HUMAN RESOURCES MARKET UPDATE

MAR 2016

SINGAPORE
The following report provides an update on the key trends that
we have observed within the Human Resources job market in
Singapore. It identifies emerging themes across various industries
and details the major factors impacting hiring and talent movements.

ECONOMIC LANDSCAPE
The Singapore economy
grew by 2% in 2015,
slower than the 3.3%
achieved in 2014. For
2016, GDP forecasts vary
from 1 to 3%.

The Singapore economy grew by 2% in 2015, slower than the 3.3% achieved
in 2014. For 2016, GDP forecasts vary from 1 to 3%.
The annual average unemployment rate in 2015 was 1.9%, which has
remained broadly unchanged since 2011.
The number of job vacancies declined over the year to 60,000 as of
September 2015 amid softer economic conditions. On a seasonally adjusted
basis, job vacancies registered their third consecutive quarter of decline. For the
whole of 2015, total employment is estimated to have increased by 0.9%, which
would be the lowest year-on-year growth since 2003.

HR MARKET TRENDS
Overall the HR job market was mixed in 2015 with steady growth in
activity until Q4 when there was a noticeable gear shift downwards and Q1
2016 has been sluggish due to the uncertainties in the global economy and the
slow down in the China market.
Recruitment activity remained relatively even across most sectors, including
Financial Services, particularly the Investment Management and Insurance
sectors, with businesses looking to increase productivity and reduce fixed costs
to help drive growth.

HONG KONG SINGAPORE SHANGHAI BEIJING

www.profileasia.com

HUMAN RESOURCES MARKET UPDATE

HR MARKET TRENDS (cont.)
At the junior to mid-level
demand has been highest
for specialist roles, and in
particular Recruitment and
Rewards positions.

At the junior to mid-level demand has been highest for specialist roles, and
in particular Recruitment and Rewards positions.
At the senior level we have seen a good range of opportunities including
broad Regional and Country Head of HR roles with a strategic/commercial
agenda as well as specialist positions; hot areas remain Rewards and Learning
& Development.
We dont expect any loosening on the governments continued tightening
on the hiring of foreign labour. Demand for home grown Singaporean talent
remains at an all-time high and this is reflected in many firms insisting on
shortlists inclusive of both local nationals, as well as women.

SALARY & BONUS

Internal salary increases ranged from 2 to 4%, in line with inflation.
However, it wasnt unusual to see no increases at some organisations.
For external moves, salary increases are ranging from 10 to 20%, the higher
end of this range being for the harder-to-find, specialist HR professionals.
Bonus pay-outs were in line with expectations and remained fairly low
in the Financial Services sector, with some getting nothing. In Commerce &
Industry, bonuses were from 10 to 20% on average depending on seniority.

For external moves,

salary increases are
ranging from 10 to 20%,
the higher end of this
range being for the harderto-find, specialist HR
professionals.

THE FUTURE

We expect job vacancies

to slowly pick up over
the course of Q2 when
there is more visibility on
the economy and for the
annual post-bonus busy
season.

The labour market remains tight for good talent. With the current
economic headwinds, companies will focus on talent retention strategies, which
includes talent management and leadership development, to ensure they are
best positioned to meet changing business demands.
We expect to see a continued broadening of roles, where teams become
leaner and people are required to take on more value added responsibilities.
There will be a continued emphasis on the localisation of HR talent, with
companies placing an active focus on Singaporean hires across the HR market.
Foreign hires will tend to be only considered for particularly niche or specialist
positions at a more senior level that are harder to find local talent for.
We expect job vacancies to slowly pick up over the course of Q2 when there
is more visibility on the economy and for the annual post-bonus busy season.
Experienced business partners with backgrounds working in commercial,
complex multinational environments will continue to be sought after, as will
strong Talent/Organisational Development specialists.

HONG KONG SINGAPORE SHANGHAI BEIJING

www.profileasia.com

For more information about hiring trends in Singapore, please contact the Human Resources team.

KEY CONTACTS
James Rushworth, Managing Director
Singapore

James is a Managing Director of Profile,

responsible for the companys South
Asia operations, and established Profiles
presence in Singapore in 2007. He leads
the Human Resources and Financial Services divisions and
specialises in country, regional and global appointments, placing
VP, Director and C-level executives across all industry sectors.
Prior to joining Profile, James spent 12 years with Michael
Page International, starting in London. In 2001 he relocated to
Singapore to lead the human resources division, where he was
responsible for recruiting senior executives across Southeast
Asia, as well as the overall management of the human resources
division. He is a graduate of Queen Mary College, University of
London with a degree in Geography.
T: +65 6513 2571 E: jrushworth@profileasia.com

HONG KONG SINGAPORE SHANGHAI BEIJING

Amanda Clarke, Director

Hong Kong
Amanda Clarke is a Director in
the Human Resources division in
Hong Kong, and joined Profile in
2009. Amanda specialises in placing
appointments at the Director, VP and
Board level across all industry sectors.
Prior to Profile, she worked in London for Whitehead Mann
LLP as the firms In-house Recruitment Manager. Before that,
Amanda spent five years in secretarial recruitment, fulfilling
mandates for a variety of UK-based clients. She graduated from
the University of Bristol with a BA (Honours) degree in Italian.
Amanda has over 11 years experience in recruitment, with key
coverage of human resources roles across financial services,
commerce & industry, and professional services.
T: +852 3589 6811 E: aclarke@profileasia.com

www.profileasia.com