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Banking Technology Market Overview
Technology within the Banking industry continuous to be slow and still is an employers market. Niche skills are in demand where the local supply of candidates is low. Application Development and Infrastructure roles are less and the candidates have in general revised their expectations on their next job. The job market within the local, regional banks are still stable.
While the move of jobs to other low cost economies continuous, there are new opportunities with some foreign banks that are expanding their presence in Singapore and these are mostly within the Commercial Banking and Private Banking domain.
A number of transformation projects have been carried out or are in the process of being done, which has also added to the uncertainties of the Job market. The trend that we saw last year to prefer contractors continues into 2013 as well. Local and regional banks seem to be largely stable and some even extending their current teams to invest in headcounts.
Employers increasingly prefer IT candidates who have strong domain understanding and come with portable skills and have the ability to contribute across different functions. Salaries were mostly flat with increments at less than 5% and bonus expectations modest for most international banks.
As 2013 drew to a close the coming year looked promising with a number of initiatives on the pipeline. However, it will not be an easy market for employees as employers are shopping for the best available talent - someone who has the right mix of skills as well as the business acumen. The new employment pass regulations as well as the fair practices initiatives will have an impact on the job market and make the Banking Technology both interesting and challenging for both employers and employees.