Singapore experienced a turbulent year in 2009 with many sectors dramatically affected by the global financial crisis. Banking and financial services was affected across all functions and levels, with trading activity particularly low at the start of the year. We saw dramatic headcount reductions in structured products and retrenchments prevalent within finance, product control and operations – traditionally strong areas within the Singapore market. Consequently, the emphasis on equities and commodities resulted in a shortage of talent in these areas. 

 Reported earnings began to grow in quarters three and four, with greater confidence returning to the market. As many organisations continue to operate with skeleton staff, we anticipate a move towards headcount increases during 2010, particularly with regards to experienced operations professionals with project and commodity backgrounds.

Across commerce and industry retrenchment and repatriation of expatriates in foreign multinationals also took place, particularly within financial control. Local staff were sometimes hired as replacements but more often than not, internal restructures were implemented as a quick and effective way to reduce costs. Most sectors within industry felt the effects of the financial crisis but those most affected by reduced consumer demand included: automotive, semi conductors, aviation, industrial, hospitality, travel and telecoms. Some areas were more resilient and pharma/healthcare/FMCG/IT and retail fared well through the economic crisis. Despite the poor market conditions, some professionals remained in demand with talent shortages in sales, procurement, tax, financial planning & analysis and internal audit. July to September saw an 8.8% increase in job adverts placed in the Singapore market, reflecting the growing confidence during the second part of the year.

As  demand increases and candidates become more confident about moving to a new role, retention strategies and succession planning will be key. Those companies proactively addressing these issues will secure the best talent in the market.

 Read the rest of the report here: -http://www.robertwalters.com/resources/salarysurvey2010/Singapore_Salary_Survey_2010.pdf

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