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1 FINANCIAL SERVICES FINANCEPROPERTY FINANCE SALES & MARKETING SALES & MARKETING OIL & GAS SUPPLY MICHAEL PAGE OIL & GAS FINANCE FINANCIAL SERVICES HUMAN RESOURCES PROPERTY OIL PROCURMENT & SUPPLY CHAIN SALES HUMAN RESOURCES PROCUREMENT FINANCIAL SERVICES OIL SALES OIL & GAS SUPPLY CHAIN TECHNOLOGY FINANCE FINANCIAL SERVICES HUMAN RESOURCES OIL & GAS SUPPLY CHAIN PROPERTY & CONSTRUCTION FINANCE LEGAL FINANCE TECHNOLOGY FINANCIAL SERVICES HEALTHCARE & LIFE SCIENCES TECHNOLOGY FINANCIAL FINANCE OIL & GAS SUPPLY CHAIN PROPERTY & CONSTRUCTION FINANCE SALES MICHAEL PAGE SALES MICHAEL PAGE PROCUREMENT OIL & GAS TECHNOLOGY SALES & MARKETING OIL & GAS TECHNOLOGY PROCUREMENT SALES TECHNOLOGY FINANCE MICHAEL PAGE SUPPLYCHAIN TECHNOLOGY FINANCE SALES & MARKETING OIL & GAS TECHNOLOGY SUPPLY OIL & GAS SUPPLY CHAIN FINANCE SALES PROCUREMENT SALES & MARKETING FINANCE LEGAL MICHAEL PAGE LEGAL FINANCE OIL & GAS SUPPLY CHAIN FINANCIAL SERVICES HUMAN RESOURCES HUMAN RESOURCES LEGAL FINANCE RESOURCES HUMAN RESOURCES OIL & GAS SUPPLY CHAIN PROPERTY & CONSTRUCTION FINANCE RESOURCES FINANCE HUMAN RESOURCES SALES HUMAN RESOURCES OIL & GAS TECHNOLOGY MICHAEL PAGE FINANCIAL SERVICES FINANCIAL SERVICES FINANCE FINANCIAL SERVICES HUMAN RESOURCES OIL & GAS SUPPLY CHAIN OIL & GAS SUPPLY CHAIN PROPERTY & CONSTRUCTION FINANCE FINANCIAL SERVICES HEALTHCARE & LIFE SCIENCES SALES & MARKETING HUMAN RESOURCES PROCUREMENT MICHAEL PAGE SUPPLY CHAIN OIL & GAS PROCURMENT & SUPPLY CHAIN PROPERTY & CONSTRUCTION SUPPLY CHAIN PROPERTY & CONSTRUCTION SALES OIL & GAS FINANCIAL SERVICES SALES OIL & GAS SUPPLY CHAIN PROPERTY & CONSTRUCTION FINANCIAL SERVICES SALES HUMAN RESOURCES HEALTHCARE & LIFE SCIENCES SALES & MARKETING FINANCE SALES & MARKETING OIL & GAS TECHNOLOGY SUPPLY PROPERTY SALES FINANCE FINANCE MICHAEL OIL MARKETING PAGE SALES OIL SALES FINANCIAL SERVICES HEALTHCARE & LIFE SCIENCES TECHNOLOGY FINANCIAL SERVICES TECHNOLOGY PROCURMENT & SUPPLY CHAIN FINANCE FINANCIAL SERVICES MICHAEL PAGE TECHNOLOGY SALES & MARKETING SALES TECHNOLOGY OIL SALES PAGE SALES FINANCE FINANCIAL SERVICES OIL SALES FINANCE SUPPLY CHAIN OIL SALES TECHNOLOGY FINANCE MARKETING RESOURCES SALES & MARKETING SUPPLY CHAIN FINANCE FINANCIAL SERVICES HUMAN RESOURCES SALES TECHNOLOGY SALES & MARKETING OIL & GAS MICHAEL PAGE SALES TECHNOLOGY SALES PROPERTY TECHNOLOGY SUPPLY CHAIN TECHNOLOGY FINANCE FINANCE SUPPLY TECHNOLOGY SALES & MARKETING SUPPLY CHAIN FINANCE MICHAEL PAGE FINANCE singapore 2012/2013 Salary&Employment FORECAST Worldwide leaders in speacialist recruitment

2 CONTENTS Welcome 3 Market Overview 4 Finance 7 Financial Services 11 Healthcare & Life Sciences 15 Human Resources 19 Legal 22 Oil & Gas 25 Procurement & Supply Chain 28 Property & Construction 31 Sales & Marketing 34 Technology 38 Contact Us 42 2 SALARY & EMPLOYMENT FORECAST 2012/13

3 WELCOME Welcome to the Michael Page Salary & Employment Forecast for 2012/2013. As part of PageGroup, Michael Page is a worldwide leader in specialist recruitment. Through our belief in organic growth, rather than by mergers or acquisitions, we have built a truly global business with over 5,000 people in 164 offices across 34 countries worldwide. We have evolved to become one of the best known and most respected recruitment consultancies in the world and are proud to set the standard within our profession for specialist service with a personal touch. Coming from all major industry sectors, our clients range from market leading multinationals to small and medium sized enterprises. There are a number of current industry surveys that provide qualitative insight on hiring intentions and salary levels, however the Michael Page Salary & Employment Forecast combines both quantitative and qualitative research derived from our national survey of employers and our extensive involvement in the professional labour market. Our national annual survey, completed by almost 300 employers this year, covers a range of issues and trends relevant to today s corporate sector and establishes the Salary & Employment Forecast as a highly reputable report, based on in depth national research. The Salary & Employment Forecast provides employers and job seekers with useful insights into the hiring expectations, recruitment challenges and wage forecasts of hiring managers over the coming year, and covers ten key areas of specialisation as detailed below: Finance Financial Services Healthcare & Life Sciences Human Resources Legal Oil & Gas Procurement & Supply Chain Property & Construction Sales & Marketing Technology I wish to thank everyone who contributed to this year s Salary & Employment Forecast and trust you will find the new report helpful and informative. We welcome your feedback and encourage you to contact us for further information or market specific advice. Kind regards, Andrew Norton Regional Managing Director, South East Asia 3 SALARY & EMPLOYMENT FORECAST 2012/13

4 SINGAPORE Market overview Recruitment activity in the professional employment market has been steady over the last 12 months, with a consistent demand for talented professionals across most sectors. The financial services sector has been the only exception, with a decline in demand for employees which began some 18 months ago. On a positive note, over the last six months the slowdown in financial services recruiting has begun to level out. While ongoing economic issues in Europe and the United States has led some companies in Singapore to reduce their hiring, this is being compensated by the country s continued growth as a hub for Asia operations. Sectors that have proven to be the most resilient and have been developing over the last 12 months include biotech, pharmaceutical and healthcare, as well as high value manufacturing companies operating in the aerospace and oil and gas sectors. In addition, there has been strong demand for staff from corporate organisations across multiple sectors, as an increasing number of companies expand their operations into Singapore, setting up a base to do business within the Asia Pacific region. Aligned with this trend has been the increase in regional role opportunities across all sectors, which is increasing the demand for talented professionals with broader Asia exposure and experience working in the China, Malaysia or Japan markets. There is also a particular demand for highly skilled employees in the engineering and supply chain sectors. Over the coming 12 months there is expected to be strong hiring activity in a number of sectors including procurement and supply chain, sales and marketing and also the insurance sector. Procurement and supply chain professionals will be increasingly required as businesses focus on improving business efficiency and also as company headquarters in Singapore set up their logistics centres in proximity and require additional staff. Talent attraction and retention remains a challenge for employers as skill shortages exist and regional knowledge and expertise are likely to be difficult to find. Local talent is in demand, and with 56% of survey respondents expecting staff turnover over the next 12 months, employers are particularly focused on retaining their best people. While retention is a relatively new focus for employers in Singapore, they will look to offer non-financial incentives such as training and career development opportunities. Some 60% of survey respondents expect skill shortages will cause salaries to rise above inflation in the next 12 months. However, the slowdown in the financial services sector has caused a slowing of wage inflation as financial services jobseekers lower the importance on salary due to the reduced supply of these roles. 4 SALARY & EMPLOYMENT FORECAST 2012/13

5 SINGAPORE Market Analysis Salaries Salary increases over the next 12 months Average percentage salary increases Standard increases across the board Increases will vary on performance Increases for top performers only No increases Flexible salary packaging or fringe benefits 3% 80% 14% 3% Less than 2% 2-3% 3-4% 4-6% 6-8% 8-10% 10-15% 15% or above Basis for bonuses over the next 12 months 1% 18% 28% 40% 8% 3% 1% 1% 48% 52% Yes No 10% 1% 13% Individual performance Team performance Company performance Combination of the above 76% Provision of bonuses over the next 12 months 1% 11% 42% Fixed percentage of base salary Discretionary Commission Other 46% benefits Benefits provided by employers PROVISION OF BONUSES OVER THE NEXT 12 MONTHS Healthcare/health insurance Mobile phone Parking Personal laptop Company car Other 92% 75% 42% 35% 21% 17% 5 SALARY & EMPLOYMENT FORECAST 2012/13

6 SINGAPORE Market Analysis working hours Average weekly working hours Less than 37.5 hours hours hours hours 50 hours or more 1% 18% 50% 24% 7% Talent management Expectation for staff turnover over the next 12 months Key reasons employees are likely to leave 28% 16% 56% Yes No Unsure More than one reason Improve salary Broaden experience/opportunity to learn Other Achieve better work/life balance Gain more seniority 40% 28% 12% 11% 6% 3% Work/life balance options provided by employers Factors considered most important for attraction and retention Flexible working arrangements Team building/offsite activities Alternative leave options (eg; volunteering) Sabbaticals None Increased maternity/paternity leave 61% 49% 22% 19% 16% 15% Recognition and rewards Structured career progression Strong company culture Work/life balance initiatives Global career opportunities Training and mentoring partnerships 35% 26% 17% 13% 6% 3% Skills shortages Professional skills shortage in the next 12 months Skills shortage placing upwards pressure on salaries 19% Yes No Unsure 15% Salaries will rise above inflation rate Salaries will rise in line with inflation rate The skills shortage will not impact salary levels 42% 25% 60% 39% 6 SALARY & EMPLOYMENT FORECAST 2012/13

7 & LIFE FINANCE 7 SALARY & EMPLOYMENT FORECAST 2012/13

8 FINANCE Market overview The recruitment market for finance positions stabilised over the last 12 months, with a consistent volume of job opportunities becoming available. The strength of the Asian economies has been a key driver behind this trend, with Singapore becoming an attractive regional hub for many multinational organisations wanting to establish or grow their operations in Asia. Furthermore, the financial crisis and extent of non-resolved issues in Europe may have impacted some companies expansion plans within that region and led to a greater focus on growth in Asia. Industries that experienced the strongest growth for finance were pharmaceutical, chemicals, and oil and gas, while a softening in demand occurred for professionals within the shipping, logistics and semiconductor industries. Hiring activity in the current market is fairly stable, with most employers showing cautious optimism. Replacement hiring is expected to continue and in certain organisations additional headcount will be recruited to provide more support to grow the business. As companies continue to set up regional offices, this is also likely to lead to more demand for finance candidates. Niche skill sets in areas such as tax, internal audit, controllership, financial planning and analysis and treasury are currently in the highest demand, with professionals sought at all levels but especially the mid level. This is largely due to the limited pool of candidates available in Singapore with these skills, and as new roles requiring these skills are created. In addition, employers are seeking candidates who not only have the technical skills but also possess the business acumen and potential to progress the role and take on more responsibilities in the future. Average salary increases for finance professionals over the coming year are expected to be between 4% and 6%. For individuals changing jobs, salary increases are likely to be around 10% to 15%. Roles that require specific niche skill sets could attract above average salary increases due to the higher demand in a candidate short market. This includes internal audit, regional tax and controllership positions, in particular the skills and ability to partner with the business from a finance perspective. Corporate finance and merges and acquisitions (M&A) related roles are also expected to attract above average salary increases due to businesses having stabilised and taking a renewed focus on growth. Bonuses are an essential component of an a finance employee s remuneration package in the Singapore market, and most people at the mid to senior level will expect a reasonable bonus payment. On average across industries, bonuses will be in the range of one to three month s salary depending on the performance of the individual and the company. Looking ahead to the next 12 months, hiring activity is expected to pick up, following some hesitations among employers about the strength of the global economy. With the expected stabilisation of the economy, organisations in Singapore will be more forward-looking and growth initiatives are anticipated for both new and established businesses. Corporate finance/m&a, controllership and financial planning and analysis roles at the mid to senior level are expected to experience the strongest growth. Once companies strengthen and improve their position in the local market, this is likely to result in further growth across other levels and functions. Within this recruitment market, employers will focus on talent attraction and retention. Key strategies will revolve around talent development and providing clear roadmaps that lay out an employee s route for progression in the organisation. Some organisations are also focused on being more competitive by providing better employee benefits and compensation packages as part of their retention strategy. 8 SALARY & EMPLOYMENT FORECAST 2012/13

9 FINANCE Salary tables GENERAL Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Accounts Payable Accountant N/A N/A Financial Accountant N/A N/A Cost Accountant N/A N/A Credit Analyst N/A N/A Group Accountant Consolidation N/A N/A Financial/Business Analyst N/A N/A Accounts Payable Manager N/A N/A Finance Manager (small/medium organisation) N/A Finance Manager (shared services centre) N/A Credit Manager N/A Costing Manager N/A N/A Financial & Planning Analysis Manager Finance Manager (large organisation) N/A Financial Controller (small/medium organisation) N/A Credit Director Financial Controller (shared services centre) N/A CFO/Finance Director (small/medium organisation) Financial Controller (large organisation) N/A Finance Director (shared services centre) N/A CFO/Finance Director (large organisation) Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 9 SALARY & EMPLOYMENT FORECAST 2012/13

10 FINANCE Salary tables SPECIALIST Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Pricing Analyst N/A N/A Treasury Analyst N/A N/A Tax Analyst N/A N/A Internal Auditor N/A N/A Pricing Manager N/A Revenue Recognition N/A Corporate Finance Manager N/A Treasury Manager N/A Internal Audit Manager N/A Tax Manager N/A Corporate Finance Director N/A Treasury Director N/A Internal Audit Director Tax Director N/A PUBLIC ACCOUNTING (BIG 4) Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Auditor N/A N/A Tax Associate N/A N/A Audit Manager N/A N/A Tax Manager N/A N/A Tax Director N/A Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 10 SALARY & EMPLOYMENT FORECAST 2012/13

11 & LIFE FINANCIAL SERVICES 11 SALARY & EMPLOYMENT FORECAST 2012/13

12 FINANCIAL SERVICES Market overview Hiring activity levels were generally low across the financial services sector over the last 12 months, due in large part to economic uncertainty in key international markets of the Unites States and Europe. While very few banks implemented company-wide headcount freezes, external recruitment dramatically reduced. The sharpest decline in hiring was seen in the operations area, with a number of banks making staff redundancies to reduce costs, or off-shoring roles to lower-cost locations. Minimal hiring activity also occurred in the front office banking area, however some employers saw the opportunity to hire high calibre professionals while talent was in supply. Hiring activity in the non-banking financial services market was more positive, particularly within the commodities trading and insurance sectors. Within banking jobs growth was seen in regulatory-related areas; primarily credit risk and compliance. Accounting professionals with experience in Basel II/III and MAS reporting were also sought. Hiring volumes remain average in the current market, although client expectations for matching job criteria remain high. Due to the increasing regulatory environment and framework in the financial services industry, professionals continue to be sought in regulatory-related areas. Regulatory Reporting Accountants and professionals with experience in credit risk and know your client (KYC) compliance are increasingly required, as are contract roles in operations and product control professionals for commodities. Most employers are looking for professionals at the senior associate to associate vice president levels, with minimal roles available at the vice president level and above. Over the next 12 months, most financial services professionals can expect a maximum salary increase of around 5% in line with the consumer price index. However, it is not unusual for firms to award no increment at all. For the third consecutive year bonuses in the banking sector, if any, will be modest. Professionals at the Vice President level and below working at multinational firms are likely to be awarded bonuses of up to 10%. Professionals at smaller institutions, such as boutique private banks and local banks, are likely to receive bonuses of approximately 20-25%. With ongoing uncertainty in key overseas economies, hiring intentions within the financial services sector are expected to remain conservative over the next 12 months. Although a low volume of recruitment is expected to continue, anecdotal evidence suggests that some teams have become too lean over the last 12 months, particularly in operations, which means that essential hires may begin to happen irrespective of market conditions. To retain their best people, employers have been implementing employee engagement initiatives that focus on recognition and learning and development, as well as emphasising non-financial rewards. 12 SALARY & EMPLOYMENT FORECAST 2012/13

13 FINANCIAL SERVICES Salary tables FINANCE Role Associate Associate Vice President Vice President Director/MD Central Finance Management Reporting/Business Finance Costing Controls/Analytics Financial Reporting Tax Accountant Valuations Quantitative Price Testing Finance Projects Business Analyst Product Control Cash Equities & Finance Commodities & Derivatives AUDIT, COMPLIANCE & RISK Role Associate Associate Vice President Vice President Director/MD Audit Internal Audit IT Audit Compliance AML (Audit Money Laundering) MAS Compliance TTM (Transaction Trend Monitoring) Front Office Advisory Risk Market Risk Credit Risk Operational Risk OPERATIONS Role Associate Associate Vice President Vice President Director/MD Operations Project Management Middle Office Client Servicing Back Office Settlement Corporate Actions Reconciliation Collateral Management Fund Administration Documentation Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 13 SALARY & EMPLOYMENT FORECAST 2012/13

14 FINANCIAL SERVICES Salary tables FRONT OFFICE Role Associate Associate Vice President Vice President Director/MD Investment Banking Debt Capital Markets Equity Capital Markets Private Equity Investment Banking Corporate/Institutional Banking Credit Analysis Corporate Bankers Transaction Banking Sales Transaction Banking Product Management Corporate Banking Relationship Manager Fund Management Institutional Sales & Marketing Portfolio Managers Research Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 14 SALARY & EMPLOYMENT FORECAST 2012/13

15 & LIFE Healthcare & Life Sciences 15 SALARY & EMPLOYMENT FORECAST 2012/13

16 Healthcare & Life Sciences Market overview Over the last 12 months, the healthcare and life sciences job market was healthy as businesses relocated to Singapore to take advantage of its strong research and development hub and business network. The most demand was for technical and manufacturing contractors with an in-depth knowledge of the healthcare market as many organisations outsourced these services. The clinical research area also experienced a boost in headcount across contract research organisations (CRO) and pharmaceutical companies. In contrast, there were fewer positions in the area of commercial excellence aimed at immediately impacting company profit as employers hired sales and marketing talent to achieve this. Currently, recruitment activity in the healthcare and life sciences industry remains positive. The highest demand is for clinical research professionals, Engineers and Medical Doctors. This is due to the shortage of specialist skills in these niche areas, and as more organisations strengthen their operations to meet domestic and regional consumer demand. Clinical Research Associates, Quality Managers, Technical Sales Representatives, Marketing Managers and Regulatory Affairs professionals with commercial experience at the senior and executive level are also being sought across the pharmaceutical, nutritional and medical device areas. This talent is required in companies focused on gaining market share by delivering products to customers quicker and establishing a reputable brand. As more organisations are expected to require professionals with healthcare and life sciences skills over the next year, employers will focus on securing talent by offering competitive remuneration. Average pay rises of 4-5% can be anticipated for top performers and higher wage increments of 8-10% are likely to be awarded to professionals with skills in highest demand. Some companies will offer performance based bonuses and transport allowances in early 2013 to secure the best staff at the beginning of year. Hiring activity in the healthcare and life sciences industry is anticipated to be steady over the next 12 months as more companies expand their research and development functions in Singapore. There will be continued demand for professionals with specialist skill sets and talent across the pharmaceutical, nutrition and medical device areas as more companies look to establish or enhance market share. To secure top performers in the coming year, businesses will offer long-term career development plans. 16 SALARY & EMPLOYMENT FORECAST 2012/13

17 Healthcare & Life Sciences Salary tables CLINICAL RESEARCH Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Drug Safety/Pharmacovigilence N/A Data Management N/A N/A 150+ Clinical Operations N/A BioStatistician N/A N/A SAS Programmer N/A N/A Medical Affairs RESEARCH & DEVELOPMENT Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Scientists (non PhDs) N/A Scientists (PhDs) OPERATIONS Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Manufacturing Process Engineering Mechanical Engineering Electrical Engineering Controls/Automation EHS Validation Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 17 SALARY & EMPLOYMENT FORECAST 2012/13

18 Healthcare & Life Sciences Salary tables QUALITY & COMPLIANCE Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Quality Control N/A Microbiology N/A Regulatory Affairs Quality Assurance (GMP) COMMERCIAL Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Sales/Medical Representative N/A N/A Product Manager N/A Senior/Group Product Manager N/A Sales Manager N/A Marketing Manager Sales Director Marketing Manager General Manager Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 18 SALARY & EMPLOYMENT FORECAST 2012/13

19 & LIFE human resources 19 SALARY & EMPLOYMENT FORECAST 2012/13

20 HUMAN RESOURCES Market overview Hiring activity in the human resources sector was consistent over the last 12 months, with recruitment occurring across most industry sectors and job levels. Most of this recruitment occurred for replacement roles or business-critical roles that were required to drive company growth. Many employers took a cautious approach to expanding their teams due to ongoing uncertainty around the strength of global economic conditions. For many companies, headcount pressures were eased through the recruitment of human resources professionals on a contract basis. Despite the uncertain global economic climate, the Asia Pacific region has proved relatively resilient, and remains a key growth area for many organisations. Multinational companies continue to relocate or establish their regional headquarters in Singapore as a base from which to expand their operations throughout Asia Pacific. Given the shortages that exist for top talent, attraction and retention remain key employer concerns. Demand is high for professionals in the areas of talent management and learning and development, as well as for HR Business Partners. There is a general talent shortage in these areas, particularly for specialists at the mid level with seven to ten years experience. The demand for talented compensation and benefits professionals also far outweighs supply. In an effort to retain the best talent, average salary increases of around 5% are likely to be offered by most employers. Performance based bonuses, which are dependant on company and individual performance, remain a common feature across most industries. The market average ranges from one to two month s salary, with higher bonuses reserved for the best performers. Over the next 12 months, employment opportunities for human resources professionals are expected to remain steady across all industries. Replacement hiring will remain the focus for most employers. Talent attraction and retention will continue to be a key priority for employers in the talent short market, with job rotation opportunities and overseas assignments among the incentives on offer to acquire and retain top talent. 20 SALARY & EMPLOYMENT FORECAST 2012/13

21 HUMAN RESOURCES Salary tables BANKING & FINANCE Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Payroll Specialist Mobility Specialist HRIS Specialist Learning and Development Specialist Recruitment Specialist HR Generalist/Business Partner Organisational Development Compensation and Benefits Specialist Head of Human Resources N/A N/A COMMERCE & INDUSTRY Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Payroll Specialist Mobility Specialist HRIS Specialist Recruitment Specialist Learning and Development Specialist Organisational Development HR Generalist/Business Partner N/A Compensation and Benefits Specialist Head of Human Resources N/A N/A Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 21 SALARY & EMPLOYMENT FORECAST 2012/13

22 & LIFE legal 22 SALARY & EMPLOYMENT FORECAST 2012/13

23 LEGAL Market overview Over the last 12 months, employment opportunities for legal professionals varied significantly between sectors. Recruitment was limited in the financial services area, with many banks displaying below average business results. In contrast, hiring activity in non-financial services sectors was steady, with most employers recruiting for replacement roles. Singapore remains a key regional hub for companies looking to expand their presence across the Asia Pacific region, with an increasing number of international law firms also entering the market under the Qualifying Foreign Law Practice scheme. Despite a slow down in the financial services sector, there is relatively little hesitation to continue investing in Singapore, with a consistent level of new job opportunities for candidates that are motivated to move roles. Demand is increasing for mid level in-house Legal Counsels with corporate commercial experience, as companies look to make more informed decisions using a dedicated resource that genuinely understands the business. Candidates at this level are generally able to strike a good balance between the operational and strategic aspects of the role. In the private practice area, junior to mid level professionals with two to five years post-qualified experience (PQE) are the most highly sought. Many corporate and banking and finance practices are generally well established in Singapore, so firms are increasingly focusing on niche areas like energy and project finance to try and capture market share. Professionals with experience in the areas of contracts, dispute resolution/ arbitration and corporate secretariat are also in high demand. Mandarin proficiency is increasingly valued by companies based in Singapore that support businesses in China. Average percentage salary increases of 15% to 20% are expected for talented legal professionals over the coming year. Above average increases will be reserved for job types that require specific language skills such as Mandarin, and niche skill sets such as international swaps and derivatives, given the small pool of candidates that fit this criteria. Non-financial services sectors will continue to offer bonuses that are tied to both company and individual performance, usually consisting of two to three months of base salary. Employers will be monitoring global economic conditions closely to inform their hiring decisions over the next 12 months. Although new jobs growth is expected to remain limited, replacement hiring will continue to create opportunities, mostly at the mid level. Companies will be looking to increase remuneration levels, offer more creative benefits, and provide more workplace flexibility in an effort to attract and retain the best talent. 23 SALARY & EMPLOYMENT FORECAST 2012/13

24 LEGAL Salary tables Lawyers Experience Salary $'000 Private Practice (Local Firms) Newly Qualified 3 years PQE years PQE years PQE and above 160+ Private Practice (International Firms) Newly Qualified 3 years PQE years PQE years PQE and above 250+ Please note: The above table includes salary data collected from leading and international law firms. In-House Corporate (MNC) < 3 years PQE years PQE years PQE and above 150+ Please note: The above table includes salary data collected from Singapore private and listed companies and multinational corporations. Financial Services < 3 years PQE years PQE years PQE and above 170+ Please note: The above table includes salary data collected from international/investment banks, local banks, insurance companies and fund/private equity/security houses. PARALEGALS & LEGAL SECRETARIES Experience Salary $'000 Private Practice (Local Firms) Paralegal (3 to 5 years) Corporate Secretarial Assistants (3 to 5 years) Legal Secretary (3 to 5 years) Senior Paralegal (> 5 years) 60k+ Corporate Secretarial Managers (ICSA-certified) 70k+ Company Secretary(ICSA-certified) 85k+ Please note: The above table includes salary data collected from international and leading local law firms, local and international financial institutions, Singapore private and listed companies and multinational corporations. Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 3. This is representative of our services within Singapore. 4. The figures in this guide are based around Singapore levels of PQE, with the exception of the international law firms where Singapore lawyers and other lawyers who have not completed their 2 year training contracts are usually required to take a discount on their qualification date. The typical discount is 18months. 24 SALARY & EMPLOYMENT FORECAST 2012/13

25 & LIFE OIL & GAS 25 SALARY & EMPLOYMENT FORECAST 2012/13

26 OIL & GAS Market overview The job market within the oil and gas sector performed positively over the last 12 months, largely driven by the fact that it is a key industry within Singapore and South East Asia. Singapore has established itself as a hub for the oil and gas industry, which now accounts for about 5% of the country s GDP. It also has a strong downstream sector and is a leading producer of rigs and floating prodction storage and offloading (FPSO) conversions. In addition, Singapore is home to many of the world s major oil companies, equipment manufacturers, offshore service providers and engineering, procurement and construction (EPC) organisations, and all of these companies are seeking specialist oil and gas professionals. Subsea Specialists were in high demand over the past year, due to the requirement for skilled professionals to assist in the quest for harder-to-reach oil and gas reserves. Business Development Managers were also in demand as existing oil and gas manufacturing and oilfield service companies expanded their operations or built new facilities in Singapore, or new companies set up commercial offices in the country. Hiring activity is currently steady across the oil and gas market as the need for talented professionals is a focus for many companies across the region. However, due to the increase in talented oil and gas professionals in the region, expat packages are now very rare and the preference is for local candidates. Professionals with safety and quality experience are currently highly sought-after to help companies meet the high demands and strict safety and quality regulations in the oil and gas industry. Project management professionals (PMP) are also required to manage high value and complex projects, as are Project Engineers with the technical knowledge required for specific projects. Professionals in positions such as Quality, Health, Safety and Environment Managers, Project Managers/ Engineers, Process Engineers, Subsea Specialists and Project Controls are in the highest demand. Experience is sought at all levels due to the ever increasing focus on the oil and gas sector in South East Asia. Average salary increases for oil and gas professionals over the coming year are expected to be between 10% and 15% for employees changing companies and around a 5% increase for those staying with their current employer. Above average salary increases will be driven by employer demand, and offered to professionals that possess skills in highest demand. Employers will look at bonuses as an employee retention tool, in particular the Annual Wage Supplement plus variable bonus components. Continued recruitment activity is anticipated within the oil and gas sector over the coming year due to the maintained focus on the Asian market from global oil and gas companies. Demand will be strong for professionals across all areas of the oil and gas sector and at all levels. The challenge for most companies moving forward will be the battle to attract the best talent from the limited pool of oil and gas candidates available in the region at the right price. The influence from China will also impact the market moving forward as the country continues to increase its competence in providing services to the oil and gas market across the broader Asia region. To secure talent, companies will continue to offer attractive remuneration packages, especially when winning new projects, and will also look at offering more incentives and career development frameworks to retain their best people. 26 SALARY & EMPLOYMENT FORECAST 2012/13

27 OIL & GAS Salary tables Oil & Gas Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Electrical Engineering Business Development/Technical Sales Process Engineering Mechanical Engineering Structural/Civil Engineering HSE/QHSE QA/QC Proposal/Tender/Contract Engineer Subsea Drilling Project Management Geosciences Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 27 SALARY & EMPLOYMENT FORECAST 2012/13

28 & LIFE procurement & Supply Chain 28 SALARY & EMPLOYMENT FORECAST 2012/13

29 procurement & Supply chain Market overview Over the last year, recruitment activity was balanced in the procurement and supply chain industry as some organisations in Singapore expanded their headcount while others contracted staff numbers. There was a focus on acquiring niche skills and experience in the growing areas of automotive, aerospace, healthcare, retail, equipment manufacturing, oil, gas, marine, banking and finance. Across FMCG, semiconductor and logistics, demand lessened as companies issued redundancies or implemented hiring freezes. Currently, recruitment activity is focused on acquiring talent in organisations that have recently established new regional headquarters in Singapore. The strongest demand is for Indirect Procurement for the aerospace, automotive, manufacturing, marine, technology and human resources categories, as well as Direct Procurement positions in the healthcare and pharmaceutical sectors. Supply chain professionals with strong experience in planning and forecasting, sales and operations planning, as well as collaborative planning, forecasting and replenishment (CPFR) are highly sought-after. In the supply chain area the highest demand is for mid to senior level professionals with experience in planning, customer service and logistics to manage third party services for company warehousing and transportation. Business Analysts across various sectors are required to assess vendor KPIs and inventory levels so companies can gain the most value from their service providers and ensure they are performing to industry standards. Sales and account management skills are sought in large companies experiencing high staff turnover and those with a strong focus on local and regional business development. As demand for procurement and supply chain skills increases, employers will need to award competitive remuneration to secure staff over the coming year. Average salary increases of 10-20% are likely to be offered to attract talent and around 5-10% to retain top performers. Above average wage rises can be expected for positions in highest demand, such as Sales Managers in logistics and professionals in electronics and manufacturing. Some companies may also award bonuses of one month s salary to retain staff over the Christmas and Chinese New Year holiday period. Other financial benefits that may be offered to secure new talent include monthly transport and phone allowances for managers, as well as housing allowances for senior professionals who need to relocate to Singapore from overseas. Looking ahead, hiring activity in the procurement and supply chain industry over the next 12 months is expected to be positive, particularly across growing areas such as pharmaceutical, healthcare, oil and gas. There will be increased demand for mid to senior professionals that are required to establish regional procurement and supply chain functions in Singapore, such as Indirect and Direct Procurement. To attract and retain staff, employers will continue to offer above average salaries to keep business critical skills within the organisation and are likely to award competitive bonuses between one and three month s salary in early Nonfinancial benefits such as company management schemes, succession plans and medical or dental insurance may also be offered to secure talent for the long-term. 29 SALARY & EMPLOYMENT FORECAST 2012/13

30 procurement & Supply chain Salary tables OIL & GAS/PHARMACEUTICALS Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years Salary $'000 $ 000 $ 000 Supply Chain Quality Distribution/Warehousing Logistics/3PL Direct Planning Indirect LEAN/Six Sigma FMCG/RETAIL Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years Salary $'000 $ 000 $ 000 Quality Direct Logistics/3PL Supply Chain Distribution/Warehousing Planning Indirect LEAN/Six Sigma TECHNOLOGY Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years Salary $'000 $ 000 $ 000 Quality Direct Logistics/3PL Distribution/Warehousing Supply Chain Planning Indirect LEAN/Six Sigma FINANCIAL SERVICES Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years Salary $'000 $ 000 $ 000 Procurement/Strategic Sourcing Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 30 SALARY & EMPLOYMENT FORECAST 2012/13

31 & LIFE property & construction 31 SALARY & EMPLOYMENT FORECAST 2012/13

32 property & construction Market overview Over the last 12 months, recruitment activity across the property and construction industry remained stable as business conditions steadied. Employers made replacement hires and limited the number of new permanent positions, particularly in real estate investment and asset management, due to some uncertainty about future market conditions. In contrast, the hospitality market showed continued growth and more property and construction professionals with a range of skill sets were required to facilitate activity in this sector. Currently, professionals with hospitality skills and experience are in highest demand as Singapore continues to establish itself as one of Asia s leading hospitality hubs. There is also a high requirement for Interior Designers, Project Managers, Retail Leasing, Hotel Developers and Property Managers at the senior level across the hospitality and retail development markets as companies look to increase market share and maintain current portfolios. The availability of skills for these positions is limited within the city and employers may need to source overseas professionals as they exhaust the domestic talent pool. Skills in interior design and project management are highlysought across multiple sectors as Singapore continues to be the regional base for architectural services operations. Another area of demand is front line revenue-generating roles in property and construction companies that are seeking business development opportunities to increase or maintain market share. To secure talent with the best skills, employers will offer average salary increases of 8% for the coming year. Above average increases can be expected for professionals with a strong business network and specific sector experience in companies that want to establish their position in the market. Further, professionals with business development skills may also be offered bonuses or other financial incentives as the focus on growing market share increases. Hiring activity in the Singapore property and construction sector over the next 12 months is likely to be consistent as companies continue to make replacement hires or slight headcount increases to meet new market demand. The strong trade link between China and Singapore is also expected to maintain demand for skills in property and construction as domestic businesses continue to work with Chinese organisations. With the property and construction job market expected to be strong in the coming year, employers will need to focus on attracting and retaining top talent. Companies will most likely offer scope for career progression, followed by competitive salary increases. 32 SALARY & EMPLOYMENT FORECAST 2012/13

33 property & construction Salary tables CORPORATE REAL ESTATE Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Environment Health & Safety Facilities Management & Corporate Services Property Management Security & BCP Leasing & Transaction Management PROJECTS Experience 3 to 5 Years 5 to 10 Years 10 to 15 Years More than 15 years Design Management Office Fit-Out Construction & Project Management Project Development REAL ESTATE INVESTMENTS Role Analyst Associate Vice Presidents SVP/Director Asset Management Portfolio Management Investment Management Please note: 1. Salaries indicated are based on an annual basic salary, excluding bonus/incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. 33 SALARY & EMPLOYMENT FORECAST 2012/13

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