Hays Banking - January 2010
Hotspots
Project management and strategic change candidates will be in most demand this quarter. Major players are currently recruiting as a result of mergers and acquisitions and the migration of roles from other locations to Singapore.
Investment banking operations is also an area of demand given recent expansions and the migration of roles, typically from London, New York and Tokyo to Singapore. Risk management and controls candidates are also sought due to heightened regulatory oversights from the Hong Kong Monetary Authority (HKMA), the Financial Services Authority (FSA) and the Monetary Authority of Singapore (MAS).
When there is a shortage of such skills locally, we are using our international office network to attract appropriate candidates to Singapore.
The coming quarter
Hiring intentions are positive for the year ahead. We have already seen an increase in temporary assignments. This is a notable change as employers did not previously favour this option. They are now however hiring temporaries due to the large-scale and business-critical projects that many and most banks are engaged in.
Aggressive permanent recruiting activity is also taking place, particularly from the big players and across finance operations.
Executive recruitment
Vacancy activity at the executive level has risen. In fact, there is a significant amount of movement taking place. Employers are hiring candidates from London and New York, who are currently available given the poorer market conditions in their home country. Employers are also up-skilling their executive workforce.
Employer trends
While employers are recruiting candidates from overseas, the focus on cost savings has seen relocation expenses fall. For example, shipping is rarely covered, with flights often the only concession.
Candidate trends
Following the payment of bonuses in February, we expect candidate movement to increase strongly. As permanently employed candidates enter the job market, overall recruiting momentum will rise.
