4 January 2020

Companies emphasise futureproofing of their workforces

- Regional snapshot: Hybrid skillsets sought after, increasing emphasis on transferrable niche skillsets, as healthy hiring levels and digitalisation momentum continue

- Companies raise the stakes to develop multipronged talent hiring and retention strategies and strengthen workforce resilience in the face of ever-shifting skillset demands

- Singapore: Continued high demand for tech and digital professionals across all functions; slight decline in hiring activities for more traditional roles in financial services and manufacturing

Source: Singapore Snapshot, Robert Walters Salary Survey 2020.
Source: Singapore Snapshot, Robert Walters Salary Survey 2020.

Companies are stepping up efforts to build a workforce who is ready for an increasingly-digital landscape. This is an insight from research by specialist professional recruitment firm Robert Walters, found in the latest release of its annual Salary Survey*. 

The survey, in its 21st year, suggests healthy hiring activities in Southeast Asian markets, including Singapore, with limited impact expected from international events. Professionals with hybrid skillsets and well-rounded “glocal” professionals across all industries will be in high demand, the company said.

The overall outlook for the region remains buoyant. Hiring activities in markets including Indonesia, the Philippines, Thailand and Vietnam saw high growth, while Malaysia and Singapore showed steady growth signs with robust activity in technology. Companies are seeing experienced technology professionals with hybrid skillsets, as well as professionals who are able to leverage new technology within their work to position the business for growth, in industries such as human resources and finance.

There is also strong demand for risk and compliance professionals, as well as risk, compliance and legal talent with specialist knowledge in technology as regulatory requirements and guidelines evolve alongside digitalisation.

With a healthy growth in manufacturing in Thailand and Vietnam, as well as the US-China trade war which saw manufacturers and electronics companies move production lines to Southeast Asia, there is now a shortage of professionals within the industry across key functions, such as human resources, accounting & finance, engineering, supply chain & procurement and logistics.

On a broader level, well-rounded talent with strong expertise in their own field, the ability to leverage new technologies to drive efficiencies in their own work and commercial mindset, are heavily sought-after. Forward-thinking employers are starting to emphasise potential and transferrable skillsets over market sector experience right from the hiring stage. Glocal talent, who have a good understanding of both global and local cultures and mindsets, are seeing increasing demand.

“2020 is going to be a year where the solid growth trajectory across the region will continue. Technology and transformation remain a major focus for businesses, which is in turn shaping hiring trends. Hiring managers are seeking mid-level and senior managers who can help their teams navigate change successfully as new technologies are adopted, as well as well-rounded talent across all industries.

"To secure and retain these talent, hiring managers will need to show a commitment to learning and development, while also demonstrating how the role contributes to the wider organisation,” said Toby Fowlston, CEO for Asia Pacific, Robert Walters.

Steady hiring activity is expected to remain in Singapore, despite the economic slowdown during 2019. Startups, disruptors and established businesses alike are becoming increasingly data-centric, driving the demand for technologically and digitally-savvy talent across industries. Top jobs in Singapore in 2020 continue to be digital-focused, such as mobile and app developers, cybersecurity specialists, data scientists and data analysts. Top skillsets in demand for the tech and transformation sector are change and digital transformation, agile and DevOps, as well as business acumen.

The digitalisation wave has also contributed to high turnover within in-demand industries such as financial services, technology, and marketing. Talent are leaving their jobs in under two years to seek out upskilling opportunities and new technology-related projects.

Contracting roles are expected to rise as perceptions around contract and interim roles change, and job seekers are more open to non-permanent roles that offer good learning opportunities and exposure.

As the competition for good talent stiffens, there will be increasing demand for well-rounded candidates with business acumen who can bridge the gap between technical expertise and large-scale commercial applications, Robert Walters said. Companies are increasingly focusing on skillsets and potential over specific market sector experience when it comes to hiring. Skillsets that are valued include creativity, critical thinking, the ability to build meaningful relationships, and having a commercial mindset.

“Forward-thinking companies today are looking beyond digital skillsets, and instead at ways to holistically futureproof their workforce in an increasingly data and digital-driven business environment. By hiring highly versatile and flexible employees with high potential, investing in customised training to upskill employees, and offering them opportunities to interact with various levels of management, companies gain an edge in winning over top talent. Job-seekers can seek to likewise stay in-demand for the long term by embarking on continuous learning, and staying abreast of changes in the marketplace, be it in technology or the economy,” said Rob Bryson, MD of Robert Walters in Singapore.

Professionals staying in their jobs can expect 1-7% salary increments in 2020. Job movers in Singapore can expect a 5-15% salary increase. Larger increments are expected for candidates with niche skillsets, such as in technology and transformation, banking and financial services, legal, sales & marketing, supply chain, procurement and logistics.

Other Singapore highlights for 2020

In the banking and financial services sector, professionals who are auditors, in the area of trade finance and support, anti-money laundering (AML)/financial crime/ know-your customer (KYC), and private equity analysts in the areas of fintech and e-commerce will see the highest demand.

The accounting and finance sector will see a demand for professionals with business controlling/financial planning and analysis (FP&A), transformation and strategy, as well as financial controlling skills.

In the human resources sector, professionals who are HR business partners, able to acquire talent in tech, and work in the areas of talent management and development, are expected to see strong demand.

The legal sector will see high demand for professionals who have expertise in the tech sector, are qualified and well-versed with Singapore’s requirements, and are fluent in Mandarin.

For the sales and marketing sector, professionals with digital marketing skills remain in short supply. The in-demand skillsets include customer relationship management, social media, search engine optimisation/search engine management (SEO/SEM), and content generation.

Professionals with change management, planning and commercial partnering, and stakeholder management skillsets are the most sought-after in the supply chain, procurement and logistics sector.

Hiring managers are advised to be flexible and empathetic towards what today’s candidates are looking for, Robert Walters advised. The company said current job seekers are more likely to prioritise learning opportunities, continual challenge and variety, as well as strong, inspirational leadership, rather than the traditional factors such as long-term career progression and stability.

Employers can also consider widening their search though campaigns such as Robert Walters Singapore’s Balik Kampung, which reaches out to overseas-based Singaporeans. The initiative was begun in 2014 following the implementation of the Fair Consideration Framework by the Singapore government. Balik Kampung has access to a talent pool of over 3,000 previously-untapped overseas Singaporean candidates who are professionally qualified and come from various disciplines.

Robert Walters is a major specialist professional recruitment consultancy and is focused on placing high-calibre professionals into permanent, contract and temporary positions at all levels of seniority. The Singapore office specialises in placing candidates on a permanent or contract basis in accountancy and finance, banking and financial services, legal, human resources, transformation and technology, sales and marketing, secretarial and business support, supply chain, procurement & logistics as well as technical healthcare.

Details:

Read the survey

*Compiled by Robert Walters' dedicated research division, the Salary Survey is based on an analysis of placements made across the company's network of offices and specialist disciplines during the course of 2019. Now in its 21st year, the survey is used by employers, HR managers and employees for benchmarking salary levels within their industry.