Singapore employers still have more bargaining power
Employers still call the shots in Singapore’s job market, according to two recruiters, even though the recovering economy has threatened to shift the balance of power back to jobseekers’ hands.
Although it might change, Paul Endacott, director of Ambition in Singapore, says the balance of power in the job market remains firmly in the employers’ hands for now. Jaime Lim, consulting director for PeopleSearch, concurs. She adds that hiring freezes have, in fact, been lifted for most companies in the Asia Pacific (APAC) region. Employers, in China especially, are facing a talent crunch as a result. “Whilst job flow has certainly picked up, the reality remains that employers are still seeking the perfect candidate and are not looking to compromise selection criteria,” says Endacott. “Even if this means the recruitment process takes a significantly longer period of time.”
The year might only be a few weeks old but financial institutions, with their headcount budgets finally approved, have been snapping up the main bulk of available talent. This had led to some competition, particularly in the wealth management and private banking units, says Endacott. Positions which are in high demand currently include credit risk, compliance and project management roles and corporate marketing positions, particularly in PR and corporate communications. Business support roles in financial analysis and commercial finance, business development and direct sales roles are sought after as well for companies planning to expand further in Asia.
While both healthcare and hospitality industries are still doing well, Lim says the semi-conductor sector that was regarded as “dead” is regaining its momentum. But she warns that the growth might be “short-lived”. Likewise, sales and specialised technical professionals are in high demand, although Lim adds that it will be challenging to find talent with regional experience. Endacott also expects the hiring boom to continue in other sectors, post Chinese New Year and once bonuses are paid.
But a talent crunch to the extent of what occurred from 2007 through to 2008 is unlikely, say both recruiters. While Endacott foresees cautious investments from his clients with cost control a key issue for them, hiring quality talent would be tough once candidates become “more confident about making career moves”.
Percentage of salary increases would, however, depend on employers as they are holding all the cards at the negotiation table, says Endacott. “However, as candidates find they have more options, they will have a strong position to negotiate favourable increases.”
Sources and references: Sandbox Advisors, HRO
