SG Market Trends Report 2013

8/13/2019 SG Market Trends Report 2013

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MARKETTRENDS &SALARIES

REPORT

MARKETTRENDS &SALARIES

REPORT1H 2013SINGAPORE


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02 Ambition Market Trends & Salaries Report 1H 2013 Singapore

Singapore Australia

Hong Kong United Kingdom


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Ambition Market Trends & Salaries Report 1H 2013 Singapore 03

Contents

Introduction 04

Survey Response 05

Remuneration Base Salary 05

Bonus 06

Market Rate Remuneration VS Relocation 06

Benefts 07

Working Conditions 07

Morale & Job Security 08

Employee Engagement, Attraction and Retention 09

Career Progression & Work Life Balance 10

Social Media 10

Talent Movements & Recruitment Forecast 11

Outlook for 2013 11

Conclusion 12

Singapore Salaries 2013 13

Banking & Financial Services

Sales & Marketing

Finance & Accounting

Technology

About Ambition 20

Contacts & Support 21

WELCOME


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Introduction

When you garner opinions on the economic outlook for 2013,

views are often conicting. This is the same when it comes torecruitment. 2012 was a relatively volatile year for recruitment withsome industries faring better than others. However, as we progressedthrough the year and into Q4, hiring did begin to slow across

industries. Whilst the number of jobs available remained consistent,there was a higher level of caution around hiring decisions that

slowed processes down considerably.

Going into 2013, the global economy remains uncertain as it continues to travel the long road to

recovery. That said, Ambition sees a marked and an increasing focus on this part of the world. Thisbodes well for Singapore as it is increasingly seen and chosen as the entry market for South East

Asia and often the APAC region. This will have a positive effect on the recruitment sector and weare optimistic about general hiring conditions, even though our clients, particularly those in the

nancial sector, remain cautious.

Candidates with niche experience are at an advantage. In banking, this would include compliance,change, regulatory and risk, and also technology professionals as organisations look to develop/

embed platforms to support their operations more effectively. Across other industries strongdigital talent remains in demand, as do talented sales and communications professionals.Within nance, there is an increasing demand for strategically minded nance professionalsand those with strong transformation and project based skills.

In Singapore and South East Asia, notably Indonesia, Malaysia, Vietnam, Philippines and Thailand,skills shortages continue to remain. Senior level recruitment (SG$250K and above) was morelimited in 2012 as candidates remained in position and clients were focused on internal hires. It isnot yet clear whether we will see a signicant uplift in terms of senior recruitment as we progressthrough 2013, but we will have more clarity post Chinese New Year and once bonuses have been

paid. We have, however, seen an increase in senior candidates registering with Ambition who arelooking for their next career move in the new year.

It looks like H1 2013 will see a great deal of opportunities for career moves, albeit , against anuncertain backdrop. There are certain industries that look to be more active than others, such asOil & Gas, travel, online, digital and IT&T, and professional services. However, hiring will be focusedon specic skillsets rather than purely industry experience. Hiring and retaining quality talentremain the number one priority for the vast majority of our clients.

I would like to take this opportunity to thank all our clients and candidates for their supportover the years. We look forward to a continued partnership with you on your recruitment andcareer needs.

Paul Endacott, Managing DirectorSouth East Asia


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Survey Response

The Singapore survey conducted in December 2012 received responses from over 1182

individuals drawn from our client and candidate databases. Employers were spread across industrysectors and levels with over 42% having worked for their companies for over 5 years. 66.8% ofclients are from the senior manager level up onwards. Employees are represented across jobfunctions with 30.1% in accounting roles, 13.7% working in marketing and 19% in banking. 9.3% ofemployees surveyed are currently holding contract roles.

Remuneration Base Salary

43% of employees surveyed earned SGD$100K and beyond while 13% earned SGD$50K and below.28.6% of employees received 5% or more increment in the 2012 salary reviews while 29% receivedno salary increments. The majority of employees are expecting salary increments in 2013, withonly 12.3% expecting none.

For the year 2013, 29.9% of employees expect salaryincrements of 6% and above. 12.3% do not expectany salary increments at all, with 27.9% of them fromthe C-level. In 2012 only 57.6% of employees receiveda salary increment of 5% or above, yet 74.9% expect

increments of 5% and above for 2013, indicatingcondence in the economy.

The higher expectations in salary incrementsalso coincides with the fact that 44.4% of totalrespondents think their salary levels are not in line

with the market (20.6% are unsure). In contrast, 56.2%of employers believe that their remuneration levels

are in line with the market while 13.5% are unsure.

According to both employers and employees, the

most likely salary percentage increment usually will

fall between 3-5%. The ination rate in Singaporeaveraged at approximately 4.7% for 2012.

expect increments of

5% and above for 2013

AVERAGE HIGH LOW

2.8% 34% -3.1%

74.9%

Did You Know?From 1962 until 2012, Singapore Inflation

Rate averaged 2.8 Percent reaching an all

time high of 34.0 Percent in March of

1974 and a record low of -3.1 Percent in

September of 1976.


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06 Ambition Market Trends & Salar ies Report 1H 2013 Singapore

Bonus

Bonus payouts in the year 2012 fell short, with 62.5% of employees stating that it did not meet

their expectations. This is shared across junior and senior management levels.

34.2% of employees did not receive any bonuses while 28.6% received bonuses that are 20% andabove of their base salaries.

Although 33.1% of employees did not get any bonuses this year, only 13.7% are expecting thesame outcome for 2013. This positivity is shared by the majority of employers, with only 9.2%expecting no bonus payouts in 2013.

Market Rate Remuneration VS Relocation

Closely reecting a similar percentage ofemployees who feel underpaid, 49% of employeesalso think that they could earn more in another

city, with 38% being unsure if they would earnmore. This could explain why an overwhelming77.2% are willing to relocate to further theircareers, which places further emphasis on global

opportunities available internally and policies (bothcompany and government) to attract and retainthese talented individuals.

57.7% of employees who will relocate to further

their careers have also indicated that they are likelyto relocate within the year. That would constitutea substantial brain drain to the local workforce and

companies should take steps to retain these talents

within their organisations.

Similarly, 70.8% of senior management staff have also responded that they are willing to relocateto further their careers as 34.6% of them feel that they would earn more in another city. 48.1% ofthis group is looking to move within the year.

28.5% expect bonuses between 0-5%38.7% expect bonuses between 6-15%

32.9% expect bonuses of 16% and above

Bonus expectations for 2013

More people are willing to relocate for

better pay and career prospects


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Employee Engagement, Attraction and Retention

When asked to rank what would be the most important factor to retain them, 30.4% of employees

indicated salary stil l remain their priority, followed by career advancement, benets and companyculture. Contrary to popular belief, employees are less bothered about the company brand as long asthe salary is attractive. This could be due to current market conditions coupled with practicality onsalary expectations.

Brand Conscious? Not!

Of the 8 factors given 25.9% of candidates ranked company brand as the least important.

Similarly, employees have also ranked salary, career advancement, benets and culture in thesame order of importance when looking for a new job. 38.2% placed more emphasis on salarylevels.

Employers on the other hand have ranked (in order of importance) salary, bonus, relationship withmanager and company culture to be important staff attraction and retention factors. This showsa clear difference between what employers think as compared to what employees really want.

Employees

1. Salary

2. Career Advancement

3. Benefits

4. Company Culture

Employers

1. Salary2. Bonus

3. Relationship with manager

4. Company Culture


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Career Progression & Work Life Balance

Even though career advancement has consistently ranked high on the level of importance for

employees, 38.7% of employees feel that there is no career progression in their current companieswhile only 31.5% are condent of a career progression.

68.1% of employees are also job title conscious because they feel that it reects their level ofexperience and it plays an important factor in securing their next job. 25.6% do not mind whattheir titles are as long as they are enjoying their jobs. These sentiments are closely mirrored in theemployer survey.

To further emphasise the importance of careeradvancement, 64.8% of employees haveresponded that they would rather forgo exible

working hours to achieve work life balancethan to give up on career progression. 64.6% ofemployers have also indicated that they would

not be willing to forgo career progression for

work life balance.

Social Media

Even though LinkedIn remains the mostpopular platform for job seekers andrecruiters, recent cases of top executives

being red due to improper conduct onsocial media have also prompted 83.5% ofemployees to be conscious of how their

behaviour on other social media platforms

could potentially have an impact on them

professionally.

This wariness of personal usage ofsocial media is no surprise with 48.8% ofemployees having responded that their

companies have implemented guidelines

and rules on employee social media

behaviour.

Likewise, 56% of employers have responded that they do view social media proles of potentialemployees to assess them. This shows that employers are moving beyond conscientiously writtenCVs in their assessment.

56% of employers view

social media profiles of

potential candidates toassess them.

46.2% No career progression

16.7% Company culture misfit15.5% Dissatisfaction with salary

15% Poor relationship with superior

Top Reasons why employees resign:


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Talent Movements & Recruitment Forecast

59.9% of employees are looking to change jobs within 2013, closely reecting the percentage

of employees who have responded that they are looking to relocate within the year for careeradvancement.

When looking for the next step in their careers, employees are less inclined to consider internal

transfers. While this can be due to attractive external offer, it can also demonstrate a lack ofengagement or awareness of internal opportunities available.

Outlook for 2013

For 2013 outlook, 23.2 % of employees expect business to contract, up from 19.7% of employees

who expected businesses to contract for the year 2012. A majority (46.8%) are staying positiveon possible business growth for 2013. In addition, 2013 sees 59.3% of employees looking tochange jobs within the year which will lead to an increase in recruitment activity in the rst half ofthe year.

Employees: To what extent are globaleconomic conditions impacting your business?

Employers: To what extent are globaleconomic conditions impacting your business?

1.1%

55.7%

43.1%

6.8%

57.6%

35.6%

Not at all

Some impact

Significant Impact

Not at all

Some impact

Significant Impact

1. Recruitment Firms

2. Online Job Boards

3. LinkedIn4. Through networking

Job search avenues ranked:


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Conclusion

39.6%

Companies and governments alike need to

work to retain talent and craft immigration

policies to meet and manage the trend of

talent flow respectively.

Between work life balance and

career progression, majority of

the workforce would still rather

have the latter than the former.

of candidates feel that their company does not

update staff sufficiently and frequently enough

on company performance while only 21.8% of

employers agree on that, clearly showing a

communication gap between top management

and the ground level.

Talent is more open to

relocating these days if it

means better pay and

greater job progressions.


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Singapore Salaries 2013


Investment Banking

Internal Audit Years of experience Annual salary range (S$)

Head of Audit / Internal Control / Operational Risk 15+ 250K+

Senior Vice President 15+ 180K - 250K

Vice President 12 - 15 140K - 200K

Assistant Vice President 7 - 12 85K -140K

Analyst / Associate 1 - 8 45K - 90K

CFO

Regional Chief Financial Ofcer 15+ 300K - 500K

Country Chief Financial Ofcer 12+ 200K - 300K

Compliance

Head of Compliance 15+ 240K+

Senior Vice President 15+ 180K - 220K+


Assistant Vice President 7 - 12 80K - 130K

Senior Associate 3 - 7 60K - 90K

Compliance Ofcer / Analyst 1 - 3 40K - 80K

Management Reporting / FP & A

Head of Management Repor ting 15+ 250K+




Management Accountant 3 - 6 60K - 90K

Junior Accountant / Analyst 1 - 3 40K - 60KProduct Control

Head of Product Control 15+ 250K+




Associate 3 - 6 60K - 90K

Analyst 1 3 40K - 60K

Regulatory Reporting / Financial Accounting

Regional Financial Controller 15+ 220K+




Accountant 3 - 6 60K - 90K

Junior Accountant 1 - 3 45K - 70K

Tax

Head of Tax (large bank) 15+ 220K - 300K+

Head of Tax (small bank) 12 - 15 180K - 280K+


Vice President 12 - 15+ 140K - 180K


Tax Accountant 3 - 7 50K - 80K


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Sales & Marketing


Marketing Annual salary range (S$)

Marketing Director 250K - 350K

VP*, Marketing 150K - 220K

Marketing Manager 80K - 130K

Executive Director, Corporate Communications / Affairs 350K+

Director, Corporate Communications / Affairs 175K - 275K

VP*, Corporate Communications / Affairs 150K - 200K

AVP**, Corporate Communications / Affairs 100K - 150K

Internal Communications Manager 100K - 125K

Executive Director, Events 200K - 300K

Director, Events 175K - 225K

Conference / Event Manager 80K - 120K

Event Specialist 60K - 80K

Media Relations Manager 70K - 100KHead of Market Research / Business Intelligence 175K - 250K

Market Research / Business Intelligence Manager 100K - 150K

Commerce & Industry

Broadcasting / Entertainment Annual salary range (S$)

Vice President / Marketing Director c. 225K

Associate Director 150K - 200K


Vice President / Director, Distribution 200K - 300K

Associate Director, Distribution 125K - 175K

Distribution Manager 80K - 120K

Vice President / Director, Adver tising Sales 200K - 300K

Associate Director, Sales 125K - 175K

Sales Manager 80K - 130K

FMCG

General Manager 250K - 300K+

Sales Director 150K - 225K


Key Account Manager 50K -100K

Assistant Key Account Manager 40K - 55K



Assistant Marketing Manager 60K - 90KSenior Brand Manager 90K - 120K

Brand Manager 70K - 110K

Assistant Brand Manager 50K - 70K

Category Manager 90K - 130K

Assistant Category Manager 50K - 70K

Product Manager 50K - 80K

Assistant Product Manager 40K - 60K

Trade Marketing Manager 50K - 90K

Assistant Trade Marketing Manager 40K - 60K

* Vice President**Assistant Vice President


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Commerce & Industry

IT / Telecommunications Annual salary range (S$)

Marketing Director 200K - 250K+Marketing Manager 100K - 175K

Assistant Marketing Manager 50K - 80K

Product Manager 60K - 90K

Professional Services

Marketing Director 150K - 250K+


Business Development Director 150K - 200K

Business Development Manager 90K - 130K

PR Manager 70K - 110K

Publishing

Publisher 275K+

Circulation Director 150K - 225K+

Circulation Marketing Manager 60K - 90K

Circulation Sales Manager 60K - 90K

Adver tising Sales Director 150K - 200K

Adver tising Sales Manager 60K - 90K

Retail

Head of Marketing 180K - 250K


Assistant Marketing Manager 40K - 70K

Marketing Executive 30K - 45K

Brand Manager 70K - 100K

Assistant Brand Manager 50K - 80K

PR Manager 60K - 80K

Assistant PR Manager 40K - 60K

Merchandising / Buyer Manager 70K - 100K

CRM Director 200K - 250K

CRM Manager 80K - 130K

Advertising Agency

Group Managing Director 500K+

Managing Director 250K - 400K

Business Director / Management Super visor 175K - 250K

Client Ser vices Director 150K - 300K

Strategic Planning Director 200K - 275K

Group Account Director 150K - 200KAccount Director 75K - 125K

Account Manager 40K - 60K

PR Agency

Managing Director 250K - 350K

Director / Practice Leader 175K+

Account Director 90K - 130K


Online




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Ambition Market Trends & Salaries Repor t 1H 2013 Singapore 17

Commerce & Industry

Digital / E-commerce Annual salary range (S$)

Managing Director 250K - 400KMarketing Director 150K - 300K




Travel & Hospitality







Commerce & Industry

Audit / Internal Control Annual salary range (S$)

Head of Audit 180K - 350K

Senior Audit Manager 120K - 180K

Internal Audit Manager 70K - 120K

Internal Auditor 50K - 80K

Financial Accounting

CFO 250K - 500K

Finance Director 250K+

Regional Financial Controller 150K - 250K

Financial Controller 120K - 150K

Finance / Accounting Manager 80K - 120K

Financial Accountant 50K - 80K

Accounts Payable / Accounts Receivable Accountant 40K - 60K

Management Accounting

Manager - Management Accounting 100K - 140K

Senior Management Accountant 80K - 100K

Management Accountant 50K - 80K

Planning & Analysis

Head of Planning & Analysis 140K - 220K

Financial Planning & Analysis 80K - 140KSenior Financial Analyst 90K - 110K

Financial Analyst 50K - 80K

Tax

Vice President / Head of Tax 180K - 350K

Tax Manager 90K - 180K

Tax Accountant 50K - 90K

Treasury

Head of Treasur y 170K - 350K

Treasur y Manager 90K - 170K

Treasur y Accountant 50K - 90K


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Technology


Business Change Years of experience Annual salary range (S$)

IT Director (ED MD) 15+ 300K - 500K

Program Manager (VP-D) 15+ 150K - 300K

PM (AVP-VP) 10-15 90K - 150K

Business Analyst (AVP-VP) 6-15 80K - 170K

Application Development

Solutions Architect (VP-SVP) 12-18 150K - 240K

Development Manager (VP-SVP) 10-15 150K - 240K

C++/Java 6-15 80K - 140K

.Net 6-15 80K - 140K

RDBMS developer/DBA 6-15 60K - 120K

Infrastructure

Infrastructure Director (D-MD) 15+ 250K - 400K

Infrastructure Manager (VP) 10-15 150K - 250KInfrastructure Engineer (AVP) 6-15 90K - 150K

Systems administrator 4-8 70K - 100K

L2 Support 5-10 60K - 90K

Trading systems support (Front Ofce) 6-15 70K - 140K

Info Security Director (VP-D) 15+ 150K - 250K

Info Security Specialist (AVP-VP) 8-15 100K - 150K

Security Analyst 4-8 70K - 100K

Security Analyst 70K - 100K

Commerce & Industry

Business Change Years of experience Annual salary range (S$)

IT Director 10+ 200K - 300K

Program Manager 8+ 160K - 240K

PM 5-8 80K - 140K

Business Analyst 5-8 70K - 110K

Application Development

Solutions Architect 8-12 100K - 160K

Development Manager 8-12 100K - 140K

C++ / Java / .Net 5-10 60K - 120K

RDBMS developer/DBA 5-8 50K - 100K

Infrastructure

Infrastructure Director 10+ 160K - 220K

Infrastructure Manager 8+ 100K - 160KSolutions Director / Head of Presales 8+ 150K - 250K

Solutions Architect / Presales 5+ 80K - 180K

Systems Administrator 5+ 60K - 110K

Network Administrator 5+ 60K - 90K

Network or Systems Engineer / 3rd line Support 5+ 60K - 100K

Capacity Planning Engineer 5+ 60K - 80K

Capacity Planning Manager 6-8 70K - 120K

IT Security Director 8+ 120K - 200K

IT Security Manager 6-10 80K - 120K

IT Security Analyst 5+ 60K - 100K

Helpdesk / Desktop Support 3-7 40K - 70K

Helpdesk Team Lead / Manager 5-8 80K - 120K


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Notes to salary tables:

1. Titles and levels vary from organisation to organisation.

2. The salary ranges given are only approximate guides. For tailored salary advice, please contactus directly.

3. 12 month base salaries are assumed.

4. All other benets and bonuses are in addition to these gures.

5. Bonus ranges can vary signicantly from company to company and will be inuenced by marketconditions, business and individual performances. Bonus ranges from 1 month at the low end to100%+ at the upper.

6. Holiday entitlements range from 12 - 25 days with senior executives not usually receiving less

than 18 days. Less than 15 is very rare and 20 days is becoming the norm.

7. Healthcare policies are standard.

8. Pension plans vary with some companies offering greater than the standard contribution. Topup schemes can increase employer contribution levels as much as 15-20 percent of the basesalary for senior executives.


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20 Ambition Market Trends & Salar ies Report 1H 2013 Singapore

About Ambition

Ambition is a leading global boutique recruitment business listed on the Australian Securities Exchange.

With coverage across Hong Kong, Singapore, Sydney, Melbourne, Brisbane, Perth and London wespecialise within the areas of banking & nancial services, nance & accounting, technology andsales & marketing.

We are best known for specialisation with in-depth knowledge and expertise, well-established

networks and deep relationships.

What makes us different

We believe our size is a signicant differentiator in the recruitment industry. We are big enough toundertake large scale projects for our clients, yet small enough to retain the soul and personalityof a smaller company.

We work relentlessly to reinforce our purpose and culture and believe passionately that no one in

the company is too small to make a difference.

As a global boutique recruitment business, our ofces are extremely closely connected. Ourmanagement structure is geared towards facilitating communication between ofces and ourprocesses and technology go further to support this connection. Ultimately, this means we arewell placed to source the hardest to nd candidates and to extend client relationships to ourinternational ofce network.

For more information, please visit www.ambition.com.sg

Global Reach

United Kingdom Hong Kong

Singapore


Banking & Financial

Services Sales & Marketing



Sales & Marketing Information & Technology



Information & Technology HR



Sales & Marketing Information & Technology

Australia

Sydney, Melbourne

& Brisbane


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Ambition Market Trends & Salar ies Report 1H 2013 Singapore 21

Notes


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Notes


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Ambition Market Trends & Salar ies Report 1H 2013 Singapore 23

Singapore Australia

Hong Kong United Kingdom


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65 Chulia Street, #39-05/06 OCBC Centre, Singapore 049513T: +65 6854 5600 F: +65 6854 [email protected] [email protected]

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SG Market Trends Report 2013

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