Survey finds Singapore’s jobs market set to recover in 2010

Highlights 

• Just over half (53%) of employers in Singapore say financial services and accountancy recruitment will start to increase before the end of 2009. One in three (34%) say it will be in 2010
• During 2009, 71% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (20%)
• Despite increased competition in the market for fewer roles, almost three out of every four (73%) employers expect salaries to remain steady in 2009
• This is likely to be because the majority (81%) of employers still say it is just as difficult (47%) if not more difficult (34%) to source the right candidate compared to a year ago.  
   

Despite the challenging conditions facing the jobs market in Singapore at present, almost nine out of 10 employers believe there will be an increase in demand for financial services and accountancy professionals within the next 18 months, according to research by global professional recruiters, Morgan McKinley.

Morgan McKinley surveyed 120 senior level HR and hiring managers within financial services and commercial organisations in Singapore and found that the majority (87%) believe the recruitment of finance professionals will start to increase from the current suppressed levels before the end of 2010. Just over half (53%) of employers suggested there would be an uplift in hiring activity before the end of this year however, 34% do not expect it to happen until 2010.

Generally, Singapore’s employers were positive when it came to their own staffing plans for the remainder of the year. 71% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (20%) in 2009. These results were very similar to those found in Hong Kong and Tokyo, where comparable surveys were run.

Jeremy Canning, Managing Director of Morgan McKinley Singapore comments: “This research has produced some interesting results, not least that Singapore’s employers are quite confident there will be an upturn in the hiring market as early as this year. While this does provide some optimism for Singapore’s hiring market, 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.

“Generally, hiring activity across both financial services and commerce & industry remains at reduced levels compared to this time last year, with the focus on replacement recruitment rather than adding additional headcount. While hiring volumes are lower, the roles that are on the market now will have been viewed as business critical hires and so there is a genuine appetite by employers to fill them. 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.”

When it comes to compensation for financial services and accountancy professionals, the survey found that despite the increased competition in the market for fewer roles, basic salaries are likely to hold firm. The research revealed that almost three out of every four (73%) employers expect basic salaries offered to new hires within their business to remain the same in 2009, with only 3% expecting them to increase.

Salaries may stay at current levels because the majority (81%) of employers still said it was just as difficult (47%) if not more difficult (34%) to source the right candidate to suit the position they’re hiring for than it was a year ago.

To help employers find the most suitable candidates in their marketplace and likewise candidates the best career opportunities, MORGAN McKINLEY has launched an exciting new identity which reinforces the business’ mission to provide employers and those looking for a new role with access to a broader range of talent and opportunities across multiple sectors, disciplines and geographies.

Jeremy Canning, Managing Director of Morgan McKinley Singapore comments: “Despite there being more candidates available in the Singapore market, there is still a shortage of individuals with certain skill sets that are currently in demand. Finding the right talent, even in a candidate-rich market, is difficult. Morgan McKinley, which today launches its new visual identity, aims to be the best professional recruitment company, globally, by providing our clients and candidates access to the best talent and opportunities via our sector, functional and geographically aligned specialist consultants.”

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Further press information:

Allira Carroll                                                Jeremy Canning                 

PR Executive                                              Managing Director - Singapore

Morgan McKinley                                        Morgan McKinley

Tel: +44 20 7438 3143                                  +65 6557 4655

Mob : +4477 2556 3793

Email: acarroll@imprintplc.com                    jcanning@morganmckinley.com.sg  

Alternatively, please contact the Press Office on +44 (0)20 7438 3150.

Notes to editors:

Statistical methodology

Survey results

Morgan McKinley conducted a survey amongst 120 HR and hiring managers within financial services institutions and commercial organisations in Singapore between 10th – 16th March 2009.

About Morgan McKinley

Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry, Public Practice, Public Sector & Not For Profit and Taxation. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.

Morgan McKinley is a fully owned subsidiary of Premier Group.

For further information, visit www.morganmckinley.com