SINGAPORE
Country Overview
Singapore experienced a turbulent year in 2009 with
many sectors dramatically affected by the global
financial crisis. Banking and financial services was
affected across all functions and levels, with trading
activity particularly low at the start of the year. We saw
dramatic headcount reductions in structured products
and retrenchments prevalent within finance, product
control and operations – traditionally strong areas within
the Singapore market. Consequently, the emphasis
on equities and commodities resulted in a shortage
of talent in these areas.
Reported earnings began to grow in quarters three
and four, with greater confidence returning to the
market. As many organisations continue to operate
with skeleton staff, we anticipate a move towards
headcount increases during 2010, particularly with
regards to experienced operations professionals
with project and commodity backgrounds.
Across commerce and industry retrenchment and
repatriation of expatriates in foreign multinationals also
took place, particularly within financial control. Local
staff were sometimes hired as replacements but more
often than not, internal restructures were implemented
as a quick and effective way to reduce costs. Most
sectors within industry felt the effects of the financial
crisis but those most affected by reduced consumer
demand included: automotive, semi conductors, aviation,
industrial, hospitality, travel and telecoms. Some areas
were more resilient and pharma/healthcare/FMCG/IT
and retail fared well through the economic crisis. Despite
the poor market conditions, some professionals remained
in demand with talent shortages in sales, procurement,
tax, financial planning & analysis and internal audit.
July to September saw an 8.8% increase in job adverts
placed in the Singapore market, reflecting the growing
confidence during the second part of the year. As
demand increases and candidates become more
confident about moving to a new role, retention strategies
and succession planning will be key. Those companies
proactively addressing these issues will secure the best
talent in the market.
 












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