What’s happening in Singapore?
- Private Banks actively hiring Relationship Managers for the China market – growth in family offices and entrepreneurs moving into Singapore
- Quants, data engineers and machine learning hires strong in the trading space
- Dev hires strong in the fintech space
- Average salary increment – 3.8 – 5%
Banking Operations and Middle Office Vacancies in the Market:
- Companies are heavily investing in Change and Transformation projects within Automation and Outsourcing
- Operations and Middle Office roles such as Fund Administration, Settlements, Trade Support, Trading Assistant are being phased out
- Client Services a hot area for hiring as companies compete on quality of service, not costs
- Job landscape in Singapore will shift towards that of Hong Kong over the next two years
Contract Employment on the Rise
- 20% of roles in Hong Kong are contract-based
- 10% of roles in Singapore are contract-based
- Contingent workers help with the daily operations while existing employees assist with projects
- Candidates benefit from taking on contracts to pick up new skills and break into different functions
- Average salary increment for contractors – 15-20%
- Average salary increment for permanent hires – 10-12%
