- The Asia-Pacific region is seeing a high demand for professionals with a mix of skills, especially those with expertise in technology and the ability to adapt to new situations. This trend is driven by the increasing adoption of digital technologies across various sectors.
- To attract and keep skilled workers, companies are refining their hiring strategies to identify individuals who are not only experts in their fields but also adaptable and possess a global perspective.
- In Singapore, while the overall hiring outlook remains stable, businesses are particularly interested in individuals with digital and technological skills. This demand is especially noticeable in the technology and financial services industries.
Source: Singapore Snapshot, Robert Walters Salary Survey 2020.
According to the latest annual Salary Survey by specialist professional recruitment firm Robert Walters, companies are actively preparing their workforces for an increasingly digital business environment. The survey, now in its 21st year, reveals a positive hiring trend in Southeast Asian markets, including Singapore, with minimal anticipated impact from global events. Professionals possessing a blend of skills, as well as those with a global outlook, are expected to be in high demand across all sectors.
The overall economic outlook for the region appears optimistic. Hiring activities in Indonesia, the Philippines, Thailand, and Vietnam have experienced substantial growth, while Malaysia and Singapore demonstrate steady progress, particularly in the technology sector. Companies across various sectors, including human resources and finance, are increasingly seeking seasoned technology professionals with a diverse skill set and those capable of utilizing new technologies to foster business growth.
There is also a notable demand for professionals specializing in risk and compliance, particularly those with expertise in technology, as regulatory standards evolve alongside digital advancements. The growth of manufacturing in Thailand and Vietnam, coupled with the US-China trade tensions that prompted manufacturers and electronics companies to relocate production to Southeast Asia, has created a shortage of skilled workers in key functions such as human resources, accounting and finance, engineering, supply chain and procurement, and logistics.
More broadly, there is a high demand for well-rounded professionals with strong expertise in their respective fields who can also leverage new technologies to enhance efficiency and possess a business-oriented mindset. Proactive employers are starting to prioritize potential and transferable skills over industry-specific experience from the initial stages of recruitment. Individuals with a global perspective who understand both international and local business cultures are increasingly sought after.
“2020 will see the continuation of the robust growth trajectory across the region. Technology and transformation remain major focal points for businesses, consequently shaping hiring trends. Hiring managers are actively seeking mid-level and senior managers who can guide their teams through successful change management as new technologies are adopted, along with well-rounded talent across all industries. To attract and retain such individuals, hiring managers need to demonstrate a commitment to learning and development while also emphasizing how each role contributes to the broader organization,” said Toby Fowlston, CEO for Asia Pacific at Robert Walters.
Despite the economic slowdown in 2019, Singapore is expected to maintain steady hiring activity. Startups, disruptors, and established businesses are increasingly becoming data-driven, leading to a surge in demand for tech-savvy individuals across various industries. Leading job roles in Singapore in 2020 continue to be digitally oriented, such as mobile and app developers, cybersecurity experts, data scientists, and data analysts. The most sought-after skills in the technology and transformation sector include expertise in change and digital transformation, agile methodologies and DevOps, coupled with strong business acumen.
The wave of digitalization has also contributed to high turnover rates in in-demand industries like financial services, technology, and marketing. Professionals are leaving their roles in less than two years to pursue upskilling opportunities and engage in new technology-driven projects.
Contract-based roles are projected to increase as perceptions surrounding such positions shift, and job seekers become more open to non-permanent roles that offer valuable learning experiences and industry exposure.
As competition for skilled talent intensifies, there will be a growing demand for well-rounded professionals with business acumen who can bridge the gap between technical expertise and large-scale commercial implementation. Companies are increasingly prioritizing skills and potential over sector-specific experience during the hiring process. Valued skills include creativity, critical thinking, relationship-building abilities, and a business-oriented mindset.
“Forward-thinking companies today are looking beyond digital skills and are instead seeking ways to holistically futureproof their workforce in an increasingly data-driven and digital business landscape. By hiring adaptable and versatile individuals with high potential, investing in tailored training to upskill employees, and providing opportunities to interact with various management levels, companies gain a competitive advantage in attracting top talent. Job seekers can similarly remain competitive in the long run by engaging in continuous learning and staying updated on market changes, whether in technology or the broader economy,” said Rob Bryson, Managing Director of Robert Walters Singapore.
Professionals remaining in their current roles can anticipate salary increments ranging from 1% to 7% in 2020. Those changing jobs in Singapore can expect salary increases between 5% and 15%. Higher increments are anticipated for individuals with specialized skills in areas such as technology and transformation, banking and financial services, legal, sales and marketing, supply chain, procurement, and logistics.
Other notable trends in Singapore for 2020:
In banking and financial services, professionals in auditing, trade finance and support, anti-money laundering (AML), financial crime, know-your-customer (KYC) compliance, and private equity analysis, specifically in fintech and e-commerce, will experience the highest demand.
The accounting and finance sector will see a demand for professionals with expertise in business controlling, financial planning and analysis (FP&A), transformation and strategy, and financial control.
In human resources, professionals skilled in HR business partnering, technology talent acquisition, talent management, and development are expected to be highly sought after.
The legal sector will have a high demand for professionals with expertise in the technology sector who are qualified and familiar with Singaporean legal requirements and fluent in Mandarin.
In sales and marketing, professionals with digital marketing skills remain in high demand. In-demand skills include customer relationship management, social media marketing, search engine optimization/search engine marketing (SEO/SEM), and content creation.
Professionals with skills in change management, planning and commercial partnering, and stakeholder management are most sought after in the supply chain, procurement, and logistics sector.
Hiring managers are advised to be adaptable and understanding of the priorities of today’s job seekers. The report suggests that modern job seekers prioritize learning opportunities, continuous challenges and variety in their roles, and strong, inspiring leadership over traditional factors such as long-term career progression and job security.
Employers can also explore expanding their search through initiatives like Robert Walters Singapore’s Balik Kampung program, which targets overseas Singaporean professionals. Launched 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 professionals with diverse skill sets.
Robert Walters is a leading specialist professional recruitment consultancy specializing in placing highly skilled professionals in permanent, contract, and temporary positions at all seniority levels. The Singapore office focuses on placing candidates in permanent or contract roles across various sectors, including accountancy and finance, banking and financial services, legal, human resources, transformation and technology, sales and marketing, secretarial and business support, supply chain, procurement and logistics, and technical healthcare.
Details:
*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 2019. Now in its 21st year, the survey is used by employers, HR managers, and employees as a benchmark for salary levels within their industries.