Singapore hiring activity to remain tepid in the first half of 2016

18 January 2016

New projects and initiatives mean companies need additional headcount

The hiring outlook for finance, banking and accounting professionals in Singapore will remain tepid in the first half of 2016, according to research released today by recruitment firm Robert Half.

Among the companies that are expanding, the need for additional headcount is coming from companies starting new projects and initiatives in 2016 which require additional personnel to drive them.

According to Robert Half, 52 per cent of companies in the banking and financial services sector plan to boost their permanent staffing level in the next six months.  

The outlook is the same for finance and accounting professionals working in other industries, with 53 per cent of respondents increasing their permanent headcount.

The employment market for technology professionals will be robust although it will cool slightly compared to last year. Forty six percent of companies plan to employ additional technology personnel compared to 50 per cent during the same period in 2015.

The survey polled 275 senior hiring decision makers including Chief Financial Officers (CFOs), Financial Services business leaders and Chief Information Officers (CIOs).   The research covers three sectors:

Table 1: Singapore Employment Outlook – 1st Half 2016

BANKING AND FINANCE

Total

Expanding - Adding new positions

52%

Maintaining - Only filling vacated positions

33%

Freezing - Not filling vacating positions and not creating new ones

10%

Reducing - Eliminating positions

5%

 

FINANCE AND ACCOUNTING      

Total

Expanding - Adding new positions

53%

Maintaining - Only filling vacated positions

37%

Freezing - Not filling vacating positions and not creating new ones

7%

Reducing - Eliminating positions

3%

 

TECHNOLOGY AND IT

Total

Expanding - Adding new positions

46%

Maintaining - Only filling vacated positions

40%

Freezing - Not filling vacating positions and not creating new ones

13%

Reducing - Eliminating positions

1%

 

Click here to see all the information in our 2016 hiring outlook infographic.

Ms Stella Tang, Managing Director of Robert Half Singapore said companies are planning a range of new projects in the first half of the year, increasing the demand for additional employees.

“We are seeing more roles created to resource new initiatives and projects which companies hope will drive their next wave of growth.”

“Many of these new projects will need to operate within a tight budget, so the salaries offered for these new roles will be somewhat constrained.  This means there will be more roles but candidates should not expect to get paid more than the market rate.”

“These newly created positions are opportunities for professionals who want to show what they can do and to set up their careers.  All employers value the ability of an employee to take on a new project and make it a success.”

“Many of these projects have been planned last year, so there is always the risk that these new projects will not proceed if the economy climate changes,” Ms Tang said.

Table 2: Reasons for increasing permanent headcount  

 

BANKING AND FINANCE

FINANCE AND ACCOUNTING

 

TECHNOLOGY AND IT

New projects / initiatives

53%

59%

Business growth or expansion (international)

55%

New market penetration

49%

49%

New projects / initiatives

45%

Product or service expansion

41%

42%

Business growth or expansion (domestic)

42%

Business growth/expansion (international)

29%

34%

Product or service expansion

37%

Business growth/expansion (domestic)

42%

31%

IT risk & security

29%

Financial systems upgrades

25%

14%

New market penetration

26%

New regulatory requirements

8%

10%

Systems upgrades

26%

Merger or acquisition

3%

8%

Moving to cloud based infrastructure

13%

 

###

Contact us

MEDIA CONTACT

Gabrielle Nagy 
Public Relations Manager, Asia Pacific
P: +61 2 8028 7751
E: [email protected]

Share This Page