Toby Fowlston, Managing Director, Robert Walters Southeast Asia said, “Recruitment in Singapore is largely driven by competition in the candidate-short market, hence key challenges generally lie in attracting the best talent for the right positions. To address this, the employment market has evolved to focus heavily on talent development and retention.
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"Companies prioritise Singaporean professionals when hiring and that emphasis will continue throughout the year. Only when all channels of recruiting domestic talent have been exhausted do hiring managers expand their search to foreign candidates. Despite offshoring within the foreign investment banking industry in the last six months, financial services still remain a major part of the Singapore economy and we look forward to a more buoyant sector in the year ahead.”
The key findings are:
· The legal and compliance space saw the largest jump in job advertising volumes, up 30% from 2014. Positions in anti-money laundering and financial crime are particularly in demand.
· IT job advertising rose by 18% from 2014 as companies strengthened their presence on social media and digital platforms.
· Increasing operating costs drove the offshoring of manufacturing plants to other more cost-efficient countries in Asia, leading to an annual 14% drop in advertisements for product and logistics operations jobs.
· The rising importance of the HR function to include business partnering and talent acquisition fuelled the demand for these positions, with advertising for HR roles increasing by 10% annually.
Download the complete Robert Walters Asia Job Index Q1 2015 here.