Thursday, April 12, 2012

Singapore banks worried about talent exodus in 2012: survey

SINGAPORE: Singapore banks are worried about a talent exodus in 2012, according to a survey of 300 C-suite executives in the finance industry in Singapore.

According to a banking and financial services salary guide, nearly eight in 10 top decision makers in the banking and financial sector are fearful that their best people will be poached by a competitor in the next 12 months.
The concern is most acute among large firms with over 1,000 staff. Some 90 per cent of them are worried about the departure of their best staff.

The survey also found that finding a suitable replacement for a finance and accounting position takes longer in Singapore compared to other major markets in Asia. A management position takes 6.5 weeks to fill in Singapore, compared to 5.9 weeks in shanghai, 6.4 weeks in hong kong and 4.9 weeks in Japan.
According to the survey, jobs in compliance and anti-money laundering functions are the most in demand.

Today, a top compliance specialist can expect to earn S$220,000 a year, that is up 83 per cent compared to two years ago.

This demand is largely driven by an increased focus on corporate governance and new regulatory requirements in the financial services industry.

Survey findings also showed that over a third of banks and financial services companies are planning to beef up head count in the first half of 2012, while a quarter of non-banking companies are looking to hire finance professionals during the same period.

About half of those surveyed expect salaries to rise in the next 12 months.
Those in the financial services and banking sector expect salaries to go up by an average of 5.7 per cent, while those in the finance and accounting industry expect salaries to rise by 4.7 per cent on average.

The survey is jointly conducted by recruitment firm Robert Half and the Institute of Certified Public Accountants of Singapore.

View the original article here

Source From Channel News Asia

No comments:

Post a Comment