Singaporean employers willing to raise initially-planned starting salaries by an average of 10%

Singapore’s financial services employers are willing to pay above-average salaries in order to secure top talent. Read more here. 

The top 5 most in-demand financial services positions in Singapore

  • 95% of financial services employers are willing to raise the initially-planned starting salary by an average of 10% to secure top financial services talent.
  • The most in-demand financial services roles in Singapore for 2018.

Singapore’s financial services employers are willing to pay above-average salaries in order to secure top talent. According to new independent research commissioned by specialised recruiter Robert Half, the majority (95%) of financial services employers are willing to raise the initially-planned starting salaries by an average of 10% to secure top financial services talent – putting top talent in a favourable position to negotiate higher starting salaries. 

Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said: “Money talks – especially in the financial services sector where salary remains a determining factor in whether or not jobseekers accept a role. And while financial incentives are just one component that make up an attractive remuneration package, Singapore’s financial services employers understand that in order to attract the best talent then they need to offer competitive salary rates.” 

“In the ongoing war for talent, companies risk losing top talent to the competition if they don’t offer industry or above-industry salaries. In-demand financial services candidates are aware of their market value, so companies need to be creative when determining individual motivators to secure their preferred candidate.”

In a candidate-short market, the newly-released 2018 Robert Half Salary Guide has identified the most in-demand financial services professionals in Singapore who will be able to command higher starting salaries when interviewing for a new job [1]: 

1.    Business Planning Manager

  Salary range      
Percentiles 25th 50th 75th 95th 
  $72,000 $98,000 $123,000 $140,000

Source: 2018 Robert Half Salary Guide    

Singaporean businesses within the financial services sector are increasing their focus on forward-thinking planning and strategy to face ongoing disruption within the industry – resulting in increased demand for innovative business planning manager. 

2.    Management/Financial Reporting Manager 

  Salary range      
Percentiles 25th 50th 75th 95th 
  $75,000 $92,000  $109,000 $120,000

Source: 2018 Robert Half Salary Guide  

Professionals with experience in the financial reporting and financial management space will continue to be in demand throughout 2018 within Singapore’s financial services industry as companies seek to optimise their financial reporting and analysis systems. 

3.    Internal Auditor 

  Salary range      
Percentiles 25th 50th 75th 95th 
  $80,000 $95,000 $115,000  $135,000

Source: 2018 Robert Half Salary Guide  

Internal auditors who can effectively monitor risks and increase the efficiency of internal processes remain in high demand within Singapore’s financial services industry and this in turn results in top candidates being able to command higher starting salaries 

4.    Credit Risk Manager 

  Salary range      
Percentiles 25th 50th 75th 95th 
  $80,000 $95,000  $115,000  $135,000

Source: 2018 Robert Half Salary Guide  

In light of growing regulation and disruption within Singapore’s financial services industry, credit risk professionals are in high demand as companies seek to minimise risk and increase their options for cash flow which in turn puts an upward pressure on salaries. 

5.    Compliance Manager 

  Salary range      
Percentiles 25th 50th 75th 95th 
  $80,000 $95,000 $115,000  $135,000

Source: 2018 Robert Half Salary Guide  

Demand continues to strengthen for qualified compliance managers within financial services on the back of escalating regulatory requirements in Singapore, putting skilled compliance managers in a favourable position when negotiating starting salaries. 

[1] The 2018 Robert Half Salary Guide contains new formatting for how the starting salaries for each position are presented. The salary ranges are now presented in percentiles (rather than the low-to-high ranges used previously). These percentiles are determined by a candidate’s skillset and experience level, as well as the complexity of their role – the higher the percentile the more complex the role and the greater skillset and experience level required.

By providing a more comprehensive salary overview for all jobs, this approach allows hiring managers to better benchmark starting salaries against a candidate’s experience and qualifications, as well as guides candidates through the necessary steps they can take to earn a higher salary.  

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About the Robert Half Salary Guide
The 2018 Robert Half Salary Guide is the most comprehensive and authoritative resource on starting salaries and recruitment trends in finance and accounting, financial services and information technology.

It offers a comprehensive overview of the current salary ranges, industry trends and specific job trends for finance and accounting, financial services and technology professionals. The results and insights of the 2018 Robert Half Salary Guide are based on comprehensive analyses, local job placements, local expertise and independent research of executives and office workers. 

About the research
The annual study is developed by Robert Half and was conducted in December 2017 by an independent research company, surveying 75 CFOs within the financial services sector in Singapore. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace. 

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