Salary increase in finance and governance sector range between 10-20%

But candidates with highly sought-after skills were able to command more than 25% salary increase.

According to Robert Walters, the first half of the year saw strong recruitment levels across the back office functions, with European banks exhibiting the strongest hiring activity for such roles. Despite the economy being less buoyant in comparison with 2010, Singapore remained a strong entity in comparison with other significant financial services markets around the world.

Recruitment levels started off relatively slowly in January and February, with a spike from March onwards. A majority of them were replacement roles, or for projects that had yet to be fully staffed. Decision support roles were highly sought-after due to a continued push on regulatory reporting adherence, as well as an increased focus on Basel 3.

Salary increments ranged between 10 to 20% for candidates who switched jobs. However, candidates with niche and highly sought-after skills in policy, compliance and product control areas were able to command salary increments of more than 25%.

We anticipate that the second half of the year will continue to exhibit strong hiring activity across the back office functions. Roles that are highly sought-after will include assistant vice presidents and junior vice presidents, with a focus on disciplines such as compliance, regulatory reporting, policy, product control and finance change.

Additionally, organisations are more likely than ever to source for overseas talent in view of the talent shortage.