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11/30/2012

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Country overview
Singapore experienced a turbulent year in 2009 withmany sectors dramatically aected by the globalnancial crisis. Banking and nancial services wasaected across all unctions and levels, with tradingactivity particularly low at the start o the year. We sawdramatic headcount reductions in structured productsand retrenchments prevalent within nance, productcontrol and operations – traditionally strong areas withinthe Singapore market. Consequently, the emphasison equities and commodities resulted in a shortageo talent in these areas.Reported earnings began to grow in quarters threeand our, with greater condence returning to themarket. As many organisations continue to operatewith skeleton sta, we anticipate a move towardsheadcount increases during 2010, particularly withregards to experienced operations proessionalswith project and commodity backgrounds. Across commerce and industry retrenchment andrepatriation o expatriates in oreign multinationals alsotook place, particularly within nancial control. Localsta were sometimes hired as replacements but moreoten than not, internal restructures were implementedas a quick and eective way to reduce costs. Mostsectors within industry elt the eects o the nancialcrisis but those most aected by reduced consumerdemand included: automotive, semi conductors, aviation,industrial, hospitality, travel and telecoms. Some areaswere more resilient and pharma/healthcare/FMCG/ITand retail ared well through the economic crisis. Despitethe poor market conditions, some proessionals remainedin demand with talent shortages in sales, procurement,tax, nancial planning & analysis and internal audit.July to September saw an 8.8% increase in job advertsplaced in the Singapore market, refecting the growingcondence during the second part o the year. Asdemand increases and candidates become morecondent about moving to a new role, retention strategiesand succession planning will be key. Those companiesproactively addressing these issues will secure the besttalent in the market.
SingaPore
 
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