Post on 29-May-2018
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Country overview
Singapore experienced a turbulent year in 2009 with
many sectors dramatically aected by the globalnancial crisis. Banking and nancial services was
aected across all unctions and levels, with trading
activity particularly low at the start o the year. We saw
dramatic headcount reductions in structured products
and retrenchments prevalent within nance, product
control and operations traditionally strong areas within
the Singapore market. Consequently, the emphasis
on equities and commodities resulted in a shortage
o talent in these areas.Reported earnings began to grow in quarters three
and our, with greater condence returning to the
market. As many organisations continue to operate
with skeleton sta, we anticipate a move towards
headcount increases during 2010, particularly with
regards to experienced operations proessionals
with project and commodity backgrounds.
Across commerce and industry retrenchment andrepatriation o expatriates in oreign multinationals also
took place, particularly within nancial control. Local
sta were sometimes hired as replacements but moreoten than not, internal restructures were implemented
as a quick and eective way to reduce costs. Most
sectors within industry elt the eects o the nancial
crisis but those most aected by reduced consumer
demand included: automotive, semi conductors, aviation,
industrial, hospitality, travel and telecoms. Some areas
were more resilient and pharma/healthcare/FMCG/IT
and retail ared well through the economic crisis. Despite
the poor market conditions, some proessionals remainedin demand with talent shortages in sales, procurement,
tax, nancial planning & analysis and internal audit.
July to September saw an 8.8% increase in job adverts
placed in the Singapore market, refecting the growing
condence during the second part o the year. As
demand increases and candidates become more
condent about moving to a new role, retention strategies
and succession planning will be key. Those companies
proactively addressing these issues will secure the besttalent in the market.
SingaPore
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