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“Non-financial benefits have become increasingly important for Singaporean professionals. The most popular perks revolve around work-life balance with flexible working hours and the option to work from home gaining in popularity. Besides flexible working arrangements, professional development opportunities, parental leave, and social activities have become increasingly popular with Singapore employees, ” said Matthieu Imbert-Bouchard, managing director of Robert Half Singapore.
“Finance and accounting, healthcare and life sciences, procurement and supply chain also will see market average increases though there has been a marked increase in redundancies in these functions across traditional industries such as manufacturing. Candidates from industries such as consumer electronics should expect near-flat salary increases due to an imbalance in demand & supply of such talent, ” he noted.
Imbert-Bouchard added that the increased demand for cyber-security and technology risk management professionals, leaves candidates in a good position to negotiate an above-average salary. “There is a growing trend towards enhancing ‘cyber-hygiene’ within Singapore’s financial services institutions. This has resulted in greater demand in the fields of cyber-security, technology risk and RegTech (Regulatory Technology) to comply with regulations, ” he noted.
A report by Robert Half added that the spread of private banks across Asia has also pushed up demand for private bankers, relationship managers and support staff that are able to come on board with existing business as well. Financial organisations are willing to pay competitively to entice individuals to change jobs and bring with them existing business. This presents potential challenges for banks at a time when large organisations are trying to reduce costs.