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Accounting & Finance Market Overview
2013 saw the FMCG, Retail, Life sciences, Chemicals, Energy, Logistics, IT&T and Real estate industries active in both headcount expansion and replacement hires with a number of blue chip corporations setting up their regional hubs and shared services in Singapore. This trend was particularly prominent within the Retail and FMCG sectors, where Asia Pacific hubs were set up to drive cost efficiencies. Singapore proved to be the preferred location due to ease of doing business and access to top talent.
After the seasonal slowdown, businesses within most commercial sectors are looking at escalating work productivity internally rather than aggressive expansion of headcount. Salary increments too are anticipated to be modest compared to last year, in the region of 5 - 10%. Hiring sentiment remains cautiously optimistic, with replacement hiring and selective expansion receiving the nod from business heads.
Within the Accounting & Finance functions, we foresee a surge in the hiring of internal auditors as regulations tighten and of commercial finance roles to enhance strategic business partnering. Another trend to emerge from last year is the growing demand for supply chain finance roles due to many companies relocating their supply chain hub to Singapore. In addition, there will be a rising demand for Business Analysts focusing on business process improvement and ERP systems improvements.