Firms to increase focus on hiring locals this year: Robert Walters
- POSTED: 21 Jan 2014 13:07
Firms will be increasing their focus on hiring locals in the year ahead, according to a global salary survey by recruitment consultancy firm Robert Walters.
SINGAPORE: Firms will be increasing their focus on hiring locals in the year ahead, according to a global salary survey by recruitment consultancy firm Robert Walters.
The Fair Consideration Framework, to be launched this August to bolster the hiring of Singaporeans, is expected to drive higher salary levels in both permanent and contract recruitment.
Robert Walters' managing director Toby Fowlston said: "With the increasing competition for top Singapore talent, firms are recognising the importance of developing existing employees with transferable skill sets.
“This allows for more promotion opportunities from within and rewards employees with an expanded scope of responsibilities."
The survey also found that switching jobs this year could lead to a significant pay increment.
Results from the survey showed that candidates who switched jobs in 2013 could command an average 15 to 20 per cent salary increment.
The trend is likely to continue this year.
The survey also noted that contract hiring is likely to be on the rise for HR professionals as employers prefer a flexible workforce, in particular for payroll staff and junior HR executives.
Accounting and finance professionals with niche skills, such as treasury, taxation and internal audit, will command premium salary increments.
At the same time, IT professionals will be highly sought after as companies realise the value of providing the best possible customer experience.
And as Singapore looks to further regulate its banking industry and maintain its reputation as a secure financial hub, the survey anticipated greater demand for legal and compliance professionals.