FINANCE SECTOR HIRING OUTLOOK
Singapore - While the financial sector in Singapore is seeing a positive job market outlook, employees need to quell their expectations of receiving higher pay or new job opportunities.
According to the half-yearly Robert Walters' Financial Service Sector Market Update, companies in the wealth management sector are now actively hiring after halting recruitment in 2008 and 2009. The hiring growth in their front offices is projected to lead to the increase in middle office roles related to client servicing and reporting. Junior and mid level positions are also available in the back offices. As a result, employees and job candidates may have an overly optimistic outlook of the current economy.
Pan Zaixian, author of the survey and associate director at recruitment firm Robert Walters, feels that many people assume companies to be doing well in their finances because of the significant recovery in the local economy. Hence, some employees feel unfairly compensated in their companies, according to recent survey findings. However, employees have to understand that banks and financial institutions are still recovering from their losses made in the recession, says Pan.
"They have to be realistic in terms of how well their companies are really doing," Pan advises.
But Pan says the pay premium for base salaries has returned even though it is largely reserved for asset-acquiring P&L (profit and loss) generating positions. Pan added that the sustainability of the economy recovery in Singapore is still uncertain and it is the same for other markets such as the United States, Europe and China. He foresees general hiring trends to remain cautious. "While the last three quarters has been great, we can't foresee much more beyond the next two quarters," says Pan.
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