Hays Finance Technology - October 2008

Hotspots

Despite global economic uncertainty and recent turmoil in the world's financial markets, growth areas in recruitment do remain. Certainly, priorities have changed, but there remains a strong focus across a number of larger institutions towards increasing their electronic trading capacity, which drives need for core Java and C# developers. This is echoed by the increase in regional support being located in Singapore for cost effectiveness - particularly in derivative and FX markets.

This coming quarter

Hiring activity is expected to be relatively slow this quarter compared to the first three quarters of the year. While there has certainly been an immediate scramble between those banks that are aggressively hiring for the number of candidates that have recently entered the market, this is an isolated trend. In general, there appears to be a market-wide consolidation and reappraisal of roles and budgets that is likely to last until the New Year.

The continued growth of Singapore's technology capacity in the banking market is likely this quarter, but at a slower and more monitored and controlled rate that previously seen, particularly in the infrastructure and support functions. We are also watching with interest the increases in retail banking IT staff capacities - as highlighted by the opening of Barclays Business Technology Centre in Changi in September 2008.

Executive recruitment

The movement of senior level candidates, as seen over the last quarter, is expected to continue as local and global changes take effect. Candidates with demonstrated specialist knowledge in their chosen product areas remain in highest demand. Increased attention has also been paid to candidates with a proven background in successfully delivering in difficult market times/spaces. A track record of performance under high pressure is demanded.

Salaries

Salaries levelled over the last quarter, with increases lower than previous seen in order to align salaries to those offered elsewhere around the world. Banks are unwilling to increase salaries without significant justification - which is becoming harder to achieve. This combined with an influx of candidates has seen stronger emphasis placed on duties, team and stability rather than such focus on the salary on offer.

Candidate trends

The volume of candidates from the UK, Australia, Hong Kong and Japan is increasing as Singapore's reputation for a high standard of living combined with a growth market takes hold. There is also less concern about remaining in a current role for the forthcoming bonus payment, since many candidates expect bonuses to be lower than previous years and instead seek stability or long-term projects.

Employer trends

While reduced hiring volumes are expected for the quarter ahead compared to previous months, it would be wrong to assume recruitment activity has ceased altogether. Yet it has changed, with hiring managers finding budgets harder to get approved, and then spending longer on their screening process to rigorously check abilities and backgrounds before making any commitment. The need for strong business knowledge remains high, but in many instances managers are also focusing their attention on process and procedure-orientated backgrounds, looking for structured approaches and training.