4 in 10 financial services employers to axe employees

But 72% will hire in the next six months.

According to a release, Morgan McKinley’s Singapore Hiring Market Report provides analysis of trends and forecasts based on our survey of employers.

Morgan McKinley Singapore surveyed over 700 hiring and operational managers across financial services, as well as commercial organisations in Singapore and the Asia-Pacific region to give you a valuable insight into hiring trends for 2013.

Only 9% of financial services hiring managers foresee that their organisation will reduce staff numbers without hiring in the next six months – this was similar to Hong Kong, where 7% anticipate the same, whereas just 2% of respondents in China agreed with this, with a much greater number simply unsure of what the profile of hiring would look like across their organisation in the coming six months.

Recruitment is planned within 72% of financial services institutions in Singapore, although 42% will be decreasing their staff numbers to some extent as well as hiring. 

Permanent hiring will dominate in Singapore’s financial services sector; however, temporary and contract opportunities are also expected to be availableaccording to half of respondents.

Replacement hiring takes precedence in Singapore, as in Hong Kong and China;however, 50% of employers also  plan to create new job opportunities over the next year.

When asked to predict hiring activity in the next 12 months compared with the previous 12 months, 52% of respondents expect it to remain stable in Singapore and 22% forecast a rise. This shows greater confidence in the hiring market than in Hong Kong, perhaps as a result  of the Singapore financial services sector appearing to be faring better.