Singapore – Salary and Labour Market Guide 09

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The Singapore recruitment market has undergone a period of extreme volatility over the past 12 months, from the peak of 2008 to its present slowdown. The global credit crisis had significant impact on market sentiment in the second half of 2008, with right sizing exercise or hiring freeze enforced in organisations across the board. Financial institutions bore the brunt of the meltdown, as did companies in the Property, Electronics and Manufacturing sectors. Whilst overall sentiment remained negative, there were some pockets of growth in sectors including Information Technology (IT), Fast Moving Consumer Goods (FMCG), Healthcare and Energy.

2009 started on a similar pessimistic note with employers taking a cautious stance and recruitment freezes in place within many multinational organisations. However as we approach the second half of 2009, there is increasing evidence of improvement in market fundamentals and ‘cautiously-optimistic’ sentiment creeping in. Selective expansion and replacement hiring has begun, though the process is still somewhat protracted.

As expected, the outlook was bleak for the greater part of last year for the Banking and Finance sectors. Sales and trading functions were hit, as were corresponding back office settlement positions, while Audit, Risk and Compliance remained areas of growth. Recruitment for private bankers continued to be stable, but requirements became a lot more stringent. Investment Banking suffered the most with extensive job cuts across the board. Salary increments were negligible, with employers relying on non-monetary incentives like stability, job security, and career growth prospects to attract talent.

Within commercial organisations, recruitment activity for Accounting and Finance professionals remained resilient, with strong demand for experienced professionals in talent short areas of Taxation, Audit and Cost Controls. Analysts, controllers and chief financial officers (CFOs) with strategic mindset and business partnering abilities continued to command a premium – despite

depressed market conditions. In these challenging times, employers are seeking talent who not only meet immediate needs, but who also add value to their business in the long run. Salaries continued to rise in this sector, though increments were not as aggressive as in the past years. Retention of staff at junior to mid level remained an ongoing challenge for employers.

The IT sector saw strong growth in early 2008 within Banking and Commercial organisations, but the environment became challenging towards the later part of the year. Moving into 2009, the IT sector saw significant cut backs and recruitment freeze as appetite for IT investment reduced across the board. The outlook for the second half of 2009 is projected to remain cautious with limited opportunities in select areas such as storage, security, and other business-critical projects. Where possible, employers are showing preference for hiring on fixed-term contract, rather than permanent basis.

Hiring prospects remained strong for sales, business development, and account management professionals, who deliver measurable ROI, grow market share, and add value to their employer’s balance sheet. Across a variety of sectors like FMCG & Retail, IT & Telecommunications, Engineering & Energy and Financial Services the demand for sales professionals remained strong, with significant salary increments being offered to the right talent. Marketing professionals on the other hand encountered hiring freeze, pay cuts and right-sizing, especially within agencies, as their clients scaled back marketing spend.

Whilst it is impossible to predict if the bottom has been reached, there seems to be greater optimism now when compared to the start of 2009. The latter half of this year will present interesting opportunities for organisations looking to ramp up their talent pool in anticipation of an upturn in the market. Progressive employers have started to build up their talent pipeline, whilst at the same time focusing on staff retention issues, in preparation of an imminent improvement in market conditions, and the talent race that is bound to accompany it.

Singapore – the recruitment market outlook

Singapore Salary and Labour Market Guide 09 l Labour Market

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This section provides a variety of information regarding the labour market in Singapore, factors that will influence its recruitment market, and the availability of candidates required by employers. All data is taken from the Singapore Statistical Authority.

Singapore – labour market factors

Population:The chart below shows the total population in Singapore as well as the population of Singapore residents who are Singaporean citizens and permanent residents:

5000

4500

4000

3500

3000

2500

2000

1500

1000

500

0

Unemployment:The chart below shows unemployment rates across Singapore:

Unemployment rates have by and large been reducing since 2005 to a low of 1.7% in September 2007. However, since December 2007, rates have increased across the resident population as have the overall rates across the country.

Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08

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Total Singapore Singapore Residents

000s

5

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

Overall Resident

Population – Singapore Unemployment Rates

4559

3583

2

Singapore Salary and Labour Market Guide 09 l Labour Market

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Singapore Salary and Labour Market Guide 09 l Labour Market

Industries:The chart below shows the number of staff in Singapore, by industry sector:

Others

Community, social and personal services

Administrative and support services

Professional services

Real estate and leasing services

Financial services

Information and communications

Hotels and restaurants

Transport and storage

Wholesale and retail trade

Services

Construction

Manufacturing

Others

Cleaners, labourers and

related workers

Plant & machine operators and

assemblers

Production craftsmen and

related workers

Services workers, shop and market

sales workers

Clerical workers

Technicians and associate professionals

Professionals

Managers, working proprietors and senior officials

0 500 1000 1500 2000 2500 0 50 100 150 200 250 300 350 400

Occupations:The chart below shows the number of Singaporean residents employed in different occupational groups:

Staff by Industry Staff by Occupation

A range of industries are present in Singapore with the majority of the population engaged in the Service sector. There are a fair number employed in the Manufacturing sector which has seen an increase since 2007.

A variety of jobs are undertaken by workers in Singapore. The majority of roles fall into the Technicians and Associate Professionals group, followed by Professionals and Managers.

Qualifications:The chart below shows the highest educational level/qualification held by those economically active aged over 15 in Singapore:

Highest Qualifications

Degree

Polytechnic diploma

Upper secondary

Secondary

Lower secondary

Primary and below

0 50 100 150 200 250 300 350 400 450 500

A wide variety of qualifications are held by those who are economically active in Singapore. The majority of the population are educated to secondary level and beyond, with a large number of the population, just over 20%, educated to degree level.

(000s) (000s) (000s)

Accountancy

Internal Audit A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Director 150,000 250,000 Manager 85,000 120,000Auditor 40,000 65,000

Core Finance A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Chief Financial Officer 250,000 500,000Finance Director 140,000 200,000Financial Controller 120,000 160,000Finance Manager 100,000 150,000Financial Analyst 60,000 100,000Accountant 45,000 65,000

Accounts Payable/Credit Control/Payroll A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Accounting Manager 80,000 120,000Credit Control Manager 80,000 120,000Credit Controller 70,000 120,000Payroll Manager 60,000 90,000Accounts Assistant 40,000 65,000

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Banking & Insurance

Risk A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Operational Risk Head 150,000 250,000Credit Risk Manager 120,000 200,000Market Risk 10 years + 165,000 350,000Market Risk 5-7 years 80,000 175,000Market Risk 2-4 years 60,000 80,000Operational Risk Manager 65,000 150,000Credit Risk Associate 50,000 90,000

Legal & Compliance A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Senior Legal Counsel 150,000 230,000Junior Legal Counsel 90,000 140,000Compliance Manager 80,000 140,000Para Legal 50,000 80,000Compliance Associate 40,000 70,000

Core Finance A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Chief Financial Officer 350,000 600,000Product Controller 100,000 180,000Financial Controller 90,000 160,000Financial Accountant 80,000 120,000Management Accountant 60,000 100,000Junior Accountant 55,000 75,000

Actuary A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Appointed Actuary 170,000 300,000Actuary 75,000 100,000Part Qualified 40,000 60,000

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

HR & Training

Generalist A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

HR Director 150,000 300,000HR Business Partner 70,000 120,000HR Manager 70,000 120,000HR Analyst 45,000 80,000HR Executive 32,000 52,000

Learning & Development A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Training Director 120,000 200,000Organisation Development Manager 100,000 180,000Learning & Development Manager 50,000 110,000Training Manager 50,000 110,000Training Executive 35,000 55,000

Recruitment & Compensation A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Compensation & Benefits Manager 80,000 130,000Recruitment Manager 50,000 90,000Employee Relations Manager 55,000 100,000Payroll Executive 40,000 65,000

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Sales & Marketing

Marketing & Communication A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Marketing Director 120,000 200,000Marketing Manager 75,000 130,000Communications Manager 70,000 120,000Public Relations Manager 60,000 100,000Brand Manager 65,000 110,000Product Manager 50,000 95,000Market Research Manager 65,000 120,000Events Manager 40,000 80,000Marketing Executive 36,000 60,000

Other A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Visual Merchandising Manager 65,000 120,000Merchandising Manager 50,000 110,000Retail Manager 60,000 100,000Store Manager 36,000 60,000

Sales A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Sales Director 130,000 195,000National Sales Manager 80,000 140,000Regional Sales Manager 80,000 140,000Business Development Manager 80,000 110,000Key Accounts Manager 52,000 90,000Sales Executive 42,000 60,000Account Director (Agency) 120,000 195,000Account Manager (Agency) 70,000 100,000

Supply Chain A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Supply Chain Director 170,000 300,000Operations Director 160,000 250,000Materials Director 150,000 285,000Operations Manager 85,000 120,000Supply Chain Manager 80,000 150,000Materials Manager 65,000 120,000Supply Chain Planner (does both Supply & Demand Planning) 60,000 100,000Demand Planner 60,000 85,000Production Planner 50,000 80,000Inventory Manager 50,000 70,000

Supply Chain Logistics A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Business Development Director 200,000 250,000Logistics Director 160,000 280,000Account Director 130,000 195,0003rd Party Contract Manager 90,000 120,000Logistics Manager 85,000 130,000Business Development Manager 80,000 120,000Account Manager 70,000 100,000

Procurement A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Procurement Director 220,000 300,000Sourcing Director 200,000 300,000Sourcing Manager 75,000 150,000Procurement Manager 75,000 130,000

Buyer 60,000 75,000

Warehousing & Distribution A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Warehouse Manager 75,000 110,000Distribution Manager 70,000 130,000Transport Manager 70,000 130,000

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

Technology

Technical A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Architect 100,000 160,000ERP Consultant 75,000 100,000Business Analyst/Systems Analyst 65,000 110,000Database Administrator 60,000 100,000Tester/Test Analyst 55,000 85,000Systems Engineer/Administrator 55,000 85,000Developer (Applications) 54,000 100,000Technical Writer 50,000 75,000Web Content Engineer 45,000 70,000Network Engineer/Administrator 40,000 90,000

Sales & Marketing A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

Business Development/Sales Director 180,000 280,000Channel Sales Director 180,000 250,000Presales Manager 160,000 190,000Marketing Director 150,000 200,000Business Development/Sales Manager 100,000 180,000Channel Sales Manager 100,000 180,000Marketing Manager 80,000 150,000Presales Consultant 65,000 120,000Product Manager 60,000 120,000Insides Sales 40,000 80,000

IT Management A N N U A L E A R N I N G S

Job roles Min ($SGD) Max ($SGD)

IT Director 150,000 300,000IT Project Manager 100,000 200,000Software Development Manager 100,000 160,000Service Delivery Manager 90,000 150,000IT Security Manager 85,000 130,000Infrastructure Manager 85,000 130,000QA Manager 70,000 100,000

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Singapore Salary and Labour Market Guide 09 l Salary Snapshot

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