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SINGAPORE: The global financial crisis has not hurt demand for finance and accounting professionals in Singapore.
A recent survey by financial recruitment firm Robert Half showed that 70 per cent of Singapore firms face difficulties in hiring such professionals, even during the current downturn,
Finance and accounting professionals are more concerned about job security in the current recession. Market watchers said this is leading to a shortage of such professionals in Singapore.
A recent survey of some 200 Singapore firms showed that 75 per cent of respondents felt there are fewer high-quality professionals willing to move to new firms.
Tim Hird, managing director, Robert Half International, said: "Finance and accounting talent are unwilling to leave their jobs in the current market. They are taking a very risk-adverse approach to their job-searches.
"So, what seems to be happening at the market is that the gap between supply and demand even in these difficult times, in the world of finance and accounting, is still remaining quite distinct."
But other experts said that the problem lies with selective recruiting by companies in areas like compliance, risk and chain management.
Declan O'Sullivan, director of Kerry Consulting Pte Ltd, said: "My view is that Singapore has a very good supply of finance and accounting people relative to any other market.
"And so I think ... there is always going to be some shortages in specific areas seen from the point of view from one organization at a particular point in time. In other words, somebody is looking for the perfect candidate for a particular role and it is never easy to find these people."
To address this issue, firms are working hard to retain talent. More than half polled in Robert Half's Workplace Survey earlier this year said they are identifying and preparing finance and accounting staff for managerial roles.
46 per cent said they are willing to pay more for qualified job candidates. - CNA/vm
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