Finance, accounting talent still in demand despite hiring cuts
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The Straits Times (Singapore)
June 25, 2009 Thursday
Joanna Seow
THE rate of hiring may have slowed but financial institutions here are still taking on staff, and often at the same pay levels enjoyed during the boom years.
Recruitment expert Robert Half, which has recently completed its annual survey of the industry, said a general air of optimism pervades the sector in Singapore.
'The good news for the accounting and finance sector is there's still a demand,' said Mr Tim Hird, Robert Half Singapore's managing director.
'Statistics show there seems to be this perennial need for finance and accounting talent irrespective of economic conditions, and competition still remains strong for this talent.'
Mr Hird was speaking at yesterday's launch of the firm's annual salary guides for the next 12 months. The guides - which draw on research from surveys of human resources and finance heads across 21 countries, including Singapore, Australia, France, Ireland and the United States - give bosses and employees an idea of the trends and prospects in the sector.
One striking finding was that almost 75 per cent of the companies surveyed in Singapore cited difficulty in filling finance and accounting positions.
One reason for the high demand could be increasing calls for stronger corporate governance.
Dr Ernest Kan, president of the Institute of Certified Public Accountants of Singapore, said in a statement: 'With calls for greater accountability and transparency in financial reporting from the authorities and stakeholders alike, companies are requiring more competent candidates to effectively manage their finances and business risks, as well as optimise costs and processes.'
Contract workers such as tax accountants, senior auditors and people with business process improvement expertise are also in demand, as they allow firms to hire staff for a limited period to complete work on lower budgets.
Robert Half said that 79 per cent of Singapore employers expect the number of project- or contract-based professionals to increase or remain the same, due to the downturn.
The global recession has, in fact, spurred some companies to intensify efforts to gain a competitive advantage. Smaller, niche financial services firms are now getting access to talent that previously went to larger investment banks offering more competitive salaries. Those large institutions are typically still constrained by hiring freezes.
'We are heartened that employers recognise the necessity to retain their best talents, who will be instrumental in taking businesses to the next phase when the market turns,' said Mr Hird in a statement.
Robert Half also found during its survey that 60 per cent of Singapore employers have lowered or cut bonuses as a result of the economic situation, while 30 per cent have lowered starting salaries. But the firm expects salary levels to hold steady this year and into 2010.
Mr Hird said: 'As organisations continue to grapple with the challenges of the downturn, the increasing need for highly skilled finance and accounting professionals has lent stability to salary levels for these roles.'
The Straits Times (Singapore)
June 25, 2009 Thursday
Joanna Seow
THE rate of hiring may have slowed but financial institutions here are still taking on staff, and often at the same pay levels enjoyed during the boom years.
Recruitment expert Robert Half, which has recently completed its annual survey of the industry, said a general air of optimism pervades the sector in Singapore.
'The good news for the accounting and finance sector is there's still a demand,' said Mr Tim Hird, Robert Half Singapore's managing director.
'Statistics show there seems to be this perennial need for finance and accounting talent irrespective of economic conditions, and competition still remains strong for this talent.'
Mr Hird was speaking at yesterday's launch of the firm's annual salary guides for the next 12 months. The guides - which draw on research from surveys of human resources and finance heads across 21 countries, including Singapore, Australia, France, Ireland and the United States - give bosses and employees an idea of the trends and prospects in the sector.
One striking finding was that almost 75 per cent of the companies surveyed in Singapore cited difficulty in filling finance and accounting positions.
One reason for the high demand could be increasing calls for stronger corporate governance.
Dr Ernest Kan, president of the Institute of Certified Public Accountants of Singapore, said in a statement: 'With calls for greater accountability and transparency in financial reporting from the authorities and stakeholders alike, companies are requiring more competent candidates to effectively manage their finances and business risks, as well as optimise costs and processes.'
Contract workers such as tax accountants, senior auditors and people with business process improvement expertise are also in demand, as they allow firms to hire staff for a limited period to complete work on lower budgets.
Robert Half said that 79 per cent of Singapore employers expect the number of project- or contract-based professionals to increase or remain the same, due to the downturn.
The global recession has, in fact, spurred some companies to intensify efforts to gain a competitive advantage. Smaller, niche financial services firms are now getting access to talent that previously went to larger investment banks offering more competitive salaries. Those large institutions are typically still constrained by hiring freezes.
'We are heartened that employers recognise the necessity to retain their best talents, who will be instrumental in taking businesses to the next phase when the market turns,' said Mr Hird in a statement.
Robert Half also found during its survey that 60 per cent of Singapore employers have lowered or cut bonuses as a result of the economic situation, while 30 per cent have lowered starting salaries. But the firm expects salary levels to hold steady this year and into 2010.
Mr Hird said: 'As organisations continue to grapple with the challenges of the downturn, the increasing need for highly skilled finance and accounting professionals has lent stability to salary levels for these roles.'
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