SALARY GUIDE Singapore€¦ · SINGAPORE SALARY GUIDE 2020 The 2019 Singapore recruitment market,...

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SALARY GUIDESingapore

SINGAPORE SALARY GUIDE 2020

The 2019 Singapore recruitment market, In overall, performed much better than in the previous year. Job vacancies were higher and the numbers of roles filled were greater. Whilst many of the issues of the past few years still exist, such as off-shoring certain staff to lower cost locations, with other areas showing increased demand particularly in Technology and contracting, the net effect was an increase in hiring. This was coupled with a slight increase in confidence, not just in Singapore but in the wider APAC region and indeed across the globe. So, looking ahead at 2020, the improvement in market conditions we witnessed in 2019 are expected to continue. Therefore, the fantastic news for job seekers in Singapore is that there will be some wonderful opportunities out there for those that want them.

There are a number of overarching trends that will continue in 2020. The rise (and rise) of contracting in Singapore is a key trend highlighting Singaporean-based companies that see the ever-increasing benefit of adopting a flexible workforce. We view this as a positive situation for both employers and employees.

Additionally, the growth (and increasing international recognition) of the Fintech sector will continue. Moreover, the technology sector in general is expected to increase hiring in 2020, particularly in the non-financial services sectors such as Technology, Sales & Marketing, Digital, HR, Finance & Supply Chain. It’s exciting times for those working in software engineering, product development, cyber security, data science & analytics, dev ops and cloud to name a few job types. In the financial services space, we expect to see growth across the board however less so in your traditional larger blue chip organisation, more so in the smaller or medium sized financial services MNC who have aspirations of growing their footprint in the region.

2020 will, of course, see us all focus strongly on working with our clients to maintain the Fair Consideration Framework and Singapore Core focus. Where there are candidate-short employment markets we will continue to work closely with employers to create effective long-term solutions. And with Singapore continuing to attract large amounts of inward investment from foreign companies (usually tech firms but not exclusively) the war for talent will continue throughout the year. We hope our Salary Guide will not only provide you with useful salary advice but will also give you an insight into the key hiring areas in Singapore across the numerous disciplines and sectors that we cover. One factor that has never changed in the Singapore hiring market is the sheer speed of change. The ‘hot’ areas of recruitment one year are not necessarily the same the following year. We are very much looking forward to the year ahead in 2020.

CONTENTS

MARKETING 51 Banking & Financial Services 54

Technology 55

Digital Marketing 56

Consumer Goods 57

Pharmaceutical & Medical Devices 58

PROJECT & CHANGE MANAGEMENT 59 Project & Change Managment Permanent 60

Project & Change Managment Contract 63

RISK MANAGEMENT 64 Risk Permanent 67 Risk Contract 67

SALES 68 Sales Permanent 71

Sales Contract 72

SUPPLY CHAIN & PROCUREMENT Supply Chain & Procurement Permanent 76

Supply Chain & Procurement Contract 77

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ACCOUNTING & FINANCE - COMMERCIAL BUSINESSES 05

Accounting & Finance Permanent 08

Accounting & Finance Contract 09

ACCOUNTING & FINANCE - FINANCIAL SERVICES 11

Accounting & Finance Permanent 14

Accounting & Finance Contract 15

BANKING OPERATIONS 16

Banking Operations Permanent 18

Banking Operations Contract 18

COMPLIANCE 19

Compliance Permanent 22

Compliance Contract 22

FINANCIAL SERVICES - FRONT OFFICE 23

Investment Banking M&A / ECM / DCM 26

Private Banking 26

Private Equity 27

Retail Banking / Premier Banking Salaries 27

HR 28

HR Permanent 31

HR Contract 30

IT 33

Cyber Security, Governance & Audit (Innovation & Technology) 38

Sales, Pre Sales - Vendor& System Integrator (Fintech & Telecommunications) 39

IT Product & Engineering (Technology, Telecommunication & Fintech) 40

IT Product & Engineering (Banking & Financial Services) 42

Infrastructure (Technology, Telecommunications & Fintech) 44

Infrastructure (Financial Services) 46

Development & Testing (Financial Services) 48

Application Support (Financial Services) 50

Salary Guide 2020

ACCOUNTING & FINANCECOMMERCIAL BUSINESSES

6

Overview of the Accounting and Finance industry trends In Singapore- 2019

Generally, more opportunities have been created to enable applicants to find better jobs in the finance and accounting sector in Singapore. The trends indicate that it is essential to have the skills demanded by hiring managers to be considered for recruitment.

In Singapore, there was an increase in finance related job opportunities in Q1 and Q2, the opportunities were fewer in Q3, but a rise in the number of vacancies in the sector was recorded in Q4.

A 25% increase in the number of financial positions available has been recorded. Also, a 20% increase in the number of candidates searching for jobs has been attained.

In the Technology and Healthcare sector, there is a demand for more proficient applicants. On the other hand, sectors such as the FMCG, Shipping, and Oil & Gas industry have witnessed a drop in the number of candidates in search of jobs.

The year 2019 has indeed been a period of immense opportunities for job seekers. There has been a consistent demand for the best candidates, due to the influx of new companies setting up their businesses in Singapore.

The companies that fail to implement strategies to attract the best candidates will lose opportunities to hire people with specialised skills who can help their businesses thrive.

The top three jobs currently in demand are:

• Finance Manager• Finance Planning and Analysis Manager• Finance Controller

Blending technical skills with financial management proficiencies

The prevailing transitions in the finance sector have created the need for candidates who have specialised skills related to financial management. Also, recruiting the best FP & A managers will help the company to improve business focus and cost control. New businesses and others undergoing restructuring require the services of the best talent in the labour market to help manage the new businesses.

The companies are interested in hiring candidates who have had a big 4 audit experience and a background in commercial finance. The candidates who have knowledge of Technical Accounting and FRS standards are also in demand. Companies also need business partners who have experience and strong business acumen.

The best candidates are expected to possess C. A. qualifications and experience in FRS operations. An added experience in financial management and implementation of policies is an advantage.

Remuneration trends for employees in the industry

The benchmarks for salaries in the finance sector have been stable in the past years.

The finance sector is generally characterised as one of the sectors with a good gender and diversity ratio. The changes in the FRS and related policies have increased the demand for experienced candidates in this area, regardless of gender.

ACCOUNTING & FINANCE - COMMERCIAL BUSINESSES

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Other factors that have influenced the industry

Legislation and politics

Currently, there is no identifiable legislation or a political issue that has influenced the availability of jobs in the industry.

The employee working conditions

Employees in the finance sector work for longer hours than normal; this is a potentially negative situation that compels candidates to consider job opportunities that allow them to work remotely.

Changes in Technology

Technological changes have promoted a stronger culture in companies with a flexible working environment.

There has been no significant attempt made by the companies to attract the best candidates or to address hiring agendas based on the introduction of new technology.

Expectations in the year 2020

In the coming year, more companies will undergo a financial transformation. It is also expected that the candidates who possess the necessary technical skills and knowledge will have more opportunities to secure good jobs.

Currently, there are no indications that the legislation or political landscape will change the prevalent trends in the industry. Also, it is not certain whether new technologies will disrupt the sector.

Clients and hiring managers can achieve their goals if they are more liberal about hiring candidates who have a diverse background instead of searching only for candidates with extensive experience. It will be best if recruitment decisions are taken quickly because the best candidates have many offers to consider.

Advice to Job Seekers in 2020

Job seekers should remain optimistic and empower themselves for new challenges. The jobs in the future will be more diversified, and employees in the financial sector will also be expected to competently handle tasks related to building and expanding the business.


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ACCOUNTING & FINANCE | PERMANENT (Annual salary)

© Morgan McKinley 2020

SINGAPORE - 2020 ACCOUNTING AND FINANCE - COMMERCIAL BUSINESSES SALARY GUIDE

Accounting & Finance Permanent Salaries ($ Per Annum)

Job Title Low Average High

CFO / VP Finance $250,000 $350,000 $500,000+

Finance Director $180,000 $240,000 $350,000+

Financial Controller $120,000 $160,000 $200,000+

Commercial Finance Manager $80,000 $120,000 $180,000+

Financial Planning and Analysis Director / Business Controller $120,000 $160,000 $250,000+

Internal Audit Director $160,000 $250,000 $300,000+

Internal Audit Manager $90,000 $120,000 $160,000+

Internal Auditor $80,000 $95,000 $110,000+

Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+

Tax Accountant / Analyst $55,000 $90,000 $120,000+

Treasury Director / Treasurer $160,000 $200,000 $250,000+

Treasury Manager $70,000 $100,000 $150,000+

Treasury Accountant / Analyst $55,000 $70,000 $80,000+

Accounting/ Finance Manager $70,000 $95,000 $130,000+

Financial Accountant $50,000 $75,000 $100,000+

Financial Planning and Analysis Manager $100,000 $130,000 $180,000+

Financial/ Business Analyst $50,000 $80,000 $100,000+

Credit Analyst/ Controller / Manager $45,000 $80,000 $120,000+

Revenue Analyst / Manager $55,000 $80,000 $120,000+

Corporate Finance Manager / Director $120,000 $180,000 $250,000+

Pricing Analyst / Manager / Director $60,000 $100,000 $160,000+

AP / AR Analyst / Accountant / Manager $45,000 $70,000 $100,000+

Group Consolidation Accountant / Manager $65,000 $100,000 $150,000+


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ACCOUNTING & FINANCE | PERMANENT (Annual salary)






CFO / VP Finance $250,000 $350,000 $500,000+








Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+



















CFO / VP Finance $250,000 $350,000 $500,000+








Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+

















Supply Chain Finance Manager / Controller Director $85,000 $120,000 $150,000+

Costing Accountant / Analyst / Manager $50,000 $90,000 $150,000+

Accounting & Finance Contract Salaries ($ Per Annum)


CFO/ VP Finance $250,000 $350,000 $500,000+




Financial Planning and Analysis Director/ Business Controller $120,000 $160,000 $180,000+




Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+





Accounting / Finance Manager $70,000 $95,000 $130,000+



Financial / Business Analyst $50,000 $80,000 $100,000+

Credit Analyst / Controller / Manager $45,000 $80,000 $120,000+

Revenue Analyst/ Manager $55,000 $80,000 $120,000+



ACCOUNTING & FINANCE | CONTRACT (Annual salary)







CFO/ VP Finance $250,000 $350,000 $500,000+








Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+













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ACCOUNTING & FINANCE | CONTRACT (Annual salary)







CFO/ VP Finance $250,000 $350,000 $500,000+








Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+



















CFO/ VP Finance $250,000 $350,000 $500,000+








Tax Director $160,000 $250,000 $300,000+

Tax Manager $85,000 $120,000 $160,000+















AP/ AR Analyst / Accountant / Manager $45,000 $70,000 $100,000+




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Salary Guide 2020

ACCOUNTING & FINANCEFINANCIAL SERVICES

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Accounting & Finance (Banking & Financial Services)

In recent times there have been fewer applicants in the Q1 and Q3 because many companies pay bonuses in Feb/Mar. The employees would rather wait to receive their bonuses after working for about three months into the New Year and then resign before Q3.

Consequently, this has caused an increase in the headcount movement in the industry. Candidates apply directly to firms or secure jobs through referrals.

Overview of the 2019 industry trends

Many of the foreign companies in Singapore oversee business affairs from their headquarters while establishing branch offices in Singapore.

There has been an increase in the number of Chinese and Indian firms interested in expanding their business to foreign countries. Singapore is one of the best investment destinations because of its transparency in governance and thriving economy.

Singapore has maintained a good relationship with neighbouring countries and the major stakeholders in APAC.

Companies that need to hire applicants to fill financial service positions are in search of experienced workers who can function as reviewers, advisors, and business partners;the goal is to form strategic relationships to establish production centres at a minimal cost.

Three highly demanded skills in the accounting and finance sector are as follows:

• Regulatory Reporting• Financial Reporting• Financial Planning & Analytics

Why is there a demand for these roles?

Companies regard regulatory reporting as an essential responsibility and establishing business partnerships makes it easy to communicate effectively with the industry stakeholders.

With the implementation of the new MAS 610, there is a demand for candidates who can handle regulatory reporting efficiently. The new industry trends have revealed that banks now combine financial reporting & regulatory reporting as one role. What this means is that better-skilled candidates are needed to handle the more complex roles.

Banks interested in expanding their brand in Singapore and are in the process of establishing innovative finance teams to support the employees at the front office. There is more demand for FP & A managers now, more than ever before. These are the professionals who will be in charge of analytics, budgeting, forecasting the market, and ensuring that the organisation’s business is financially sustainable.

Recruitment strategies used by investors in Singapore

Hiring the best Fund Accountants

The advancement in the area of Fund Services can be attributed to the action taken by fund management firms to introduce new funds services in Singapore. This is a significant trend that has boosted the Private Equity and Real Estate sector.

Leveraging favourable tax policies

The on-going 13x income tax scheme has encouraged companies with branches in Singapore to demand competent applicants who can properly oversee asset management functions.

Hiring financial controllers/finance managers

The employers acknowledge the importance of having a team that can align management reporting and budgeting with the business.

Creating better working conditions

Regarding the funding sector, bigger companies offer their employees additional work-free days when employees have worked at the firm for a particular number of years. This is commonly called a long-service leave/award. The companies are more interested in retaining their best employees for many more years.

To achieve this, the banks and companies in the financial sector have implemented different strategies to attract the best candidates to occupy vacant positions. These companies offer leadership training programs, relationship building coaching, and attractive bonuses.

ACCOUNTING & FINANCE - FINANCIAL SERVICES

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Qualifications required for securing better jobs

Applicants who have acquired chartered accountancy qualifications such as CA/CPA/ACCA, stand a high chance of securing good jobs. Experience is also considered as a recruitment factor.

Remuneration trends in the industry

In banks, employee salary increments are at 15%; consequently, the variable bonuses are higher, which makes it difficult to account for the overall compensation.

Gender and diversity ratios and existing policies have had an influence on the financial and accounting sector in the area of financial services.

The MAS 610 makes it mandatory to hire applicants who can perform regulatory reporting in banks. here have, however, been advancements in the financial sector due to the VCC scheme that was implemented recently. The current political issues in Hong Kong have left companies with no choice but to search and hire talent in Singapore.

Have remote working opportunities been impactful?

There has been no significant impact on the financial sector. However, depending on the firm, some level of flexibility is permitted. For example, some companies require their employees to work in offices, while others such as small and medium-sized banks allow their staff to work for shorter hours, to help them achieve a better work/life balance. Also, bigger foreign banks offer employees more flexibility and remote working opportunities.

The impact of technology changes in the industry

More firms have started automation projects to remain competitive. However, there is a consistent demand for trained employees who can help to achieve the transition.

It is expected that the demand for employees in the financial sector will remain consistent because more finance and funds management companies are expanding into Singapore.

With the advancement of technology, there will be an increase in the demand for candidates who have IT skills.

The decline in the number of trained candidates available to take jobs in Singapore will compel clients to be more liberal about the academic background of candidates in Singapore.

Merging roles in the workplace has also become a trend now.Bigger banks have started merging the regulatory reporting functions with the financial reporting functions.

Also, in smaller firms, accounting responsibilities are combined with KYC/AML functions. This trend creates opportunities for job seekers who can gain work experience and exposure in other fields.


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ACCOUNTING AND FINANCE | PERMANENT (Annual salary)


SINGAPORE - 2020 ACCOUNTING AND FINANCE - FINANCIAL SERVICES SALARY GUIDE

The Morgan McKinley 2020 Salary Guide for expected salaries for professional roles in Singapore.



Product Controller $65,000 $120,000 $150,000+

Financial Reporting $70,000 $108,000 $140,000+

Regulatory Reporting $70,000 $108,000 $140,000+

Valuation Control $75,000 $120,000 $150,000+

FP&A $80,000 $120,000 $150,000+

Internal Audit $70,000 $90,000 $130,000

Performance Analyst (Asset Management) $80,000 $120,000 $150,000+

Pricing Analyst $54,000 $78,000 $120000

Tax (Fund/Asset Management) $84,000 $130,000 $200,000

Treasury (Fund Management) $60,000 $80,000 $150,000

Financial Accountant/Manager (Fund Management) $48,000 $76,000 $120,000

Financial Accountant / Manager (Family Office) $42,000 $60,000 $84000+

Fund Accountant (Junior / Senior) $36,000 $54,000 $72000+

Fund Accounting (Manager / Senior Manager) $72,000 $100,000 $160,000

Legal Entity Controller $65,000 $108,000 $140,000+

Finance Manager $85,000 $120,000 $140,000+



CFO (Fund Mangement) $220,000 $350,000 $550,000



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ACCOUNTING AND FINANCE | CONTRACT (Annual salary)


SINGAPORE - 2020 ACCOUNTING AND FINANCE - FINANCIAL SERVICES SALARY GUIDE








FP&A $80,000 $120,000 $150,000+

Internal Audit $70,000 $90,000 $130,000


Pricing Analyst $54,000 $78,000 $120000

Tax (Fund/Asset Management) $84,000 $130,000 $200,000

Treasury (Fund Management) $60,000 $80,000 $150,000

Financial Accountant/Manager (Fund Management) $48,000 $76,000 $120,000



Fund Accounting (Manager / Senior Manager) $72,000 $100,000 $160,000


Finance Manager $85,000 $120,000 $140,000+



CFO (Fund Mangement) $220,000 $350,000 $550,000








FP&A $80,000 $120,000 $150,000+

Internal Audit $70,000 $90,000 $130,000


Pricing Analyst $54,000 $78,000 $100,000+

Tax (Fund/Asset Management) $84,000 $130,000 $120,000+

Treasury / Senior Associate/Director (Fund Management) $60,000 $80,000 $150,000+

Financial Accountant/Manager (Fund Management) $48,000 $76,000 $120000+



Fund Accounting (Manager / Senior Manager) $72,000 $100,000 $160,000+


Finance Manager $85,000 $120,000 $140,000+



CFO (Fund Mangement) $200,000 $350,000 $500,000+

Accounting & Finance (Banking & Financial Services)

In recent times there have been fewer applicants in the Q1 and Q3 because many companies pay bonusesin Feb/Mar. The employees would rather wait to receive their bonuses after working for about threemonths into the New Year and then resign before Q3.

Consequently, this has caused an increase in the headcount movement in the industry. Candidates applydirectly to firms or secure jobs through referrals.

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Salary Guide 2020BANKING OPERATIONS

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Banking Operations in Singapore

In 2019, the trends in the banking sector were similar to what we observed in the previous years. The banking operations have evolved to integrate more functions, and a rising number of foreign financial institutions have established their businesses in Singapore. We have also observed advancement in technology, with more Fintech solutions being introduced in the banking sector.

In addition to the BAU requirements, banking operations now feature project management tasks aimed at improving financial services. Generally, there is a progressive growth trend in the banking sector.We have observed that Chinese banks are implementing effective strategies for business growth in South-East Asia.The financial stability in Singapore’s commercial hub has also attracted banks from the Middle East to establish branch offices in Singapore.

In Q3, the political issues in Hong Kong have compelled more investors to focus on investing in Singapore, and the country is fast becoming the biggest financial hub in the South East Asian region.

Overview of the industry

There have been fewer jobs for candidates in 2019 because the traditional operational methods have been replaced. The current roles require more skillsets and techniques. In the search for candidates with employable skills that meet the current needs of the banking sector, companies outsource their jobs to offshore teams in places such as India and the Philippines, where the cost of labour is cheaper. The teams working in Singapore must have the skill sets and experience to work directly with clients and grow the business.

The HR teams in companies now have a preference for candidates with diverse skills in different areas, who can add more value to the company.

Regardless of the outsourcing of jobs to offshore teams, the major banks in Singapore still depend on the onshore teams which focuses on advisory and quality assurance purpose. The onshore teams are responsible for providing quality services that conform to the regulations for businesses operating in Singapore.

The banks in Singapore have continued to thrive, regardless of the trade war between the US and China. Some key stakeholders in Asia have been affected by the trade war, with businesses experiencing a 20% decline in 2019. However, the Asian markets continue to thrive, from a general perspective, with increasing imports and exports in the commodities market. As such, the banks in Asia are more focused on providing funding for trade financing in the commodities market.

The current market conditions have led to an increase in the demand for candidates with all rounded experience and better skills who can cope with the changing market trends. Candidates with more skills have made it less necessary for investment banks to hire employees.

The job market is still active; candidates with the sought after skill sets are changing jobs in search of better employment opportunities. And others leverage specific skill sets to secure job opportunities, for example, speaking particular languages (Japanese) that have been identified as a requirement for niche roles.

Addressing gender diversity in the banking sector

In Singapore, the bigger banks have made it a priority to address the issue of gender diversity in the banking sector. The banks have started implementing measures to create a work environment that has a balanced gender ratio. This year, more senior female employees have been hired to take on crucial roles.

Regarding Fintech, the hiring managers are in search of candidates who have the skills to manage data, workflow reporting, and automated processes that can improve the banking operations.

Projections for the year 2020

The banking sector in 2020 is expected to continue in a neutral inclination due to the uncertainties regarding the global economy. The banking operations will rely on business performance in different sectors.

The recruitment scene is expected to be in favour of candidates who can speak the required languages. From this perspective, it is expected that in 2020, more candidates will take courses on language proficiency or professional certification to upskill themselves in a bid to enhance their profiles.

BANKING OPERATIONS

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BANKING OPERATIONS | PERMANENT (Annual salary)


SINGAPORE - 2020 BANKING OPERATIONS SALARY GUIDE


Banking Operations Permanent Salaries ($ Per Annum)


KYC Operations $48,000 $130,000 $330,000+

Client Services $54,000 $130,000 $300,000+

Corporate Actions / Settlement $36,000 $110,000 $230,000+

Trade & Sales Support $54,000 $150,000 $300,000+

Reference Data $36,000 $120,000 $240,000+

Trade Finance Operations $36,000 $120,000 $240,000+

Collateral Management $42,000 $130,000 $250,000+

Transfer Agency $33,000 $100,000 $180,000+

COO / Head of Operations $190,000 $270,000 $350,000+

Banking Operations Contract Salaries ($ Per Annum)


KYC Operations $54,000 $120,000 $200000+

Client Services $57,600 $130,000 $200,000+



Reference Data $48,000 $120,000 $200,000+



Transfer Agency $33,000 $100,000 $132,000+


BANKING OPERATIONS

BANKING OPERATIONS | CONTRACT (Annual salary)


SINGAPORE - 2020 BANKING OPERATIONS SALARY GUIDE


Banking Operations Permanent Salaries ($ Per Annum)


KYC Operations $48,000 $130,000 $330,000+

Client Services $54,000 $130,000 $300,000+



Reference Data $36,000 $120,000 $240,000+



Transfer Agency $33,000 $100,000 $180,000+


Banking Operations Contract Salaries ($ Per Annum)


KYC Operations $54,000 $120,000 $200000+

Client Services $57,600 $130,000 $200,000+



Reference Data $48,000 $120,000 $200,000+



Transfer Agency $33,000 $100,000 $132,000+


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COMPLIANCE

Salary Guide 2020COMPLIANCE

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Compliance in Singapore

There were positive changes in the recruitment scene in Singapore, which is good news for job seekers. There is still a high demand for candidates who can effectively perform AML roles in companies. Candidates applying for jobs need to identify key criteria that can make them more employable.

In the private banking sector, candidates who have work experience in fields such as transaction monitoring and KYC implementation are in high demand. There is also a demand for candidates whose resumes indicate that they meet the requirements of the regulatory agencies in the country. The employers are prioritising work experience and regulatory compliance as key factors when recruiting talent from the job market.

The financial industry in Singapore has been leveraging Fintech in many ways to meet the needs of clients. Fintech is currently one of the foremost sectors to watch in Singapore. Many Fintech companies have established their businesses in the country. To meet the needs of their clients while abiding by the regulations, Fintech companies tend to hire compliance professionals who have extensive experience in the industry.

Job Positions in High Demand

We can identify three main job positions that are in high demand:

• AML transaction monitoring• Sanctions filtering and advisory• KYC management.

Hiring managers are always interested in candidates who have the skill sets to perform these roles. In the private banking sector, hiring managers conduct regular recruitment exercises to find the best candidates who can conduct periodic KYC reviews effectively. Also, these companies need experts who can carry out KYC onboarding in the private banks, and other industries in the country.

However, candidates who have the regulatory compliance experience, as mandated by the agencies in the country, have a better chance of securing the top jobs. Another qualification that can help candidates secure the best jobs is the possession of ACAMS professional qualification.

Singapore is reputably one of the global wealth management hubs. So many foreign companies are interested in investing in the country. To maintain the high standards, the agencies in charge of compliance monitoring make it mandatory for companies to hire the best candidates who can ensure a high level of compliance.

Remuneration for compliance workers

Over the years, there have been no significant changes in the average salaries paid to compliance workers. The benchmark for salaries paid to professionals in the field has remained stable. This is a trend that is expected to continue in the year 2020.

Does gender play a role in recruitment?

In Singapore, it is increasingly obvious that companies do not regard gender when recruiting the best talent. Instead, hiring managers are more concerned about competence and building the team in the financial institution rather than hiring candidates based on their gender.

COMPLIANCE

21

However, candidates of Singaporean origin stand a higher chance of getting the job. The HR teams in many companies are interested in maintaining a workforce that employs more Singaporean nationals, in line with the governance stipulations.

In conclusion, there is significant support from the Fintech companies to improve the approach towards compliance. We have seen new systems being introduced by Fintech companies to help the employee perform their duties efficiently while adhering to the regulations for compliance.

We expect that there will be a consistent demand for the best talent in the industry as the MAS conditions have made the regulations that guide financial institutions more stringent. Singapore has already built a reputation that is attracting investors from the financial and Fintech industry from all over the world.

Employers can avoid losing business growth opportunities by considering applications from candidates who have minimal work experience. These candidates can be trained to perform as excellently as those who have extensive working experience.

Also, candidates applying for jobs should seek positions where they can work for longer periods instead of switching jobs too often. Working for many companies within a short period can have a negative impact on the candidate’s resume. It is best to secure one good job and gain extensive experience over time.

COMPLIANCE

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COMPLIANCE | PERMANENT (Annual salary)


SINGAPORE - 2020 COMPLIANCE SALARY GUIDE


Compliance Permanent Salaries ($ Per Annum)


KYC $40,000 $180,000 $250,000+

Sanctions $50,000 $200,000 $270,000+

Transaction Monitroing $40,000 $150,000 $220,000+

Compliance Testing $50,000 $180,000 $250,000+

Regulatory Compliance $60,000 $150,000 $300,000+

Corporate Secretary $30,000 $120,000 $180,000+

Compliance Contract Salaries ($ Per Annum)


KYC $48,000 $150,000 $220000+

Sanctions $50,000 $200,000 $240000+

Transaction Monitroing $60,000 $120,000 $220000+

Compliance Testing $60,000 $150,000 $250000+

Regulatory Compliance $70,000 $120,000 $200000+



There were positive changes in the recruitment scene in Singapore, which is good news for job seekers.There is still a high demand for candidates who can effectively perform AML roles in companies.Candidates applying for jobs need to identify key criteria that can make them more employable.

In the private banking sector, candidates who have work experience in fields such as transactionmonitoring and KYC implementation are in high demand. There is also a demand for candidates whoseresumes indicate that they meet the requirements of the regulatory agencies in the country. Theemployers are prioritising work experience and regulatory compliance as key factors when recruiting talent

COMPLIANCE

COMPLIANCE | CONTRACT (Annual salary)


SINGAPORE - 2020 COMPLIANCE SALARY GUIDE


Compliance Permanent Salaries ($ Per Annum)


KYC $40,000 $180,000 $250,000+

Sanctions $50,000 $200,000 $270,000+

Transaction Monitroing $40,000 $150,000 $220,000+

Compliance Testing $50,000 $180,000 $250,000+

Regulatory Compliance $60,000 $150,000 $300,000+


Compliance Contract Salaries ($ Per Annum)


KYC $48,000 $150,000 $220000+

Sanctions $50,000 $200,000 $240000+

Transaction Monitroing $60,000 $120,000 $220000+

Compliance Testing $60,000 $150,000 $250000+

Regulatory Compliance $70,000 $120,000 $200000+



There were positive changes in the recruitment scene in Singapore, which is good news for job seekers.There is still a high demand for candidates who can effectively perform AML roles in companies.Candidates applying for jobs need to identify key criteria that can make them more employable.

In the private banking sector, candidates who have work experience in fields such as transactionmonitoring and KYC implementation are in high demand. There is also a demand for candidates whoseresumes indicate that they meet the requirements of the regulatory agencies in the country. Theemployers are prioritising work experience and regulatory compliance as key factors when recruiting talent

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Salary Guide 2020FINANCIAL SERVICES FRONT OFFICE

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Financial Services Front Office

During the first quarter of 2019, the private banking sector has been quite uneventful regarding the general recruitment and restructuring. The market has been quiet in the private bank sector because the banks have started implementing proactive methods to cut down their expenditure.

However, in Q3 and Q4 we observed some changes in the private banking sector. There have been multiple recruitments, and it was a relief to see the private banking sector come alive again. As usual, there is a scramble to hire the best talent in the labour market. It is not surprising to find that many private banks are interested in recruiting at the end of the year, which is the best time to build a team of competent employees who can help the business grow in the coming year.

Hiring for front office positions

We have observed that many hiring managers are searching for the best candidates to take jobs in front office positions.The most popular job offers in the front office positions are private bankers and relationship managers.

It is understandable that the hiring for front office positions is quite selective. The hiring managers are trying to be strategic with the recruitment process to find the best talent who can perform their duties effectively.

Hiring trends in the private banking sector in 2019

As the year comes to an end, the trends in the private banking sector regarding recruitment indicate that the hiring managers are particular about the candidates that receive the final job offer. There is an obvious preference for private bankers or qualified candidates who have industry experience.

In this regard, candidates who show proof of an extensive portfolio and that they have occupied high ranking positions in other private banks stand a high chance of getting employed.

Recruitment targets

Generally, private banks have a common goal. They need to build formidable teams that can ensure their revenues and Asset Under Management (AUM) portfolios reach an all-time high.

The goal during recruitment exercises is to find candidates who have excellent marketing skills, relationship management skills, and in-depth product knowledge.

Remuneration projections for employees in the industry

In the coming year, it is expected that the professionals in this field will get a raise. The projections indicate that there may be an increase between 10% and 20% of the employees’ salaries.

What factors have influenced the industry?

There are some apparent factors that have influenced the employees’ jobs and industry activities.

Issues such as gender diversity, political and legislative issues have had an impact on the way the experts in private banking sector operate. However, we expect improvements, especially in the area of gender diversity in the workplace.

Regardless of how the year started, we know that many candidates were able to secure their dream jobs in the private banking and Fintech industry and the coming year will be better.

There has also been recruitment at higher levels in the financial sector, such as Directors in private banks. This is an indication that the hiring managers are truly interested in attracting candidates who have quality experience.

Similar to the trends in 2018, there have also been vacancies for RMs and ARMs in the private banking sector towards the end of Q3 and throughout Q4.

FINANCIAL SERVICES - FRONT OFFICE

25

The top jobs in the private banking sector are as follows;

• Private bankers at Director Level and above including team leads and market leads.

• Analysts and Associates at investment banks.• Transaction Banking Sales & Coverage Bankers.

There is a decline in the number of graduates who are searching for jobs in the investment banking sector. The vacancies in Investment banking are taken by candidates from other countries.

We have also observed that there is a migration of workers from the banking sector to the technology industry. This is expected, considering the higher salaries and better working conditions in tech companies.

The banks have started implementing measures to discourage candidates from migrating to the tech industry. Many banks have implemented new policies that do not compel the employees to work during weekends, and other incentives to help the workers achieve a better work/life balance.

Bankers occupying top positions in the financial sector now treat younger employees with more respect to avoid losing them.

Tips for job seekers in 2020

It is important to be prepared at all times because of the unpredictable openings in different companies.

Eligible job seekers should register with a reputable recruitment company before the year ends. It is best to register with a recruitment company now to avoid the rush in the first months of the coming year, which happens when candidates try to switch jobs after collecting their bonuses.

The first candidates to be registered with recruitment companies are first considered for job openings when the opportunities arise.

We also think it is a great idea for hiring managers who are planning to organise recruitment exercises in the coming year to create a hiring plan. The market is usually flooded with eligible candidates after the bonus season ends. To get the best candidates, employers with a good hiring plan that properly illustrates the profile of an ideal candidate, can quickly leverage the services of recruitment companies to attract the best talent in the market.


26

INVESTMENT BANKING M&A / ECM / DCM | PERMANENT (Annual salary)


SINGAPORE - 2020 FINANCIAL SERVICES - FRONT OFFICE SALARY GUIDE

The Morgan McKinley 2020 Salary Guide for expected permanent salaries for professional roles inSingapore.

INVESTMENT BANKING M&A / ECM / DCM

Financial Services - Front Office Salaries ($ Per Annum)


Analyst $120,000 $150,000 $180,000

Associate $180,000 $220,000 $275,000

VP $275,000 $320,000 $400,000

Director $400,000 $450,000 $500,000

Managing Director $500,000 $620,000 $750,000

PRIVATE BANKING



Associate $60,000 $96,000 $120,000

AVP / Associate Director $120,000 $150,000 $180,000

VP / Director $180,000 $240,000 $280,000

Executive Director $280,000 $350,000 $400,000

Managing Director $400,000 $480,000 $600,000+

Trade Finance $50,000 $200,000 $400,000

Cash Management $60,000 $200,000 $400,000

Relationship Manager $60,000 $200,000 $350,000

FI RM (Coverage Bank/Non-Bank) $60,000 $200,000 $380,000

Product Manager (Cash / Trade / Liquidity / Custody) $60,000 $200,000 $400,000

PRIVATE BANKING | PERMANENT (Annual salary)


SINGAPORE - 2020 FINANCIAL SERVICES - FRONT OFFICE SALARY GUIDE

The Morgan McKinley 2020 Salary Guide for expected permanent salaries for professional roles inSingapore.

INVESTMENT BANKING M&A / ECM / DCM



Analyst $120,000 $150,000 $180,000

Associate $180,000 $220,000 $275,000

VP $275,000 $320,000 $400,000

Director $400,000 $450,000 $500,000


PRIVATE BANKING



Associate $60,000 $96,000 $120,000

AVP / Associate Director $120,000 $150,000 $180,000

VP / Director $180,000 $240,000 $280,000

Executive Director $280,000 $350,000 $400,000

Managing Director $400,000 $480,000 $600,000+

Trade Finance $50,000 $200,000 $400,000

Cash Management $60,000 $200,000 $400,000

Relationship Manager $60,000 $200,000 $350,000

FI RM (Coverage Bank/Non-Bank) $60,000 $200,000 $380,000

Product Manager (Cash / Trade / Liquidity / Custody) $60,000 $200,000 $400,000


27

PRIVATE EQUITY | PERMANENT (Annual salary)


PRIVATE EQUITY



Analyst $80,000 $100,000 $120,000

Associate $150,000 $180,000 $220,000

VP $275,000 $300,000 $350,000

Director $350,000 $400,000 $450,000


RETAIL BANKING / PREMIER BANKING SALARIES



Bancassurance / Insurance Specialist $36,000 $50,000 $70,000

Priority Banking / Premier Banking RM $36,000 $45,000 $60,000

Employee Banking / Work Place Banking / Business BankingClient Acquisition

$36,000 $43,000 $50,000

Mortgage Specialist $36,000 $45,000 $60,000


During the first quarter of 2019, the private banking sector has been quite uneventful regarding thegeneral recruitment and restructuring. The market has been quiet in the private bank sector because thebanks have started implementing proactive methods to cut down their expenditure.

However, in Q3 and Q4 we observed some changes in the private banking sector. There have beenmultiple recruitments, and it was a relief to see the private banking sector come alive again. As usual,there is a scramble to hire the best talent in the labour market. It is not surprising to find that manyprivate banks are interested in recruiting at the end of the year, which is the best time to build a team ofcompetent employees who can help the business grow in the coming year.


We have observed that many hiring managers are searching for the best candidates to take jobs in frontoffice positions.The most popular job offers in the front office positions are private bankers and relationshipmanagers.

RETAIL BANKING / PREMIER BANKING SALARIES | PERMANENT (Annual salary)


PRIVATE EQUITY



Analyst $80,000 $100,000 $120,000

Associate $150,000 $180,000 $220,000

VP $275,000 $300,000 $350,000

Director $350,000 $400,000 $450,000


RETAIL BANKING / PREMIER BANKING SALARIES



Bancassurance / Insurance Specialist $36,000 $50,000 $70,000

Priority Banking / Premier Banking RM $36,000 $45,000 $60,000

Employee Banking / Work Place Banking / Business BankingClient Acquisition

$36,000 $43,000 $50,000

Mortgage Specialist $36,000 $45,000 $60,000


During the first quarter of 2019, the private banking sector has been quite uneventful regarding thegeneral recruitment and restructuring. The market has been quiet in the private bank sector because thebanks have started implementing proactive methods to cut down their expenditure.

However, in Q3 and Q4 we observed some changes in the private banking sector. There have beenmultiple recruitments, and it was a relief to see the private banking sector come alive again. As usual,there is a scramble to hire the best talent in the labour market. It is not surprising to find that manyprivate banks are interested in recruiting at the end of the year, which is the best time to build a team ofcompetent employees who can help the business grow in the coming year.


We have observed that many hiring managers are searching for the best candidates to take jobs in frontoffice positions.The most popular job offers in the front office positions are private bankers and relationshipmanagers.


28

Salary Guide 2020HR

29

Similar to the trends in different parts of the world, the HR operations in Singapore have evolved from what it used to be a few years ago. There have been changes in the demands of the job market. We observed that a majority of these changes are in view of building a formidable team of experts who can add more value to the companies.

The HR industry in Singapore, 2019, was predominantly strategic. The HR managers sought innovative ways to attract the best talent who can help the company to stay ahead of the competition while achieving their organisation’s goals.

HR Trends in Singapore 2019 – Overview

In 2019, it was apparent that the candidates who had the qualifications for different jobs were quite selective. The best candidates who sought jobs were not in a hurry to accept job offers. Instead, they carefully weighed their options to find jobs that offered them more growth opportunities and better remuneration.

On the other hand, the hiring managers in Singapore were more interested in identifying and attracting the best talent in the job market. Also, in line with the on-going trends where candidates switch jobs often, hiring managers introduced measures to encourage new employees to stay longer with their companies.

The HR managers also defined a particular set of skills and qualifications that any candidate must possess before they are considered for recruitment in HR departments.

Top three HR jobs in 2019

There have been so many vacancies in the HR sector in 2019. The top three jobs in this sector are as follows;

• HR Business Partners• Talent Management Partner• HR Shared Services

These three positions in HR departments have been at the top of the list during recruitment exercises. The HR teams have discovered that recruiting competent talent in these positions can significantly help to improve staff management and goal achievement strategies.

Also, in 2019, the clients were more interested in recruiting HR professionals who can competently interact with the stakeholders and customers to understand their demands. While this is a little deviation from the regular functions of HR teams, the trends have made it mandatory for HR professionals to possess the additional skills to manage the clients as well as the company staff.

Building the best teams

Regarding the comprehensive spectrum of talent management, it is only possible to build the best teams in companies if the HR professionals can attract the best candidates, recruit them and provide the best working conditions that will encourage the employees to stay with the company.

In this regard, talent attraction and retention have become a major focus of the HR managers. To achieve the best results, the clients have become more open-minded about implementing a shared service model to boost their operations. This is a different approach from the previous methods, which involved the use of special portfolios for general recruitment.

Retaining the best talents

The employers have realised the need to retain their best staff. It is only when professionals stay in the company that a winning team can be built. This is why employers have approved different measures to encourage staff retention.

For example, it is common to find companies in Singapore that allow their employees to work from home. Also, the dress code in the workplace is now more liberal. And employees can choose more convenient working hours to help them increase productivity.

Are there chances of disruption in 2020?

Currently, there are no indications that the HR operational methods will be disrupted by technology.Also, the current technology used in this industry has had a minimal impact on the HR sector. In 2020, it is expected that things will remain quite the same, without any significant disruption due to technology.

HR

30

Recruitment projections for the year 2020

The current trends indicate that there will be a rise in the number of hires in 2020. Singapore has a thriving economy that is attracting more start-ups to the country. An increase in the number of investors automatically means more demand for workers, which is a huge task for the HR teams. Subsequently, companies will be desperate to recruit more HR professionals to handle the market demand.

In conclusion, the market trends are more focused on the applicants for jobs. The companies need the best talent in the job market. However, the availability of more job options gives the candidates the leverage to choose opportunities that are most favourable.

HR

31

HR | PERMANENT (Annual salary)


SINGAPORE - 2020 HR SALARY GUIDE


HR Permanent Salaries ($ Per Annum)


HR Generalist $60,000 $78,000 $100,000+

HR Manager $78,000 $100,000 $120,000+

HR Associate Director $108,000 $130,000 $150,000+

HR Director / Head of HR $160,000 $180,000 $200,000+

HR Business Partner $120,000 $150,000 $180,000+

Talent Acquisition Specialist $60,000 $84,000 $100,000+

Talent Acquisition Manager $84,000 $100,000 $120,000+

Head of Talent Acquisition $78,000 $132,000 $180,000+

L&D Specialist $60,000 $78,000 $96,000+

L&D Manager $84,000 $100,000 $120,000+

Head of L&D $132,000 $156,000 $180,000+

C&B Specialist $60,000 $84,000 $100,000+

C&B Manager $120,000 $144,000 $168,000+

Head of C&B $150,000 $180,000 $200,000+

HR Contract Salaries ($ Per Annum)


HR Generalist $48,000 $75,000 $96,000

HR Manager $60,000 $96,000 $110,000

HR Associate Director $110,000 $150,000 $170,000

HR Director / Head of HR $150,000 $190,000 $220,000

HR Business Partner $96,000 $110,000 $150,000

HR

32

HR

HR | CONTRACT (Annual salary)


SINGAPORE - 2020 HR SALARY GUIDE


HR Permanent Salaries ($ Per Annum)


HR Generalist $60,000 $78,000 $100,000+

HR Manager $78,000 $100,000 $120,000+

HR Associate Director $108,000 $130,000 $150,000+

HR Director / Head of HR $160,000 $180,000 $200,000+

HR Business Partner $120,000 $150,000 $180,000+

Talent Acquisition Specialist $60,000 $84,000 $100,000+

Talent Acquisition Manager $84,000 $100,000 $120,000+

Head of Talent Acquisition $78,000 $132,000 $180,000+

L&D Specialist $60,000 $78,000 $96,000+

L&D Manager $84,000 $100,000 $120,000+

Head of L&D $132,000 $156,000 $180,000+

C&B Specialist $60,000 $84,000 $100,000+

C&B Manager $120,000 $144,000 $168,000+

Head of C&B $150,000 $180,000 $200,000+

HR Contract Salaries ($ Per Annum)


HR Generalist $48,000 $75,000 $96,000

HR Manager $60,000 $96,000 $110,000

HR Associate Director $110,000 $150,000 $170,000

HR Director / Head of HR $150,000 $190,000 $220,000

HR Business Partner $96,000 $110,000 $150,000



Talent Acquisition Specialist $60,000 $100,000 $120,000

Talent Acquisition Manager $110,000 $125,000 $140,000

Head of Talent Acquisition $144,000 $165,000 $180,000

L&D Specialist $42,000 $66,000 $78,000

L&D Manager $90,000 $120,000 $130,000

Head of L&D $140,000 $160,000 $180,000

C&B Specialist $55,000 $80,000 $100,000

C&B Manager $120,000 $150,000 $180,000

Head of C&B $160,000 $200,000 $300,000

Similar to the trends in different parts of the world, the HR operations in Singapore have evolved fromwhat it used to be a few years ago. There have been changes in the demands of the job market. Weobserved that a majority of these changes are in view of building a formidable team of experts who canadd more value to the companies.

The HR industry in Singapore, 2019, was predominantly strategic. The HR managers sought innovativeways to attract the best talent who can help the company to stay ahead of the competition while achievingtheir organisation’s goals.

HR Trends in Singapore 2019 – Overview

In 2019, it was apparent that the candidates who had the qualifications for different jobs were quiteselective. The best candidates who sought jobs were not in a hurry to accept job offers. Instead, theycarefully weighed their options to find jobs that offered them more growth opportunities and betterremuneration.

On the other hand, the hiring managers in Singapore were more interested in identifying and attracting thebest talent in the job market. Also, in line with the on-going trends where candidates switch jobs often,hiring managers introduced measures to encourage new employees to stay longer with their companies.

The HR managers also defined a particular set of skills and qualifications that any candidate must possessbefore they are considered for recruitment in HR departments.

Top three HR jobs in 2019

There have been so many vacancies in the HR sector in 2019. The top three jobs in this sector are asfollows;

HR Business PartnersTalent Management PartnerHR Shared Services

33

Salary Guide 2020IT

34

IT Product Engineering

In 2019, there was a high demand for proficient candidates in the technology market. However, the lack of skilled workers increased the competition for the few who could competently handle jobs related to product engineering.

It is expected that in 2020more candidates will improve their knowledge and educational level to meet the requirements of hiring managers in the industry.

The competition for skilled workers has also put some pressure on candidates. There is a demand for experts who have diversified skill sets.

In Singapore, the recruitment trends in the field of product engineering indicate the need for professionals who can analyse and handle big data, undertake backend development projects, front-end engineering, and UI development.

Overall, there are high paying jobs for hybrid developers who have diverse skills to meet the demands of the technology market.

How have the companies fared in 2019?

Competition has been at a high level. The hiring managers have had to use different methods to attract and retain the best talent in the job market. It has become very important for hiring managers to improve their recruitment methods to avoid losing the best candidates in the field of product engineering to other firms.

Remuneration trends for candidates in 2019

Professionals in the product engineering field have witnessed an increase in their income. The statistics indicate that in 2019, there was an appreciation in their salaries of up to 40%, which is a significant increase in remuneration when compared to the previous year.

Q1 was quite uneventful due to the financial planning and budget preparations in different companies. The market picked up in Q2 with a higher demand for skilled workers with product engineering knowledge.

Current Product & Design recruitment trends

In Singapore, candidates who are trained program developers have seemingly been more fortunate than product managers in the tech industry. There has been more recruitment of development roles than the demand for product managers.

This trend has increased the value of product managers because the trained professionals in this field are too few. The market demands for product managers cannot be met.

One factor that has made the search for product managers quite cumbersome is that hiring managers are looking to hire professionals who have experience in the field of software development and computer science.

Another crucial proficiency candidates in Singapore should possess to be considered for top jobs in product engineering is a user-centric focus. Employers are in search of professionals who can improve the relationship with their customers to increase the level of brand loyalty.

We have observed that a majority of the recruitment exercises to hire product engineers in Singapore have been dominated by foreign candidates. This has been the prevalent situation due to the lack of local product engineering professionals.

The impact of software engineering in the commercial and business sector

More companies in Singapore have recognised the essence of software engineers as part of their production and development teams. Software engineers have become more visible in the market due to their skills that can boost product engineering efforts. The older companies in Singapore have initiated or completed a transition to incorporate innovative management and development methods to boost their businesses.

Also, many of the advertisements for jobs in this sector have specified the need for proficiency in software engineering fields such as UI and UX.

Regarding UI and UX, the statistics show that over 75% of the job adverts in the market require candidates who have extensive experience in the area of UI and UX development.

IT

35

IT

However, the lack of local talent in the area of UI and UX creates an opportunity for more candidates to learn these skills that can help them secure good jobs.

Overall, the demand for product engineers by employers in the C&I and financial sector has been high, and more opportunities can be leveraged by candidates who proactively make plans to improve their skill sets.

Top jobs in the market

We have observed that the following job positions have been frequently advertised throughout 2019:

Frontend developers

• Backend developers• Software engineers• UI/UX developers• Full-stack engineers (Go, Ruby, JavaScript)• Java engineers

Considering that many companies are transitioning into tech-based operations, the main responsibility of developers after recruitment is to build applications from scratch and manage the systems in the long-term.

Also, the demand for data engineers requires candidates with SQL and Python qualifications, who can undertake data management tasks. Almost all companies have an online presence with active websites.

These companies need the services of full-stack developers to ensure their websites are functioning optimally.

Hiring strategies to recruit and retain professionals in the industry

The companies have become more liberal in their culture. The aim is to encourage their best employees to stay with the company. We have observed changes in operational systems and culture in companies.

For example, employees are offered opportunities to choose flexible working hours. Also, the workplace dress code has been eliminated.

Companies are also open to recruiting the best candidates, regardless of gender. And employees can now find more companies in Singapore that offer an option to work remotely.

Expectations for 2020

We expect that the technology industry in Singapore will grow in 2020. Subsequently, there will be a higher demand for product engineers in different sectors, including Fintech.

We also expect an increase in job positions for experts with machine learning and AI-based proficiencies.

Tips for hiring managers and candidates to prepare for 2020

It will be great if candidates can leverage opportunities to improve their skill sets. There are many open learning platforms online that teach skills related to product engineering.

On the other hand, hiring managers should proactively improve their recruitment processes to become quicker and more accurate. This approach will help companies recruit the best candidates before they are taken by other companies.

IT Infrastructure

The technology scene in Singapore has been quite busy in 2019. The market has grown, and there ismore demand from the consumers.

The main areas in which technology infrastructure has witnessed remarkable changes are the use of Cloud technology and DevOps.

As expected, the hiring managers have been tasked with finding the best candidates to handle demanding roles in technology fields.

There has been a consistent demand for talent to take roles that involve core tech infrastructure.

The evolution of roles in this area has made it necessary for the candidates to possess additional skills in scripting and automation.

General market trends in Singapore

Currently, more foreign companies from the US and Europe are coming into Singapore. These companies are interested in leveraging the thriving economy and commercial environment in Singapore.

Also, the attraction to a country that significantly offers lower production and management costs has attracted more start-ups and existing brands into Singapore.

36

IT

Consequently, all through the year 2019, there has been a demand for professionals in different fields, who can take up different strategic roles.

The career opportunities under IT infrastructure require highly skilled and trained professionals. The nature of jobs in this area has had an impact on the remuneration.

However, there have been minimal disruptions in the commercial industries. The newer technologies are currently accessible to the bigger brands that can afford the price.

It is expected that when the prices drop or patents expire, more mid-sized and smaller companies will access and use newer technologies.

The year for job seekers in IT Infrastructure

While there has been an increasing demand for professionals with Cloud management and DevOps skills, so many other IT professionals have found privileged job roles in the IT sector.

We also noticed that the percentage of job seekers who could not secure top-paying roles in the IT sector this year is quite high.

We attribute this trend to the fact that the job seekers are yet to understand the newer innovations that the hiring managers need talent to manage.

In 2019, it became more mandatory that even for candidates to possess extensive experience and special skill sets that sets them apart from the crowd.

Generally, the demanded skill sets included practical experience in the field of IT Infrastructure and direct application of this knowledge in a production setting.

Candidates who possess only theoretical knowledge were at a disadvantage when hiring managers considered applications for jobs.

The experience of Employers in 2019

The majority of employers put their hiring managers under pressure to find professionals who meet the high standards for recruitment, which includes extensive experience in Cloud management and DevOps IT projects.

Also, there is a demand for professionals who are interested in roles such as coding, automation, and people with proficiency in using scripting languages such as Python.

Generally, we have identified the following roles as the most frequently featured in job adverts:

• Cloud Engineer• DevOps managers• Network engineers to manage core infrastructure.

These roles are in high demand for different reasons.

The need for professionals who can handle cloud computing has risen because companies in different industries, including the finance sector, now rely on cloud services for their operations.

Also, DevOps is a field that has been instrumental to many companies. However, there is a shortage of professionals who can manage projects from the inception until it is launched.

Regarding automation, this is an IT area that has significantly improved business operations. Automated systems are faster, cost-effective and more reliable.

The trends regarding IT roles in demand in 2019 are quite different from the previous year – 2018, when AWS Cloud experience, Micro services experience, and Hands-on containerization using Kubernetes were proficiencies that could help candidates secure top-paying jobs in Singapore.

Currently, the most popular certifications presented by candidates in the job market are AWS Cloud Certification, which covers- Associate, Professional, SysOps, and DevOps. GCP Certified / Azure, and extensive experience with Kubernetes and expertise in the use of Python for coding and to develop automated systems.

37

Remuneration trends in the IT Infrastructure Industry

The average increment in remuneration for employees in this field falls at about 15% to 20%. In situations where the employee is a senior staff with extensive skills, the remuneration increment annually can reach up to 25%.

How has the issue of Gender affected recruitment?

In Singapore, the number of female employees in the IT sector is rising. This is an impressive development in a field that was previously dominated by male employees. Currently, recruitment is done based on merit rather than gender.

How are companies attracting the best talent?

The technology changes in the IT sector have had a positive impact on businesses. Subsequently, employers are interested in hiring the best candidates for jobs.

The hiring managers are tasked with finding professionals and incentivising them with job offers that include remote working opportunities, flexible working hours, and support for career growth.

What should we expect in 2020?

Many of the old and new companies in Singapore have adopted a five-year transition plan. During this time, the goal is to incorporate innovative IT-based systems to improve their businesses. Cloud computing and automation top the list of areas to be included in this transition process.

Therefore the year 2020 is expected to be a year when many companies will recruit professionals that can help to improve the process of transitioning into a company with tech-based operations.

We expect a positive disruption in the different sectors, due to the use of technology, however, it is not known if the companies will complete their transition in 2020.

Job seekers can be positioned to take on the best roles by diversifying their skills to include the essential IT-based areas such as automation and cloud computing.

Also, using the services of a competent recruitment company can significantly increase the candidates’ chances of securing the best jobs.

IT

38

CYBER SECURITY, GOVERANCE AND AUDIT IN INNOVATION & TECHNOLOGY


SINGAPORE - 2020 IT SALARY GUIDE



IT Permanent Salaries ($ Per Annum)

Job Title Manager/AVP5 - 10 Yrs)

Director(15 - 20 Yrs), CxO (18 - 25 Yrs)

Cyber Security Operation $90,000 -120,000

$120,000 -200,000

$200,000 -300,000+

Cyber Security Specialist $90,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Cyber Security Engineering $80,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Information Security $80,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Technology Risk & Governance $80,000 -120,000

$120,000 -240,000

$240,000 -350,000+

IT Audit $80,000 -120,000

$120,000 -230,000

$200,000 -350,000+

IT Security $80,000 -120,000

$120,000 -180,000

$180,000 -350,000+

Security Project/ Program Manager $70,000 -120,000

$120,000 -200,000

$200,000 -350,000+

IT Contract Salaries ($ Per Annum)


Cyber Security Operation $90,000 $200,000 $300,000+

Cyber Security Specialist $90,000 $240,000 $300,000+

Cyber Security Engineering $80,000 $240,000 $300,000+

Information Security $80,000 $240,000 $300,000+

Technology Risk & Governance $80,000 $240,000 $350,000+

IT Audit $80,000 $230,000 $350,000+

IT Security $80,000 $180,000 $350,000+

Senior/Manager/VP(10 - 15Yrs)

IT

PERMANENT (Annual salary)

39

ITIT

SALES, PRE SALES SALARIES - VENDOR, SYSTEM INTEGRATOR, FINTECH & TELECOMMUNICATIONSPERMANENT (Annual salary)


SALES, PRE-SALES SALARIES - VENDOR, SYSTEM INTEGRATOR, FINTECH ANDTELECOMMUNICATIONS


Job Title

Inside Sales (Figures inclusive of OTE) $120,000 -180,000

$180,000 -300,000

$300,000 -450,000

Business Development (Figures inclusive of OTE) $120,000 -250,000

$250,000 -350,000

$350,000 -450,000

Direct Sales (Figures inclusive of OTE) $100,000 -250,000

$250,000 -350,000

$350,000 -550,000+

Channel Sales (Figures inclusive of OTE) $120,000 -180,000

$180,000 -300,000

$300,000 -500,000+

Account Management (Figures inclusive of OTE) $90,000 -200,000

$200,000 -300,000

$300,000 -400,000+

Pre Sales (Fintech) (Figures inclusive of OTE) $150,000 -180,000

$175,000 -220,000

$250,000 -500,000+

Solution Architect / Pre Sales (Figures inclusive of OTE) $150,000 -250,000

$250,000 -350,000

$350,000 -450,000+

IT PRODUCT & ENGINEERING SALARIES IN TECHNOLOGY, TELECOMMUNICATION ANDFINTECH


Job Title

Software Engineering, Front End $60,000 -78,000

$78,000 -126,000

$126,000 -170,000+

Software Engineering, Back End $80,000-95,000

$95,000 -114,000

$114,000 -160,000+

Software Engineering, Full Stack $80,000 -95,000

$95,000 -114,000

$114,000 -160,000+

Mobile Engineering (Android / IOS) $60,000 -75,000

$80,000 -100,000

$100,000 -150,000+

Quality Assurance/ Testing $60,000 -80,000

$80,000 -120,000

$120,000 -170,000+

UI/ UX $50,000 -80,000

$90,000 -140,000

$120,000 -180,000+

Product Management $60,000 -90,000

$90,000 -140,000

$120,000 -200,000+

Representative / Consultant (3 - 8 Yrs)

Manager / Director (8 - 15 Yrs)

Sr. Director (15 - 20 Yrs)/ GM / VP / MD / CXO (20+ Yrs)

Specialist Senior Specialist Manager / Senior Manager, VP / Director &

Above


SINGAPORE - 2020 IT SALARY GUIDE




Job Title Manager/AVP5 - 10 Yrs)

Director(15 - 20 Yrs), CxO (18 - 25 Yrs)

Cyber Security Operation $90,000 -120,000

$120,000 -200,000

$200,000 -300,000+

Cyber Security Specialist $90,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Cyber Security Engineering $80,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Information Security $80,000 -120,000

$120,000 -240,000

$240,000 -300,000+

Technology Risk & Governance $80,000 -120,000

$120,000 -240,000

$240,000 -350,000+

IT Audit $80,000 -120,000

$120,000 -230,000

$200,000 -350,000+

IT Security $80,000 -120,000

$120,000 -180,000

$180,000 -350,000+

Security Project/ Program Manager $70,000 -120,000

$120,000 -200,000

$200,000 -350,000+



Cyber Security Operation $90,000 $200,000 $300,000+

Cyber Security Specialist $90,000 $240,000 $300,000+

Cyber Security Engineering $80,000 $240,000 $300,000+

Information Security $80,000 $240,000 $300,000+

Technology Risk & Governance $80,000 $240,000 $350,000+

IT Audit $80,000 $230,000 $350,000+

IT Security $80,000 $180,000 $350,000+

Senior/Manager/VP(10 - 15Yrs)

CONTRACT (Annual salary)


40

IT

IT PRODUCT & ENGINEERING SALARIES IN TECHNOLOGY, TELECOMMUNICATION & FINTECH




Job Title


$180,000 -300,000

$300,000 -450,000


$250,000 -350,000

$350,000 -450,000


$250,000 -350,000

$350,000 -550,000+


$180,000 -300,000

$300,000 -500,000+


$200,000 -300,000

$300,000 -400,000+


$175,000 -220,000

$250,000 -500,000+


$250,000 -350,000

$350,000 -450,000+



Job Title


$78,000 -126,000

$126,000 -170,000+


$95,000 -114,000

$114,000 -160,000+


$95,000 -114,000

$114,000 -160,000+


$80,000 -100,000

$100,000 -150,000+


$80,000 -120,000

$120,000 -170,000+

UI/ UX $50,000 -80,000

$90,000 -140,000

$120,000 -180,000+


$90,000 -140,000

$120,000 -200,000+





Above




Business Intelligence/Data Engineering $40,000 -90,000

$90,000 -170,000

$140,000 -240,000+

Data Science/Artificial Intelligence $40,000 -90,000

$90,000 -170,000

$140,000 -240,000+



Software Engineering (Front End) $70,000 $126,000 $160,000+

Software Engineering (Back End) $60,000 $114,000 $160,000+

Software Engineering (Full Stack) $80,000 $114,000 $160,000+

Mobile Engineering (Android / IOS) $80,000 $100,000 $150,000+

Quality Assurance/ Testing $60,000 $120,000 $168,000+

UI/ UX $60,000 $120,000 $180,000+

Product Management $60,000 $120,000 $200,000+

Business Intelligence/Data Engineering $60,000 $140,000 $240,000+

Data Science/Artificial Intelligence $60,000 $140,000 $240,000+

IT PRODUCT & ENGINEERING SALARIES IN BANKING & FINANCIAL SERVICES


Job Title


$85,000 -150,000

$140,000 -240,000+

Software Engineering, Back End $40,000 -90,000

$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+

UI/ UX $40,000 -85,000

$85,000 -150,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+

Analyst / Snr Analyst AVP VP, Director / Managing

Director





Job Title


$180,000 -300,000

$300,000 -450,000


$250,000 -350,000

$350,000 -450,000


$250,000 -350,000

$350,000 -550,000+


$180,000 -300,000

$300,000 -500,000+


$200,000 -300,000

$300,000 -400,000+


$175,000 -220,000

$250,000 -500,000+


$250,000 -350,000

$350,000 -450,000+



Job Title


$78,000 -126,000

$126,000 -170,000+


$95,000 -114,000

$114,000 -160,000+


$95,000 -114,000

$114,000 -160,000+


$80,000 -100,000

$100,000 -150,000+


$80,000 -120,000

$120,000 -170,000+

UI/ UX $50,000 -80,000

$90,000 -140,000

$120,000 -180,000+


$90,000 -140,000

$120,000 -200,000+





Above




Job Title


$180,000 -300,000

$300,000 -450,000


$250,000 -350,000

$350,000 -450,000


$250,000 -350,000

$350,000 -550,000+


$180,000 -300,000

$300,000 -500,000+


$200,000 -300,000

$300,000 -400,000+


$175,000 -220,000

$250,000 -500,000+


$250,000 -350,000

$350,000 -450,000+



Job Title


$78,000 -126,000

$126,000 -170,000+


$95,000 -114,000

$114,000 -160,000+


$95,000 -114,000

$114,000 -160,000+


$80,000 -100,000

$100,000 -150,000+


$80,000 -120,000

$120,000 -170,000+

UI/ UX $50,000 -80,000

$90,000 -140,000

$120,000 -180,000+


$90,000 -140,000

$120,000 -200,000+





Above

SALES, PRE SALES SALARIES - VENDOR, SYSTEM INTEGRATOR, FINTECH & TELECOMMUNICATIONS

41


IT




$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+








UI/ UX $60,000 $120,000 $180,000+






Job Title


$85,000 -150,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+

UI/ UX $40,000 -85,000

$85,000 -150,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


Director

IT PRODUCT & ENGINEERING SALARIES IN TECHNOLOGY, TELECOMMUNICATION & FINTECH

42





$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+








UI/ UX $60,000 $120,000 $180,000+






Job Title


$85,000 -150,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+

UI/ UX $40,000 -85,000

$85,000 -150,000

$140,000 -240,000+


$90,000 -170,000

$140,000 -240,000+


Director


IT




$90,000 -170,000

$140,000 -240,000+






Quality Assurance / Testing $40,000 $140,000 $240,000+

UI / UX $60,000 $140,000 $240,000+

Business Intelligence / Data Engineering $60,000 $140,000 $240,000+

Data Science / Artificial Intelligence $40,000 $140,000 $240,000+

INFRASTRUCTURE SALARIES IN TECHNOLOGY, TELECOMMUNICATIONS & FINTECH


Job Title

Data Centre $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+

Database $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+

End-User Computing (Desktop/ Messaging/ Collaboration) $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+

Cloud $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Network (Data/ Voice/ Firewall) $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Project Management $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Servers (Unix/ Linux/ Wintel) $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Storage $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Junior (3Yrs - 5Yrs) Mid (5Yrs - 10Yrs) Senior(10+Yrs), VP Director

43





$90,000 -170,000

$140,000 -240,000+







UI / UX $60,000 $140,000 $240,000+





Job Title

Data Centre $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+

Database $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+


$70,000 -120,000

$150,000 -250,000+

Cloud $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Storage $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+



IT

44





$90,000 -170,000

$140,000 -240,000+







UI / UX $60,000 $140,000 $240,000+





Job Title

Data Centre $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+

Database $50,000 -70,000

$70,000 -120,000

$150,000 -250,000+


$70,000 -120,000

$150,000 -250,000+

Cloud $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Storage $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+



IT



DevOps $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+



Data Centre $50,000 $120,000 $250,000+

Database $50,000 $150,000 $250,000+

End-User Computing (Desktop / Messaging / Collaboration) $50,000 $100,00 $250,000+

Cloud $70,000 $150,000 $250,000+

Network (Data / Voice / Firewall) $70,000 $150,000 $250,000+

Project Management $70,000 $150,000 $250,000+

Servers (Unix / Linux / Wintel) $70,000 $150,000 $250,000+

Storage $70,000 $150,000 $250,000+

DevOps $70,000 $150,000 $250,000+

INFRASTRUCTURE SALARIES IN FINANCIAL SERVICES


Job Title


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Storage $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Database $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Middleware $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Data Centre $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Analyst Associate/AVP/Manager

VP / SVP / Director

45




DevOps $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+



Data Centre $50,000 $120,000 $250,000+

Database $50,000 $150,000 $250,000+


Cloud $70,000 $150,000 $250,000+




Storage $70,000 $150,000 $250,000+

DevOps $70,000 $150,000 $250,000+



Job Title


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Storage $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Database $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Middleware $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Data Centre $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+


VP / SVP / Director


IT

46



DevOps $70,000 -100,000

$100,000 -150,000

$150,000 -250,000+



Data Centre $50,000 $120,000 $250,000+

Database $50,000 $150,000 $250,000+


Cloud $70,000 $150,000 $250,000+




Storage $70,000 $150,000 $250,000+

DevOps $70,000 $150,000 $250,000+



Job Title


$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Storage $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Database $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+

Middleware $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+


$100,000 -150,000

$150,000 -250,000+

Data Centre $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+


VP / SVP / Director



Cloud Engineer/Architect $100,000 -120,000

$120,000 -180,000

$180,000 -250,000+

Infrastructure Project Management - $100,000 -150,000

$150,000 -250,000+

Technical Infrastructure Architecture - $120,000 -180,000

$180,000 -250,000+

DevOps $100,000 -120,000

$120,000 -180,000

$180,000 -250,000+

ITIL Process Owner (Incident/ Problem/ Change/ etc) $80,000 -100,000

$100,000 -150,000

$150,000 -250,000+





Storage $80,000 $150,000 $250,000+

Database $80,000 $150,000 $250,000+

Middleware $80,000 $150,000 $250,000+


Data Centre $80,000 $150,000 $250,000+

Cloud Engineer $100,000 $180,000 $250,000+

Technical Infrastructure Architecture - $180,000 $250,000+

Head of Infrastructure - - $250,000+

DevOps $100,000 $180,000 $250,000+

DEVELOPMENT AND TESTING SALARIES IN FINANCIAL SERVICES


Job Title

C++ Developer $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Specialist Sr. Specialist Manager / VP & Above

INFRASTRUCTURE SALARIES IN FINANCIAL SERVICES | PERMANENT (Annual salary)

IT

47




$120,000 -180,000

$180,000 -250,000+


$150,000 -250,000+


$180,000 -250,000+

DevOps $100,000 -120,000

$120,000 -180,000

$180,000 -250,000+


$100,000 -150,000

$150,000 -250,000+





Storage $80,000 $150,000 $250,000+

Database $80,000 $150,000 $250,000+

Middleware $80,000 $150,000 $250,000+


Data Centre $80,000 $150,000 $250,000+

Cloud Engineer $100,000 $180,000 $250,000+



DevOps $100,000 $180,000 $250,000+



Job Title

C++ Developer $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+


INFRASTRUCTURE SALARIES IN FINANCIAL SERVICES | CONTRACT (Annual salary)

IT

48




$120,000 -180,000

$180,000 -250,000+


$150,000 -250,000+


$180,000 -250,000+

DevOps $100,000 -120,000

$120,000 -180,000

$180,000 -250,000+


$100,000 -150,000

$150,000 -250,000+





Storage $80,000 $150,000 $250,000+

Database $80,000 $150,000 $250,000+

Middleware $80,000 $150,000 $250,000+


Data Centre $80,000 $150,000 $250,000+

Cloud Engineer $100,000 $180,000 $250,000+



DevOps $100,000 $180,000 $250,000+



Job Title

C++ Developer $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+


DEVELOPMENT AND TESTING SALARIES IN FINANCIAL SERVICES | PERMANENT (Annual salary)

IT



Java Developer (Server side & Front End) $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

C#/ .net Developer (Server side & Front End) $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Full Stack Engineer/Developer $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Technical Lead $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Automation Engineer $65,000 -90,000

$80,000 -120,000

$120,000 -180,000

QA Tester $65,000 -90,000

$80,000 -120,000

$120,000 -180,000

Development Lead/Manager $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Head of Development $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+



C++ Developer $65,000 $150,000 $200,000+

Java Developer (Server Side & Front End) $65,000 $150,000 $200,000+

C# / .net Developer (Server Side & Front End) $65,000 $150,000 $200,000+

Full Stack Engineer / Developer $65,000 $150,000 $200,000+

Technical Lead $65,000 $150,000 $200,000+

Automation Engineer $65,000 $120,000 $180,000+

QA Tester $65,000 $120,000 $180,000+

Development Lead / Manager - $150,000 $200,000+

Head of Development - $160,000 $200,000+

Level 1/2 Technical Support $60,000 $130,000 $160,000+

Level 3 Technical Support $70,000 $130,000 $180,000+

Application Support (BO/ MO) $60,000 $110,000 $160,000+

Trader Support (FO) (Application) $75,000 $150,000 $280,000+

49



Java Developer (Server side & Front End) $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

C#/ .net Developer (Server side & Front End) $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Full Stack Engineer/Developer $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Technical Lead $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Automation Engineer $65,000 -90,000

$80,000 -120,000

$120,000 -180,000

QA Tester $65,000 -90,000

$80,000 -120,000

$120,000 -180,000

Development Lead/Manager $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+

Head of Development $65,000 -90,000

$90,000 -150,000

$150,000 -200,000+



C++ Developer $65,000 $150,000 $200,000+

Java Developer (Server Side & Front End) $65,000 $150,000 $200,000+

C# / .net Developer (Server Side & Front End) $65,000 $150,000 $200,000+

Full Stack Engineer / Developer $65,000 $150,000 $200,000+

Technical Lead $65,000 $150,000 $200,000+

Automation Engineer $65,000 $120,000 $180,000+

QA Tester $65,000 $120,000 $180,000+

Development Lead / Manager - $150,000 $200,000+

Head of Development - $160,000 $200,000+

Level 1/2 Technical Support $60,000 $130,000 $160,000+

Level 3 Technical Support $70,000 $130,000 $180,000+

Application Support (BO/ MO) $60,000 $110,000 $160,000+

Trader Support (FO) (Application) $75,000 $150,000 $280,000+



Application Support Vendor Management - $200,000 $300,000+

Head of Application Support (FO) - $150,000 $350,000+

APPLICATION SUPPORT SALARIES IN FINANCIAL SERVICES


Job Title

Level 1/ 2 Technical Support $60,000 -90,000

$90,000 -130,000

$130,000 -160,000

Level 3 Technical Support $70,000 -100,000

$100,000 -130,000

$130,000 -180,000+

Application Support (BO/ MO) $60,000 -90,000

$90,000 -110,000

$110,000 -160,000+

Trader Support (FO) (Application) $75,000 -100,000

$100,000 -150,000

$150,000 -280,000+

Application Support Vendor Management - - $200,000 -300,000+

Head of Application Support (FO) - - $150,000 -350,000

IT PRODUCT ENGINEERINGIn 2019, there was a high demand for proficient candidates in the technology market. However, the lack ofskilled workers increased the competition for the few who could competently handle jobs related toproduct engineering.

It is expected that in 2020more candidates will improve their knowledge and educational level to meet therequirements of hiring managers in the industry.

The competition for skilled workers has also put some pressure on candidates. There is a demand forexperts who have diversified skill sets.

In Singapore, the recruitment trends in the field of product engineering indicate the need for professionalswho can analyse and handle big data, undertake backend development projects, front-end engineering,and UI development.

Overall, there are high paying jobs for hybrid developers who have diverse skills to meet the demands ofthe technology market.

Associate AVP VP, Directors

DEVELOPMENT AND TESTING SALARIES IN FINANCIAL SERVICES | CONTRACT (Annual salary)

IT

50



Application Support Vendor Management - $200,000 $300,000+

Head of Application Support (FO) - $150,000 $350,000+

APPLICATION SUPPORT SALARIES IN FINANCIAL SERVICES


Job Title

Level 1/ 2 Technical Support $60,000 -90,000

$90,000 -130,000

$130,000 -160,000

Level 3 Technical Support $70,000 -100,000

$100,000 -130,000

$130,000 -180,000+

Application Support (BO/ MO) $60,000 -90,000

$90,000 -110,000

$110,000 -160,000+

Trader Support (FO) (Application) $75,000 -100,000

$100,000 -150,000

$150,000 -280,000+

Application Support Vendor Management - - $200,000 -300,000+

Head of Application Support (FO) - - $150,000 -350,000

IT PRODUCT ENGINEERINGIn 2019, there was a high demand for proficient candidates in the technology market. However, the lack ofskilled workers increased the competition for the few who could competently handle jobs related toproduct engineering.

It is expected that in 2020more candidates will improve their knowledge and educational level to meet therequirements of hiring managers in the industry.

The competition for skilled workers has also put some pressure on candidates. There is a demand forexperts who have diversified skill sets.

In Singapore, the recruitment trends in the field of product engineering indicate the need for professionalswho can analyse and handle big data, undertake backend development projects, front-end engineering,and UI development.

Overall, there are high paying jobs for hybrid developers who have diverse skills to meet the demands ofthe technology market.

Associate AVP VP, Directors

APPLICATION SUPPORT SALARIES IN FINANCIAL SERVICES | PERMANENT (Annual salary)

IT

51

Salary Guide 2020MARKETING

52

MARKETING

In 2019, the biggest gainers in different industries in Singapore were the companies that planned and executed the best marketing campaigns. It is what the audience sees and hears that convinces customers about making a purchase.

We observed a number of new marketing strategies that were introduced by companies from the US and the UK that have expanded their businesses into Singapore.

It was also a good year for job seekers who have Digital Marketing and advertising skills. Finding the best job was mainly dependent on what the candidates had to offer, after meeting the hiring manager’s requirements.

It is expected that the positive trends that started in 2019 will continue next year. The companies that successfully hired the best talent have gained immensely from their recruitment choices. These are companies that have winning teams with members who have professional and diverse skill sets.

More foreign companies are in the process of expanding their businesses into Singapore. This is good news for job seekers.However, preparation must meet opportunity when the time is right.

The attitude of job seekers in 2019

Generally, job seekers have shown resilience in searching for the right jobs. The trends indicate that the candidates have been proactive about improving their skills to meet the needs of hiring managers.

Also, there has been some level of reluctance by the candidates to accept any job offer. Instead, we observe that the employable applicants tend to weigh their options before accepting recruitment offers.

This is a good trend that can lower the rate at which employees in Singapore change their jobs. If a candidate takes their time to decide if a job is right for them, there is a chance that they will remain in that job for many years.

Highly demanded roles in the job market

The following roles have been frequently advertised to the job seekers in Singapore.

• Sales / Business Development• Digital Marketing• Brand Management• Content & SEO marketing• E-Commerce management

The impact of technology on recruitment

Thanks to evolving technology, more companies have been able to keep up with the changing needs of the consumers.

It is essential that companies identify and understand their target market. Without properly identifying the customers, the company can spend a huge amount of money on funding a marketing campaign that will yield minimal results because the wrong audience was targeted.

There is a demand for professionals who can leverage technology to increase sales and to meet the client’s needs. This is a goal that can be achieved with SEO and content marketing methods. These marketing methods can be used to leverage search engines to make the business more visible online.

Online visibility can significantly increase the income of a business. With this realisation, more candidates have diversified their proficiencies to feature high-level digital marketing methods.

How companies plan to attract candidates in 2020

Teams that have evolved over many years are more effective and can contribute more to the company. This is why more companies are interested in retaining their best employees.

To achieve company goals and team building, more employers have embraced the need to offer employees more incentives. The idea behind offering incentives is to encourage employees to stay with the company instead of switching jobs.

In Singapore, more companies allow their employees to work remotely. Also, employees are offered paid leave from work. Employees are also given the privilege to select the best hours they can work during the day.

Overall, it is a win-win situation for the employees and the company.

53

MARKETING

Expected trends for 2020

In the coming year, the competition in different industries is expected to be tougher. More companies are coming into the Singaporean market. There may be a tight struggle to hire the best talent from the job market.

However, regardless of the fierce competition, the companies that have the best workforce will stay ahead of the competition.

While there may be reviews on compensation and benefits for employees, it is expected that employers will focus on enhancing the company’s culture to become more accommodating to the new and current employees.

Advice for job seekers

The hiring managers in 2020 will be on the lookout for candidates who can contribute meaningfully to the existing teams in companies. To meet the needs of the hiring managers, candidates can register with experienced recruitment companies who understand the trends and what the hiring managers need.

Also, learning new skills can increase the chances of securing the best jobs.

54

MARKETING

BANKING & FINANCIAL SERVICES | PERMANENT (Annual salary)


SINGAPORE - 2020 MARKETING SALARY GUIDE


BANKING & FINANCIAL SERVICES

Marketing Permanent Salaries ($ Per Annum)


Regional Head of Marketing / Director / Executive Director $190,000 $270,000 $350,000

Head of Marketing / VP / SVP $120,000 $150,000 $190,000

Marketing Manager / AVP $100,000 $110,000 $120,000

Marketing Associate $65,000 $80,000 $100,000

Marketing Contract Salaries ($ Per Annum)






TECHNOLOGY



Vice-President / President / CxO $300,000 $400,000 $500,000

Associate Director/ Director $180,000 $240,000 $300,000

Head of Marketing / Communications $120,000 $150,000 $180,000

Marketing Manager / Senior Manager $90,000 $105,000 $120,000


BANKING & FINANCIAL SERVICES | CONTRACT (Annual salary)

















TECHNOLOGY








55

MARKETING

TECHNOLOGY | PERMANENT (Annual salary)

















TECHNOLOGY








TECHNOLOGY | CONTRACT (Annual salary)

















TECHNOLOGY














DIGITAL MARKETING



Digital Marketing Director $180,000 $215,000 $250,000

Digital Manager / Senior Manager $90,000 $120,000 $150,000

SEO Director / Lead $120,000 $160,000 $200,000

SEO Manager $90,000 $105,000 $120,000

Head of Content / Director $120,000 $160,000 $200,000

Content Strategist $60,000 $75,000 $90,000

E-Commerce VP / Director $200,000 $275,000 $350,000

E-Commerce Manager / Senior Manager $80,000 $130,000 $180,000






SEO Manager $80,000 $100,000 $120,000





56

MARKETING

DIGITAL MARKETING | PERMANENT (Annual salary)







DIGITAL MARKETING






SEO Manager $90,000 $105,000 $120,000










SEO Manager $80,000 $100,000 $120,000





DIGITAL MARKETING | CONTRACT (Annual salary)







DIGITAL MARKETING






SEO Manager $90,000 $105,000 $120,000










SEO Manager $80,000 $100,000 $120,000





57

MARKETING

CONSUMER GOODS | PERMANENT (Annual salary)


CONSUMER GOODS



Marketing Director/ Senior Director $250,000 $300,000 $350,000

Associate Marketing Director $160,000 $190,000 $220,000

Marketing Manager $120,000 $140,000 $160,000

Brand Manager/ Senior Manager $90,000 $100,000 $120,000

Trade Marketing Director $120,000 $140,000 $160,000

Trade Marketing Manager $80,000 $100,000 $120,000

Digital Marketing Manager $80,000 $90,000 $100,000



Marketing Director / Senior Director $250,000 $300,000 $350,000



Brand Manager / Senior Manager $90,000 $100,000 $120,000




PHARMACEUTICAL & MEDICAL DEVICES






Product Manager/ Senior Manager $60,000 $90,000 $120,000

CONSUMER GOODS | CONTRACT (Annual salary)


CONSUMER GOODS


























58

MARKETING

PHARMACEUTICAL & MEDICAL DEVICES | PERMANENT (Annual salary)


CONSUMER GOODS


























PHARMACEUTICAL & MEDICAL DEVICES | CONTRACT (Annual salary)







Product Manager / Senior Manager $60,000 $90,000 $110,000

In 2019, the biggest gainers in different industries in Singapore were the companies that planned andexecuted the best marketing campaigns. It is what the audience sees and hears that convinces customersabout making a purchase.

We observed a number of new marketing strategies that were introduced by companies from the US andthe UK that have expanded their businesses into Singapore.

It was also a good year for job seekers who have Digital Marketing and advertising skills. Finding the bestjob was mainly dependent on what the candidates had to offer, after meeting the hiring manager’srequirements.

It is expected that the positive trends that started in 2019 will continue next year. The companies thatsuccessfully hired the best talent have gained immensely from their recruitment choices. These arecompanies that have winning teams with members who have professional and diverse skill sets.

More foreign companies are in the process of expanding their businesses into Singapore. This is good newsfor job seekers.However, preparation must meet opportunity when the time is right.

The attitude of job seekers in 2019

Generally, job seekers have shown resilience in searching for the right jobs. The trends indicate that thecandidates have been proactive about improving their skills to meet the needs of hiring managers.

Also, there has been some level of reluctance by the candidates to accept any job offer. Instead, weobserve that the employable applicants tend to weigh their options before accepting recruitment offers.

This is a good trend that can lower the rate at which employees in Singapore change their jobs. If acandidate takes their time to decide if a job is right for them, there is a chance that they will remain in thatjob for many years.

Highly demanded roles in the job market

The following roles have been frequently advertised to the job seekers in Singapore.

Sales / Business DevelopmentDigital MarketingBrand ManagementContent & SEO marketing

59

Salary Guide 2020PROJECT & CHANGE MANAGEMENT

60

PROJECT & CHANGE MANAGEMENT

Recruitment Trends for Project and Change Management for 2019

Overall we can agree that 2019 was a great year for many candidates who were in search of a job in the Project and Change Management sector. So many job seekers were employed in the industry. We attribute the high demand for skilled workers in the Project and Change Management sector to long-term projects and the entrance of new companies into the sector.

We also expect a positive trend in the sector to continue in 2020. Therefore it is a great idea for candidates who have been in the job market or fresh out of university to register with recruitment agencies where they will get essential support to find and secure the best jobs.

How have the market trends influenced the job of hiring managers?

The demand for skilled candidates who can competently handle Project and Change Management tasks is experiencing a consistent rise. The hiring managers responsible for finding the best candidates are always on the lookout for professionals who have updated skills to handle the current jobs.

Unfortunately, due to the evolving industry trends and the use of new technology, it has been quite difficult to find candidates who possess updated skills that can make them employable.

What we observed is that job seekers have overlooked the need to update their proficiencies, and this has caused them to miss more job opportunities.

With a high demand for skilled workers, it would have been easier for the hiring managers if there were more candidates who have the qualifications they require.

Top positions requested by organisations in 2019

Some job positions were particularly demanded by employers in 2019. These are positions that were frequently advertised to candidates. The high demand for these roles can be attributed to their importance, which makes it necessary for new companies to have candidates with the required skills in their team.

The top roles for 2019 in this industry are as follows;

• Project Managers• Business Analysts• Change Managers

Many of these positions were taken by professionals in the job market. The companies tend to support the employment of local talent who know more about the regulations and policies that guide business operations in the country.

Demand for qualified candidates

Many companies that have established a presence in the country now realise the need to employ professionals who have the needed skills that can help them recoup their investments and make a profit.

This is the perspective that has influenced the recruitment of qualified candidates. We observed that there were some hindrances in the aspect of recruitment. Candidates with updated skill sets were regarded as qualified for the positions. But, the fast-paced systems make it mandatory for students to regularly update their skill sets. Anyone who cannot keep up with the changing trends stands the risk of losing job opportunities to more qualified candidates.

Securing the best jobs has been quite a challenge for candidates. Some have had to go back to university to get the needed qualifications for good jobs. For example, Change Management is a fairly new field that has been gaining popularity slowly. Many of the older candidates did not study this field in university and had to go back to school to learn Change Management practices.

The impact of Legislation and Politics on the Market

The business policies and regulatory affairs in the commercial sector are predominantly monitored by government agencies. The scope of operations within these agencies is such that it is difficult for entrepreneurs to ascertain the potential profits they can get after investing in the country for a number of years.

Being able to project ROI goes a long way to attract foreign investors. They need to be sure that they can invest and enjoy the benefits.

61


Operational transitions in different companies

The general trends among the companies operating in the industry have been a straightforward approach to improving their services. From this perspective, more companies now adopt and implement the best strategies and systems to boost their business.

This is how the job creation drive has been sustained because the companies need professionals with experience in Project and Change Management to ensure the transitional process is successful.

The recruitment sector outlook for 2020

The trends indicate that there will be a consistent demand for professionals with experience in Project and Change Management in 2020. However, there may not be a significant increase in remuneration.

Only 28% of the businesses plan to review employee remuneration upwards in the coming year.

The trade war with the US has had an impact on the commercial sector. Most businesses are now focused on hiring local talents who have the required qualifications.

This is good news, in the coming year; candidates who can proactively improve their resumes have a higher chance of securing good jobs.

Many companies rely on recruitment agencies to find the best talents, so it will be a great idea for candidates with employable skills to register with recruitment agencies to be among the first professionals considered for job positions.

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PROJECT & CHANGE MANAGMENT | PERMANENT (Annual salary)


SINGAPORE - 2020 PROJECT & CHANGE MANAGEMENT SALARY GUIDE


Project & Change Managment Permanent Salaries ($ Per Annum)


Junior Business Analyst $36,000 $72,000 $84,000

Senior Business Analyst $75,000 $100,000 $120,000

Process Analyst $100,000 $120,000 $140,000

Agile Coach $120,000 $180,000 $230,000

PMO $60,000 $80,000 $120,000

Project Manager $90,000 $150,000 $180,000

Digital Project Management $85,000 $110,000 $150,000

Programme Manager $120,000 $180,000 $240,000

Lean Six Sigma / Operational Excellence Expert $120,000 $170,000 $200,000

Strategy Consulting $80,000 $150,000 $240,000

Business Transformation $120,000 $180,000 $240,000

Change Manager $80,000 $120,000 $150,000

Business Process Improvement Manager $120,000 $170,000 $220,000

Project & Change Managment Contract Salaries ($ Per Day)


Junior Business Analyst $215 $270 $350

Senior Business Analyst $380 $485 $800

Process Analyst $300 $370 $430

Agile Coach $550 $900 $1,200

PMO $550 $650 $750

Project Manager $600 $800 $1,000


63

PROJECT & CHANGE MANAGMENT | CONTRACT ($ Per Day)


SINGAPORE - 2020 PROJECT & CHANGE MANAGEMENT SALARY GUIDE


Project & Change Managment Permanent Salaries ($ Per Annum)


Junior Business Analyst $36,000 $72,000 $84,000

Senior Business Analyst $75,000 $100,000 $120,000

Process Analyst $100,000 $120,000 $140,000

Agile Coach $120,000 $180,000 $230,000

PMO $60,000 $80,000 $120,000

Project Manager $90,000 $150,000 $180,000

Digital Project Management $85,000 $110,000 $150,000

Programme Manager $120,000 $180,000 $240,000

Lean Six Sigma / Operational Excellence Expert $120,000 $170,000 $200,000

Strategy Consulting $80,000 $150,000 $240,000

Business Transformation $120,000 $180,000 $240,000

Change Manager $80,000 $120,000 $150,000

Business Process Improvement Manager $120,000 $170,000 $220,000

Project & Change Managment Contract Salaries ($ Per Day)


Junior Business Analyst $215 $270 $350

Senior Business Analyst $380 $485 $800

Process Analyst $300 $370 $430

Agile Coach $550 $900 $1,200

PMO $550 $650 $750

Project Manager $600 $800 $1,000




Digital Project Management $750 $975 $1,200

Programme Manager $800 $1,025 $1,250

Lean Six Sigma / Operational Excellence Expert $500 $850 $1,100

Strategy Consulting $350 $430 $540

Business Transformation $650 $810 $1,200

Change Manager $600 $800 $1,000

Business Process Improvement Manager $380 $500 $650

Recruitment Trends for Project and Change Management for 2019

Overall we can agree that 2019 was a great year for many candidates who were in search of a job in theProject and Change Management sector. So many job seekers were employed in the industry. We attributethe high demand for skilled workers in the Project and Change Management sector to long-term projectsand the entrance of new companies into the sector.

We also expect a positive trend in the sector to continue in 2020. Therefore it is a great idea for candidateswho have been in the job market or fresh out of university to register with recruitment agencies wherethey will get essential support to find and secure the best jobs.

How have the market trends influenced the job of hiring managers?

The demand for skilled candidates who can competently handle Project and Change Management tasks isexperiencing a consistent rise. The hiring managers responsible for finding the best candidates are alwayson the lookout for professionals who have updated skills to handle the current jobs.

Unfortunately, due to the evolving industry trends and the use of new technology, it has been quitedifficult to find candidates who possess updated skills that can make them employable.

What we observed is that job seekers have overlooked the need to update their proficiencies, and this hascaused them to miss more job opportunities.

With a high demand for skilled workers, it would have been easier for the hiring managers if there weremore candidates who have the qualifications they require.

Top positions requested by organisations in 2019

Some job positions were particularly demanded by employers in 2019. These are positions that werefrequently advertised to candidates. The high demand for these roles can be attributed to theirimportance, which makes it necessary for new companies to have candidates with the required skills intheir team.

64

Salary Guide 2020RISK MANAGEMENT

65

RISK MANAGEMENT

Regardless of the market conditions in different industries, it is essential that companies hire professionals who can carry out proper risk assessments and implement the best procedures to avert or lower risks.

In Singapore, companies operating in different industries contend with market risks, which vary in nature. For example, the big and mid-sized banks are currently contending with potential operational risks and first-line risks.

To reduce the known risks in any sector, employers in Singapore have become desperate to recruit the best talent in the job market.

Risk trends in Singapore

The following risk trends in the commercial business scene are applicable to Singapore:

Increase in regulatory penalties

The government in Singapore has implemented different regulations that must be adhered to in the various business sectors. Failure to acknowledge these regulations exposes the company to penalties that can cripple the business.

To avoid such situations, employers in these companies seek to hire the best risk management professionals. Also, the recruitment exercises are aimed at finding professionals who know all about the regulations that apply in Singapore.

The demand for analytical proficiencies

In Singapore, there is currently a demand for candidates who can perform analytical functions regarding risk aversion. The statistics indicate a 10% increase in the number of jobs that require analytical proficiencies in Singapore.

These jobs can be handled by experts with a great understanding of trading risk quantitative analysis, and credit analysis during project financing.

Recruitment trends in 2019

As mentioned earlier, 2019 will be remembered as a year that many companies were more risk-aware. Subsequently, a number of recruitment trends were obvious in 2019.

Demand for credit risk management professionals

In 2019, there was a higher demand for professionals who can adequately manage credit risks to save the companies huge costs. The demand for credit risk management professionals was more predominant in the private banking sector.

Demand for candidates with AVP level training in trading risks management

We observed that the European banks and smaller local banks in Singapore were more interested in recruiting professionals with proficiency in carrying out trade risk quantitative analysis. There is a struggle to hire the best candidates who can competently perform this role in banks and other financial institutions.

Challenges in recruiting candidates at an AVP level

HR managers in different companies have confirmed that it is difficult to recruit more candidates who have AVP qualifications because of particular factors. The main complaint is that the candidates who are available for such jobs are already at a senior level. These are professionals who have come into Singapore from countries such as France, Japan, and other parts of Europe.

Diversifying proficiencies in different fields

Candidates for jobs in Singapore have a better chance of securing their dream positions in companies and banks if they can add more skills. The hiring managers have shown a preference for candidates who have diversified working experiences.

In the risk management sector, the hiring managers are mostly in search of candidates who can competently perform roles that involve compliance, risk management, and auditing.

66

Recruiting candidates for Fintech companies

A majority of the Fintech companies in Singapore have indicated a strong interest in recruiting professionals who can handle risk assessments at different levels.

The need for more professionals in the Fintech industry in Singapore can be attributed to an increase in the use of digital payment systems in the country.

Fintech companies need more employees to oversee risk management and adherence to regulations.

However, Fintech companies are more interested in hiring candidates who have attained a senior level in the field of risk management and assessment, with a focus on applicants who have experience in the area of digital payments.

Top three jobs in risk management

We observed that the following positions had been frequently advertised by hiring managers in Singapore this year;

• Credit Risk Managers• Credit Analysts• Fraud Risk Managers

The applicants who stand a high chance of securing employment in these positions must have significant experience in the advertised field.

Does gender play a role during recruitment?

Generally, the hiring managers in different sectors, such as finance do not regard the applicants’ gender during recruitment. Instead, the hiring managers focus on the applicants’ qualifications and experience when making a selection. In Singapore, hiring managers tend to favour Singaporeans during recruitment. This is a prevalent practice when the recruitment exercise is for a position in the government.

What to expect in 2020

There are strong indications that Fintech companies will continue in their drive to promote risk management systems and adherence to existing policies that can improve their business.

Also, in 2020, the recruitment drive is expected to increase. This will happen because more companies will need to secure their positions as it is uncertain how the trade war with the US will affect businesses.

Companies in Singapore will strive to consolidate their business interests and capital to take advantage of the market, should the trends be in their favour.

We also expect the passing of new policies in Singapore that will attract more companies in the finance and other sectors to invest in the country.

Job seekers can increase their chances of securing better positions by carefully assessing job opportunities before acceptance. It is important to make the right choice regarding jobs. When the employees are satisfied with their jobs, there will be fewer reasons to leave the company.

RISK MANAGEMENT

67

RISK | PERMANENT (Annual salary)


SINGAPORE - 2020 RISK MANAGEMENT SALARY GUIDE


Risk Permanent Salaries ($ Per Annum)


Credit Risk $50,000 $130,000 $300,000

Market Risk $50,000 $130,000 $320,000

Operational Risk $50,000 $130,000 $250,000

Quant $90,000 $150,000 $250,000+

Enterprise Risk $80,000 $140,000 $250,000+

Portfolio Risk & Analytics $70,000 $150,000 $250,000+

Commodities Risk $70,000 $120,000 $250,000+

Asset Management / Investment Risk $70,000 $120,000 $220,000+

Reporting Role $60,000 $120,000 $220,000+

Risk Contract Salaries ($ Per Annum)


Credit Risk $60,000 $130,000 $300000+

Market Risk $60,000 $130,000 $300000+

Operational Risk $72,000 $130,000 $300000+

Quant $90,000 $150,000 $250,000+

Enterprise Risk $90,000 $150,000 $250,000+




Reporting Role $72,000 $150,000 $250,000+

Regardless of the market conditions in different industries, it is essential that companies hire professionals

RISK MANAGEMENT

RISK | CONTRACT (Annual salary)


SINGAPORE - 2020 RISK MANAGEMENT SALARY GUIDE


Risk Permanent Salaries ($ Per Annum)


Credit Risk $50,000 $130,000 $300,000

Market Risk $50,000 $130,000 $320,000

Operational Risk $50,000 $130,000 $250,000

Quant $90,000 $150,000 $250,000+

Enterprise Risk $80,000 $140,000 $250,000+




Reporting Role $60,000 $120,000 $220,000+

Risk Contract Salaries ($ Per Annum)


Credit Risk $60,000 $130,000 $300000+

Market Risk $60,000 $130,000 $300000+

Operational Risk $72,000 $130,000 $300000+

Quant $90,000 $150,000 $250,000+

Enterprise Risk $90,000 $150,000 $250,000+




Reporting Role $72,000 $150,000 $250,000+

Regardless of the market conditions in different industries, it is essential that companies hire professionals

68

Salary Guide 2020SALES

69

SALES

The year 2019 will be remembered by many business owners and CEOs as a period during which old methods were reviewed to achieve long-term sustainability.

The economic situation in Singapore has not been bad However, many factors, such as the influx of new investors and businesses, have made it necessary to develop better plans by making new plans.

More companies in Singapore have identified crucial roles essential to achieving the company’s goals and hiring managers have been tasked with finding the best candidates to take on those positions.

The promise of business growth in APAC regions

Thriving businesses are always on the lookout for regions where they can expand their businesses. The APAC region has been one of the top destinations for companies from the US and Europe.

The attraction to the APAC region can be attributed to the favourable policies implemented by the government to boost foreign investment.

In Singapore, many firms have set up major branch offices where the company’s affairs in Singapore and other Asian countries are managed.

How the year went for jobseekers

Many jobs were created with the influx of new brands and companies into the Singaporean market. The jobseekers could boast of choices regarding jobs in 2019. However, securing the best jobs in their different disciplines required a proactive approach towards making the right preparations to meet the requirements of the hiring managers.

In 2019, we also observed that some job seekers took a different approach. This group of jobseekers waited patiently while scrutinising the opportunities to find a suitable offer that matched their needs.

Generally, in 2019, we can conclude that the best candidates in the job market were more inclined to take more time in making their final decisions to accept job offers.

Regarding hiring managers, 2019 was a year that brought many challenges in hiring the best candidates for different positions. This happened due to lack of talent and the selectivity expressed by the best candidates in the job market.

General recruitment trends in the financial sector

In 2019, there was a significant spike in the demand for candidates who have excellent communication skills. The focus was on recruiting candidates who could professionally handle corporate and internal communications within the company and with other stakeholders.

There is also a demand for candidates who have excellent digital marketing skills. On the other hand, the Fintech industry was characterised by a demand for candidates with experience in the digital payments and finance solutions area.

The struggle for talent among the top tech firms led to poaching staff from other companies. For example, employees proficient in Digital Marketing, Content Marketing, and Integrated Marketing were lured in by the Tech Giants from smaller companies.

Many of the candidates who secured employment this way were offered contract agreements. The candidates accepted the offers because they were more interested in getting a new working experience that can improve their resume.

While many global companies coordinated restructuring in their foreign offices, to cut costs or staff strength, the case was different in Singapore.

The companies were recruiting more employees in Singapore. The apparent target was to build teams that could handle trade marketing and branding tasks. In this regard, candidates with outstanding business acumen and a drive for success were recruited.

The government in Singapore has further implemented stringent regulations that must be adhered to. To avoid penalties, many companies sought and recruited candidates who had good knowledge of the existing regulations in Singapore.

70

Top jobs in Singapore

In 2019, many job opportunities were created in Singapore. We have created a list of the top five jobs that have been frequently featured in the job advertisements;

• Sales / Business Development• Digital Marketing• Brand Management• Content & SEO capabilities• E-Commerce

The regulations that apply in the Singapore make it mandatory for all companies in the country to play fair in the market. This stance has encouraged more companies to focus on achieving organic growth through ethical strategies. For example, new businesses have recruited professionals who can drive sales through content marketing and the use of SEO techniques.

This is great news for professionals who are proficient in Digital Marketing. Also, companies will benefit greatly because they can experience long-term and sustainable growth.

Strategies used by companies to retain their best employees

Employers in Singapore have realised that it is better to retain their best employees and build a team than organising frequent recruitment exercises. They have used different strategies to promote staff retention.

For example, many companies have developed their workforce around a particular culture that is unique to the company.

Also, the companies have introduced flexible and remote working schedules that are convenient and can potentially enable the employees to increase productivity.

Employees are given paid leave from work without any restrictions, to help them achieve better work/life balance.


We expect that more companies in Singapore will increase their sales drive in the coming year. There will be an intense struggle for a larger market share.

Also, hiring managers will be left with no choice but to become creative in their hiring processes to attract the best candidates in the job market.

To stay ahead of the competition, hiring managers will need to use more effective recruitment strategies to identify candidates who can easily blend with the company’s existing culture and contribute to the achievement of goals.

And candidates should become more proactive in finding ways to improve their skills. Those people who achieve this can get better-paying jobs based on their proficiencies.

SALES

71

SALES | PERMANENT (Annual salary)


SINGAPORE - 2020 SALES SALARY GUIDE


Sales Permanent Salaries ($ Per Annum)


Director / Managing Director $200,000 $275,000 $350,000

Country General Manager / Commercial Director $140,000 $190,000 $240,000

Head of Sales / Business Development Director $140,000 $180,000 $220,000

Business Development Manager $100,000 $110,000 $120,000

Head of Strategic Partnerships $150,000 $175,000 $200,000

Strategic Partnerships Manager $90,000 $115,000 $140,000

Account Director (Regional / Global) $200,000 $250,000 $300,000

Account Manager / Senior Manager (Regional / Global) $90,000 $135,000 $180,000

Business Manager / Business Unit Head $120,000 $150,000 $180,000

National Sales Manager $100,000 $120,000 $140,000

Key Account Manager $60,000 $80,000 $100,000

Category Director $150,000 $175,000 $200,000

Category Manager $60,000 $90,000 $120,000

Sales Contract Salaries ($ Per Annum)








SALES

72

SALES | CONTRACT (Annual salary)


SINGAPORE - 2020 SALES SALARY GUIDE


Sales Permanent Salaries ($ Per Annum)















Sales Contract Salaries ($ Per Annum)








SALES










The year 2019 will be remembered by many business owners and CEOs as a period during which oldmethods were reviewed to achieve long-term sustainability.

The economic situation in Singapore has not been bad However, many factors, such as the influx of newinvestors and businesses, have made it necessary to develop better plans by making new plans.

More companies in Singapore have identified crucial roles essential to achieving the company’s goals andhiring managers have been tasked with finding the best candidates to take on those positions.

The promise of business growth in APAC regions

Thriving businesses are always on the lookout for regions where they can expand their businesses. TheAPAC region has been one of the top destinations for companies from the US and Europe.

The attraction to the APAC region can be attributed to the favourable policies implemented by thegovernment to boost foreign investment.

In Singapore, many firms have set up major branch offices where the company’s affairs in Singapore andother Asian countries are managed.

How the year went for jobseekers

Many jobs were created with the influx of new brands and companies into the Singaporean market. Thejobseekers could boast of choices regarding jobs in 2019. However, securing the best jobs in their differentdisciplines required a proactive approach towards making the right preparations to meet the requirementsof the hiring managers.

In 2019, we also observed that some job seekers took a different approach. This group of jobseekerswaited patiently while scrutinising the opportunities to find a suitable offer that matched their needs.

Generally, in 2019, we can conclude that the best candidates in the job market were more inclined to takemore time in making their final decisions to accept job offers.

Regarding hiring managers, 2019 was a year that brought many challenges in hiring the best candidates

73

Salary Guide 2020SUPPLY CHAIN & PROCUREMENT

74

SUPPLY CHAIN & PROCUREMENT

Many companies are still trying to adapt to the changes that happened during the revolution in the industry, which happened about four years ago.

The changes were obvious in the technology sector, and the teams working in companies have seemingly been struggling to cope with the new industry trends in Singapore. In 2019, the companies were tested in many ways.

The regulations guiding the operations of companies in the industry were more stringent than ever. Also, political factors had a role to play in deciding the fate and profitability of many companies.

Subsequently, the lack of funds compelled more companies to explore cheaper foreign alternatives regarding recruitment and building a team that can deliver the best services to meet the clients’ needs.

The situation also affected hiring managers. Due to the low budgets and poor funding, it was difficult to organise the best recruitment exercises to attract the best talent in the job market.

Most sought after jobs in 2019 in the Supply Chain and Procurement Sector

The following jobs were mostly advertised this year;

• Demand and Supply Planning Professionals• Order Management & Customer Service• Category Management Leaders

The high demand for talent who can occupy the positions mentioned above has been attributed to the increase in the number of foreign companies coming into Singapore to establish their businesses. The current government policies have made it easier for foreign investors to open branch offices in Singapore. Also, transparency in governance has come a long way in helping the investors to strategise and make profits from their investments in Singapore.

Some of the prominent demands in different industrial sectors that have been impacted by the changing investment trends in Singapore include technology-based innovation and automated supply chain processes.

The demand for these services has been attributed to the positive impact the services can bring to an industry, such as improving the ability to meet the needs of clients faster and satisfactorily.

Subsequently, companies that are interested in adopting new technology and automated supply chain processes demand skilled employees who can perform and manage the new operating methods when they are adopted by the company.

Securing employment in companies undergoing a transition

The first consideration for candidates who seek employment in companies that are undergoing innovative changes to improve their services is the candidates’ qualifications.

Candidates with the required academic qualifications stand a high chance of getting the best jobs. The most sought after qualifications during recruitment exercises include the six sigma qualifications, CIPS, PMP, SAP business management, and proficiency in supply chain management.

Remuneration for employees in the industry

Over the years, the remuneration for workers in the industry has been reviewed only a few times. And the changes that were introduced were minimal. This is one of the reasons candidates tend to switch jobs often, in search of better pay and improved working conditions.

The following factors have had a significant or minimal impact on the trends in the workplace:

Gender diversity

There is no evidence that the workplace culture or employee productivity has been affected by the issue of gender diversity in the workplace. Employers hire the best candidates based on what they can offer to help the company grow. The recruitment is mostly done based on merit and experience rather than the candidates’ gender.

Legislation and politics

The current legislation and political situation in the country have had an impact on the operation of both the local and foreign companies in Singapore. The regulations that guide operations are quite stringent. However, these regulations have compelled active companies to adhere to the rules and maintain proper business practices to avoid unnecessary penalties.

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Remote working experience

More companies in Singapore are open to allowing their employees to work remotely. These are measures to improve the working conditions and encourage employees to stay with companies for longer periods instead of switching jobs.

Remote working opportunities and related incentives have also helped companies avoid the negative impact of shortage in manpower, which can make it difficult to meet their clients’ needs.

Companies in Singapore can be commended for their efforts to improve the working conditions of the employees. More can be done as currently there is no new incentive being used to attract or retain the best talent.


It is expected that the year 2020 will be more competitive and tougher for most companies in the country. The projections indicate that the challenges will be mostly due to a shortage of human resources, less effective teams, and poorly coordinated operational methods. Also, the trade laws with other countries will have an impact on the way business is done and the profits made by companies in 2020. Depending on the organisations plans for the coming year, technology may bring changes to the industry, but it is not expected that a massive disruption will be experienced. The impact of technology on companies will depend on their business plans and how new technology is incorporated in the business.

Suggestions for the coming year

Employers and hiring managers who need to stay ahead of the competition can consider the potential situations that can occur and do what is necessary to avoid the pitfalls.

Regarding recruitment, it is essential to start the New Year with the best team of employees. To achieve this goal, hiring managers should create a precise recruitment plan that is characterised by shorter timelines.

Also, candidates who are expecting to secure good jobs should learn more soft skills, and submit their resumes to reputable recruitment companies.

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SUPPLY CHAIN & PROCUREMENT | PERMANENT (Annual salary)


SINGAPORE - 2020 SUPPLY CHAIN & PROCUREMENT SALARY GUIDE


Supply Chain & Procurement Permanent Salaries ($ Per Annum)


Buyer / Planner $40,000 $55,000 $75,000

Planning Manager $90,000 $140,000 $170,000

Procurement / Purchasing Director $120,000 $160,000 $220,000

Procurement / Purchasing Manager $90,000 $140,000 $170,000

Procurement / Purchasing Specialist $42,000 $55,000 $75,000

Procurement Coordinator $35,000 $40,000 $48,000

Inventory Manager $60,000 $80,000 $120,000

Inventory Specialist $42,000 $55,000 $75,000

Logistics Manager $60,000 $80,000 $110,000

Logistics Specialist $35,000 $40,000 $48,000

Project Manager SCM $90,000 $140,000 $170,000

Supply Chain Analyst $35,000 $40,000 $48,000

Supply Chain Director $120,000 $160,000 $220,000

Supply Chain Manager $90,000 $140,000 $170,000

Supply Chain Specialist $42,000 $55,000 $75,000

Warehouse Manager $60,000 $80,000 $100,000

Supply Chain & Procurement Contract Salaries ($ Per Annum)


Buyer / Planner $45,000 $75,000 $110,000




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SUPPLY CHAIN & PROCUREMENT | CONTRACT (Annual salary)


SINGAPORE - 2020 SUPPLY CHAIN & PROCUREMENT SALARY GUIDE


Supply Chain & Procurement Permanent Salaries ($ Per Annum)


Buyer / Planner $40,000 $55,000 $75,000
















Supply Chain & Procurement Contract Salaries ($ Per Annum)


Buyer / Planner $45,000 $75,000 $110,000


















Many companies are still trying to adapt to the changes that happened during the revolution in theindustry, which happened about four years ago.

The changes were obvious in the technology sector, and the teams working in companies have seeminglybeen struggling to cope with the new industry trends in Singapore. In 2019, the companies were tested inmany ways.

The regulations guiding the operations of companies in the industry were more stringent than ever. Also,political factors had a role to play in deciding the fate and profitability of many companies.

Subsequently, the lack of funds compelled more companies to explore cheaper foreign alternativesregarding recruitment and building a team that can deliver the best services to meet the clients’ needs.

The situation also affected hiring managers. Due to the low budgets and poor funding, it was difficult toorganise the best recruitment exercises to attract the best talent in the job market.

Most sought after jobs in 2019 in the Supply Chain and ProcurementSector

The following jobs were mostly advertised this year;

Demand and Supply Planning ProfessionalsOrder Management & Customer ServiceCategory Management Leaders


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Morgan McKinley | Singapore1 Raffles Place, #47-02 One Raffles Place Tower 1, Singapore 048616

T: +65 6818 3188 | E: [email protected]

morganmckinley.com.sg

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