Here’s Singapore professionals are refusing to switch firms in 2016

Uncertainty in the labour market is a key.

The movement of professionals hunting for new roles in Singapore is one to watch as Q2 rolls in, according to a report by Morgan Mckinley.

Q1 is when bonuses are doled out and this year Singapore did not see the same “merry-go-round” in candidates as in past years with the number of job vacancies outpacing the number of job hunters, asserts Andrew Evans, Morgan McKinley’s COO.

“People seem more reluctant to look for new opportunities - they are staying where they are and are remaining cautious given the mixed opinions from those in the industry on what is in store for the rest of 2016,” says Evans.

Evans adds that private banking as well as wealth management are the recruitment areas faring the best. This is due largely to deep-pocketed Asians still on the prowl for safe havens, and Singapore is still a good place to go for asset and wealth management.

The report asserts that the most challenging aspect is that employer confidence is still hampering actual onboarding. Budgets are being signed off to hire and candidates are interviewed and taken to offer stage, but when it comes to actually issuing contracts, hiring managers are balking.

These trends are based on findings by the Morgan Mckinley Employment Monitor, which also revealed other trends that persist within the local labour market. These trends include the continued offshoring of certain departments and business units by organisations, as well as firms’ commitment to local hiring under the Fair Consideration Framework.