global recruitment specialists
Human Resources Market Overview
The Singapore HR market showed positive signs of growth throughout 2013. Sector wise the star performers were Pharmaceutical, FMCG, Professional Services, Oil & Gas and Chemicals. Financial Services and Shipping have picked up but are not back to previous levels. The senior end of the HR market for VP & Director level positions experienced a slow down with fewer senior opportunities in the market. Demand for junior to mid level talent remained strong though, particularly for commercially focused HR professionals with business partnering experience.
In 2014 we anticipate continuing demand for Compensation & Benefits professionals, as well as for Talent Management & OD professionals. With financial services offering low salary increases and low bonuses, there is likely to be increased interest within the HR community to move out of financial services into the IT&T, FMCG and Pharmaceutical sectors as the salary gap between financial services and other sectors narrowing.
Compensation and Benefits candidates are still very much in demand with an increasing demand for candidates which have the ability to influence and communicate effectively at all levels of the business. With M&A activity increasing candidates with experience of implementing C&B frameworks and harmonising terms and conditions can expect above average salary increase. The same trend continuing with a greater demand for OD professionals is anticipated. Candidates with strong change management and cultural embedding expertise are particularly attractive in this function to support businesses with transformation projects.
With the annual salary review and budgeting a current focus candidates should expect to get a rise of 3-5% with candidate moving between jobs expecting 10-20% and in reality more between the 8-12% range. Talented candidates at the junior end of the market are more likely to be achieving 12-15% due to the increase demand in the market.