Despite a slowing economy, Singapore experienced healthy recruitment levels in 2016 as confidence in the market grew.
Stable hiring activity is expected to continue into 2017, with the Information Technology (IT) sector driving the bulk of recruitment activity, according to Robert Walter’s Global Salary Survey 2017 findings.
According to the specialist recruitment firm, there has been a 24% year-on-year increased in advertised roles in IT within Singapore.
Demand for IT professionals is expected to remain high as more multinationals and start-ups establish operations in Singapore, and as traditional firms shift from traditional retail to e-commerce.
Also in-demand: Digital marketers, regulatory and compliance project professionals, investment professionals and skilled contractors
Besides IT professionals, There will be rising demand for quality sales people as well as digital marketing candidates across all sectors in 2017. This is due to increased demand for product marketing and pricing-related roles as most firms were keen to remain competitive by maintaining innovation within product categories.
There is also foreseeable demand for experienced office managers and personal assistants as more new companies set up offices in Singapore.
Within the banking and financial services sector, while hiring for front offices is expected to be slow, hiring managers will continue to seek investment professionals with a solid track record of performance and strong client bases in 2017.
Due to regulatory changes in financial services operations, they anticipate increasing demand for anti-money-laundering (AML) professionals and those with experience in loan administration, trust and private banking.
Project professionals with experience in regulatory, compliance, security, core banking processes and digital transformation will also be highly sought after.
Slowdown in accounting and finance, manufacturing
According to the survey, organisations within the accounting and finance industry will be allocating junior level finance roles to lower cost locations like the Philippines and India. There will also be reduced demand for such roles in the oil and gas industry.
Meanwhile, the slowdown in recruitment in overall supply chain market in 2016 is expected to continue as companies undergo moderate restructuring and cost cutting. This has resulted in decreased demand for category management professionals.
Rise in contract employment
Changing perceptions on contract roles have led to more highly-qualified professionals turning to contracting as a viable career option. More companies, particularly in the IT and financial services sector, can be expected to offer more contract roles moving forward, Toby Fowlston, Managing Director of Robert Walters Southeast Asia said.
Findings also suggested that as the contract market matures, skilled contracting professionals will be required to manage large-scale transformation programmes and regulatory-driven projects.