global recruitment specialists
Market Research, Insights & Analytics Market Overview
There was a growing trend in 2013 for blue-chip companies across a variety of industries to hire in-house consumer insights professionals as part of their expansion. A number of global MNCs also relocated their regional hubs into Singapore and set up an Insights team within their marketing departments. Additionally, a good number of new boutique firms in strategy research, online panels, and innovation consultancy started their APAC presence with an office in Singapore.
Towards Q4 the expected seasonal slowdown took place, despite a strong pipeline of selective expansion within the agency space and client side. Senior candidates with specialist and business development skills were highly sought after, but took a conservative view of the aggressive expansion plans of certain agencies. Some of the bigger players maintained a hiring freeze due to budget constraints and salary increments are anticipated to remain a conservative 3 - 10%. In the next 2 quarters of 2014, hiring will remain strong, with some replacement hiring and selective expansion. Some agencies from other regions are still looking to find a spot within Singapore to act as a regional hub.
We foresee a high demand for both sales candidates and researchers with industry specific knowledge. Agencies will look to expand Financial Services and Pharmaceutical research while FMCG and Technology research will continue to contribute to the revenue of most agencies. A trend of traditional research agencies transforming into consultancies has been noted, along with fast-tracked Directors being in demand for senior leadership roles. Conversely, the client side seems to be more conservative in hiring for senior Insights talent this year.
The Customer Analytics and CRM area is getting busier with more industries willing to invest in these initiatives. The banking and the telecom industries that have traditionally been ahead of other industries in this space have been also changing and fine-tuning their approach. Candidates with good experience in Data analytics and understanding of CRM are in demand – particularly for mid-level roles. At the senior level there is a strong supply of candidates however employer requirements are becoming increasingly demanding as businesses try to maximize their CRM investments.