eFinancialCareers

Thinking of working in Singapore? Employers and candidates there have become more cautious in the wake of the global financial crisis, but the local jobs market remains in comparatively good shape and is still attracting foreign talent.

These are some of the key issues emerging from this week’s eFinancialCareers roundtable discussion, which was attended by senior internal recruiters from several of Singapore’s leading financial institutions.

The roundtable panelists, who asked not to be named, agreed that while hiring levels are generally lower than last year, Singapore has not seen savage job cuts like New York or London. But recruitment has become more selective, with tougher selection criteria, more interviews and greater use of competency-based and psychometric testing.

Candidates are getting more cautious, too. Direct recruiters have noticed an upturn in the number of people accepting offers and then deciding to stay put in their existing job. “But this does help to create more stability in the recruitment market,” says one delegate. “Last year, too many people were changing employers every 12 months. Graduates expecting to do this in the current environment are in for a shock.”

Growth sectors in Singapore include risk, audit and compliance as firms put more effort into how they structure their trades. There is also still strong demand for advisory and relationship manager roles in private banking.

Seeking sanctuary in Singapore

This selective expansion and lack of large-scale layoffs is making Singapore more attractive for Western finance professionals and diversifying the local talent pool. As one roundtable attendee explains: “In the past, Asia wasn’t always considered an upwards career move but now HR colleagues in London are calling me to say, ‘We’ve got a great person for you in Singapore’.”

But the amount of interest in Singapore means most budding expats shouldn’t expect fat packages with cars, school fees and accommodation thrown in. “Candidates recognise that the growth is in Asia, so it’s not hard to attract people here and employers are mainly offering local terms and conditions.”

Bringing staff to Singapore doesn’t always require external hiring. The pressure to cut costs means HR teams are increasingly placing emphasis on internal recruitment strategies and reducing their reliance on agencies.

The roundtable also discussed potential threats to Singapore’s status as a talent magnet, chief of which is the rising cost of accommodation, which might dissuade some foreigners from moving to the city state.