Hiring in Singapore back to pre-crisis levels

Hays Quarterly Report reveals tight job market and shortage in construction due to the ongoing Circle Line project.

“Singapore’s job market is very healthy as businesses ramp up their hiring activity,” says Chris Mead, General Manager of Hays in Singapore. “Activity in many sectors is now back to the levels we saw just prior to the global financial crisis,” he said.

“Employers are putting on permanent as well as temporary staff and those organisations that reduced headcount during the GFC are now growing their teams to take advantage of business conditions. Even at the support level employers are recruiting to fill skills gaps,” Mead said.

He added that the increased demand has exposed an underlying shortage of specialist skills. “The cloud above job security may have gone, but we’re bracing for a storm for skills,” Mead said.

Mead advises employers to take action to help overcome emerging skills shortages. “We advise employers to differentiate their offering to appeal to potential candidates. Knowing what factors each jobseeker is likely to base their decision making on is critical to a successful hire,” he said.

The report has identified the following fields where skilled professionals are in demand:

Accountancy & Finance: There has been an increased demand for candidates with strong IFRS and accounting policy experience due to ongoing changes. In particular, those with a focus on how IFRS applies to financial instruments will be highly sought after. Candidates with strong Basel and capital adequacy experience are also in demand.

Banking: The tightening of local capital regulations is creating a high demand for senior banking professionals with strong regulatory and risk management experience, in particular credit risk, portfolio risk, compliance and economic capital. Wealth Management and Private Banking continues to be an area in great demand as well.

Construction: Ongoing construction projects such as the Circle Line and the MRT command a greater need for professionals with expertise in infrastructure.

Finance Technology: There is increased demand for Java and .net Programmers from the junior to senior level as investment banks continue to focus on e-commerce, particularly within FX and money markets.

Information Technology: Project and Delivery Managers with strong technical, project management and ERP skills will be highly sought after particularly within the banking, telco and industrial sectors.

Human Resources: There is a growing need for HR professionals across all industries and levels as organisations continue to move their headquarters to Singapore.

Pharmacy: Health economics, pricing & reimbursement and market access candidates are currently in demand.

Property: Project Managers with solid interior fit-out experience delivering commercial or large corporate projects are highly sought after.

Oil & Gas: The recent announcement that a leading independent operator in Malaysia will concentrate on domestic projects moving into 2011 has brought with it a steady flow of large EPCM contracts.This makes Kuala Lumpur a good market for both local and senior expat appointments.

Sales & Marketing: Business Development Managers and Sales Executive for the IT, FMCG, industrial and logistics sectors are highly sought after. Professionals in internal communications, PR and direct marketing are currently in demand.

Supply Chain: Supply chain professionals with expertise in planning, logistics operations and procurement are highly sought after in line with foreign investments and the continued push to position Singapore as a logistics and transhipment hub.