Singapore Salary Survey 2009

8/6/2019 Singapore Salary Survey 2009

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SINGAPOREACCOUNTING&FINANCE

SINGAPORE

ACCOUNTING&

FINANCE

ACCOUNTING&

FINANCE

291

Ouraccounting&financerecruitmentdivision

specialisesintheplacementoffinanceprofessionalsintoorganisationsoutsidethefinancialservicessector.

MarketOverview2008remainedacandidatedrivenmarketandtheshortageofstrongprofessionalswitnessedin2007continued.Goodqualitycandidatesreceivedmultiplejoboffersandmanywerecounter-offeredbytheirexistingemployer.Salaryexpectationscontinuedto

riseandhiringmanagerswerefrustratedasexpectationswereoftenunrealistic.

Inquarterfour,webegantoseethefirstsignsofmarketturmoilastheeffectsofthecreditcrunchbegantotricklethroughtoAsia.However,thisdidnothavetheanticipatednegativeeffectonthecommercesectorandrecruitmentcontinued.Ifthemarketdipsandhiringlevelsreducewemayseesomecontrolreturntohiringmanagersin2009.Asthemarkethasremainedcandidateshortforsometimewedonotanticipatemajorchangesinhiringlevelsintheshort-term.

SkillShortagesin2008DespitetheeffectsofthecreditcrunchfilteringthroughtoSingaporeinquarterfourwesawcontinuedskillshortagesinthefollowingareas:

Costaccounting-therewerecontinuedshortagesofcandidatesinallareasofcosting,fromaccountantstocostcontrollers.

Internalaudit-therewereseverecandidateshortages,especiallyforrolesrequiringmorethan75%travel.

Financialplanningandanalysis-thechangingeconomicclimatesawcompaniesplacegreaterfocusonforecastingandmeasuringcost

efficiencies;thisledtoincreaseddemandforfinancialplanningandanalysismanagers.

Tax-rangingfromtaxaccountants

todirectorlevel.Demandfor'Big4'accountantswithtaxandcommercialexperiencecontinuedtooutstripsupply.SomecompanieswidenedtheirsearchstrategiestoIndia,MalaysiaandtheUnitedStates.

SalaryLevelsSalariescontinuedtorisein2008.Forexternalhires,averageincreasesstayedwithinthe10-15%rangewithsomepeaksat20-30%.

Itwasrareforcandidatestoacceptsalariesatparity.Wesawsalarybandswidenandinsomecases,decreasefrompreviousyearsashiringmanagerssoughttogrowtheirownbyhiringcandidateswithlessexperiencebutwiththenecessaryattributestogrowintoarole.

AdviceforHiringManagersItmayseemoverlysimplistic,butmatchingtherightpersontotherightjob,companycultureandteamworkstylewillgoalongwaytoensuringretentioninthelongrun.Companiesshouldalsocontinuetohighlighttheirstaffretentionprogrammes-suchasstockoptions,increasedCPFcontribution,flexi-workinghoursandjobrotationpoliciesetc.Organisationswithstrongretentionstrategiestendtobebetterpositionedtoattractthecandidatestheywant.Itisalsocriticalthatcompaniescontinuetointerviewtoptalentdespitecurrenteconomic

conditions,sothatwhenhiringneedsarise,anavailabletalentpoolisalreadyinplace.


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SINGAPOREACCOUNTING&FINANCE

SINGAPORE

ACCOUNTING&

FINANCE

ACCOUNTING&

FINANCE

292

ROLE PERMANENTSALARYPERANNUMS$

2008 2009

ChiefFinancialOfficer $250-450k $250-450k+CommercialManager $140-180k $140-200k

Accountant(3-5yrsexp) $54-70k $54-72k AccountsPayable/ReceivableAccountants(3-5yrsexp) $48-60k $42-60k Auditor(8+yrsexp) $90-120k $104-170k Auditor(3-5yrsexp) $50-80k $54-85kBusinessAnalyst(6-10yrsexp) $100-150k $90-170kBusinessAnalyst(3-5yrsexp) $75-100k $65-80kCorporateFinance(6+yrsexp) $120-180k $120-170kCostAccountant(3-5yrsexp) $70-90k $58-90kCostController(6-10yrsexp) $100-140k $120-160kCreditController(6+yrs'exp) $80-140k $85-149k+FinanceDirector-LargeOrganisation $220-400k $210-425k+FinanceDirector-Small/MediumOrganisation $180-230k $156-225k+FinanceManager(4-6yrsexp) $100-120k $90-125k

FinanceManager(0-3yrsexp) $78-96k $72-104kFinancialAnalyst(6-10yrsexp) $85-130k $91-120kFinancialAnalyst(3-5yrsexp) $65-80k $55-85kFinancialController-LargeOrganisation $150-200k $160-200k+FinancialController-Small/MediumOrganisation $120-160k $120-170k+FinancialPlanning&Analysis(6+yrsexp) $110-180k $120-180k+FinancialPlanning&Analysis(3-5yrsexp) $80-100k $70-95kGroupAccountant-Consolidations $75-120k $72-100kInternalAuditor-Director $220-260k $220-300kInternalAuditor-Manager $120-180k $104-195kPricingManager $120-150k $130-160k

TaxAccountant-Senior(6+yrsexp) $78-96k $80-110k+ TaxAccountant(3-5yrsexp) $58-72k $50-84k TaxDirector $160k+$200k+ TaxManager $120-150k $130-200k TreasuryManager $100-150k $120-180k TreasuryAnalyst(6+yrsexp) $90-150k $100-120k+ TreasuryAnalyst(4-6yrsexp) $60-85k $58-90k

NB:Figuresarebasicsalariesandexcludeemployer'sCPFcontribution.


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SINGAPOREFINANCIALSERVICES

FRONTOFFICE

SINGAPORE

FINANCIALSERVICES-FRONTOFFICE


293

MarketOverview

FundManagement2008willberememberedasoneofthemostvolatileperiodsintheequitymarketsasalmosteveryAsianmarketwitnessedlowsnotseensincetheAsianfinancialcrisis.Fundmanagementfirmssawassetsmoveoutoftheregionintosafer,fixedincomeinstrumentsandmanytookthemorecautiousapproachofsimplyholdingontocash.

Whilsttherewasaslowdowninthefund

managementindustry,privatebanks'headcountremainedrelativelystable,withsomeevenaddingnewstaffintheirdiscretionaryandresearcharms.Astheequitymarketsbecameadifficultenvironmenttoinvestin,assetmanagementhousesdiversifiedintohiringcreditanalysts.

Interestingly,therewasgrowthinthenumberofhedgefundsinSingapore,withmanynewbutsmallershopssettingupin2008.Unfortunately,theirdemisewasalsoquickastheyhadverylimitedcapitalandleveragingbecamemoredifficult.

Asmanagementfeesreducedandcostbecameakeyconcern,internationalfundmanagementhousespreviouslyoperatinginbothSingaporeandHongKongalsostartedtoconsolidatetheiroperationsineitherofthesetwocountries.

Theearlypartof2009maystillbevolatile,particularlyfortheequitymarkets.However,weanticipatethatfirmswillcontinuetoexplorethebondmarkets,especiallyhighyields,asthereisgreaterinterestfromforeigninvestorsinthisassetclass.

Corporate/InstitutionalBankingCorporate/institutionalbankingsawmoderategrowthinrecruitmentinthefirsthalfof

2008butthissloweddrasticallytowardsquarterfour.Manybanksbecamecautiousinextendingcreditfacilitiestonewandeven

existingclients.Asaresult,staffresources

wereredeployedtomanagecurrentfacilitiesasopposedtobringinginnewbusinesses.

Bankswithrelationshipmanagersspecialisinginindustriessuchasinfrastructureandnaturalresourcesidentifiedthesesectorsaskeyareasforgrowth.Otherssoughttodownsize,redeploymanpowerandbuildontheircorebusinessbyleveragingitsstrengthsincashmanagementandtradefinance.Asaresult,overseascandidateswiththeseskillsets,

especiallythosefromSouthEastAsia,willbeseenasanalternativesourceoftalenttomitigatethecostofrecruitment.

Wealsosawinterestfromoff-shorefinancialinstitutions(especiallyMiddleEasternfirms)settingupofficesinSingaporeandusingthisasaspringboardintoAsia.ThisledtoashortageofnichebankerswithspecialisationinIslamicbanking,particularlythosewithregionalexposure.Asaresult,bankssoughttosourcetalentfromoverseas.

Movingforward,wemayseeaforcedreturntothetraditionalrelationshipbankingmodelwhereclientsseekfundingthroughcorporatelending.Hence,weexpectthattherewillbecontinueddemandforcorporatebankerswithgoodcreditandmarketingskillsthroughout2009.

Theoveralloutlookforcorporatebankingremainsmoderatewithkeyrecruitmentfocusedonmorespecialisedskillsets.Withtheongoingcrisisinthefinancialmarkets,wedonotexpectanincreaseinsalariesorincentivesin2009.

SMEBankingTherecruitmentofrelationshipmanagersfocusingonsmalltomediumenterprises(SMEs)experiencedstronggrowthin2008,

asmanySMEscontinuedtoexpandintotheregionandbanksaddedheadcountduetohealthyprofitmarginsinthissector.Leading

banksalsoenhancedtheirbankersefficiency

throughcrosssellingandgreaterrelianceoncashmanagementandtradefinancecapabilitiesinordertoreducelendingcostsandrisks.Asaresult,wesawincreasingdemandforbankerswiththeseskillsetsinatightliquiditymarket.

Themajorityof2008sawforeignbanksaggressivelycompetingwiththeirlocalcounterpartstoprovidedomesticcorporateswithlendingandcashportfoliomanagement

services.Whilstlocalbankswerestillonadiscretionalannualbonusstructure,foreignbanksofferedaquarterlycommissionincentiveprogrammetoattractSMEbankers.Movinginto2009,weexpecttheSMEmarketsegmenttogrowatamoderatepace.

SalesandTradingSalesandtradingsawanumberofheadcountcasualtiesin2008.ManyoftheWesternbanksdownsizedtheirstafforevencloseddesksinordertoconsolidateriskbacktoheadquarters.Thiswasadramaticchangefrompreviousyears,withthefocusshiftingtomanagingriskandcost.Weevensawtradersbeinglaidoffacrossalmosteveryassetclass,withtheCDOandequityderivativetradersmostaffected.

Fortunately,therewasnotmassiveretrenchmentwithinsalesteamsand

headcountremainedrelativelyintact.Duetothevolatilemarket,manydeskheadsfacedadifficulttaskwhenbudgetingfor2009.Whilstweexpectlownumbersofnewtradingpositionsin2009,wedoanticipatesalesteamstogrowatamoderatepacewithafocusoninstitutionalandwealthyindividuals.Banksmayalsostrengthentheircommoditybusinessintheregionwherethereremainsademandfromcorporationsfortheirhedgingneeds.


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294

PrivateBanking

Duringthefirsthalfoftheyear,somemajorprivatebankscontinuedtheirexpansionplanswiththeopeningofnewprivatebankingcentresoutsideofSingaporeinonshoreoperationsacrossAustralia,China,Indonesia,KoreaandIndia.However,aftertheunprecedentedworldwidefinancialturmoilinthesecondhalfofyear,thewealthmanagementbusinesswassignificantlyaffected.

Theprivatebankingsubsidiariesofsomeoftheworldsinvestmentbanksfacedanuncertainfutureastheirparentgroupssufferedhugecreditlosses.Weanticipateaslowdownor'modest'growthoftheirassetsin2009asaresult.Manyestablishedprivatebankssufferedlargeoutflowsofassetsundermanagementtolocalandboutiquesetups,duetothesecurityandstabilitythesebusinessescouldoffer.Clientsalsobecamemorediscerningandwerelesslikelytomovetheirassetstoarivalbankwhentheirrelationshipmanagerchangedorganisations.

TheUSrecessionandconsequencesoftheongoingsub-primecrisistarnishedbankers'confidenceandclientsinthewealthmanagementsectoradopteda'waitandsee'approachtoinvestment.Recruitmentwillshifttowardsattractingmoreexperiencedprivatebankerswithagoodpoolofloyalclientsanda

strongtrackrecord.

2009willmarkthestartofanevenmorecompetitivephasewithintheindustryand'thesurvivalofthefittest'seemstobetheguidingprinciple.Bankswhichwerecrippledbymassivesub-primerelatedlossesmayneedmanyyearstorestorethebrandimageoftheirwealthmanagementbusinessesandthemarketwillweedoutunderachieversjustasaresultofcontinuingcompetition.

InvestmentBanking

Theinvestmentbankingmarketsawadropincompleteddealswhichresultedinamassiveslowdowninrecruitmentactivity,extensivejobcutsandfirm-widerestructuringefforts.

Asiahaspredominantlybeenadebtandequitiesfocusedmarketbutduetothefinancialcrisisthemarketwitnessedasharpdropindeals.Withthelackofliquidityinthemarket,debtdealswerealmostnon-existent,equitiesdealswereholdingonfortheright

timetolist,andM&Adealswereindiscussion.

The2007marketexperiencedhighlevelsofrecruitment,talentshortagesandsalarysurgeswithsign-onbonusesandguaranteesofferedtoattractcandidates.ThetalentshortageforcedthemarkettolookoutsideofAsiaforresourcesandoverseasbankerswithoutAsianexperiencefilledtheresourcinggapsinthefirsthalfof2008.Thelatterhalfoftheyearsawadifferentandchallengingenvironmentwithmanybankslayingoffmorethan50%oftheirjuniorstaff.ResearchindicatedthatthemajorityofthebankersaffectedbythejobcutswereexternalhiresoutsideofAsia.

Withtheconsolidationandbreakdownoffinancialinstitutions,weexpecttoseemorerecruitmentactivityintheareasofFIGandM&Ain2009.Additionally,themarkethas

beenseeingmoredealsintheinfrastructureandnaturalresourcessectorswhichshouldresultinincreaseddemandforbankers.


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FRONTOFFICE

SINGAPORE



295

ROLE PERMANENTSALARYPERANNUMS$1-4YRSEXP 5-8YRSEXP 8+YRSEXP

2008 2009 2008 2009 2008 2009

FrontOfficeClientServices $38-80k $36-78k $85-140k $78-132k $140k+ $132k+CorporateBanking(Credit

Analyst)$40-85k $32-80k $85-145k $80-138k $145k+ $138k+

CorporateBanking(Relationship

Manager)

$45-90k $42-85k $90-170k $85-165k $170k+ $165k+

Custody/TrustSales* $45-90k $42-86k $90-185k $86-180k $185k+ $180k+DebtCapitalMarket* $60-120k $60-110k $120-200k $110-180k $200k+ $180k+EnterpriseBanking(RelationshipManager)

$35-85k $32-80k $85-140k $80-130k $140k+ $130k+

EquitiesCapitalMarket* $60-120k $54-110k $120-190k $110-165k $190k+ $165k+InstitutionalMarketing $55-110k $48-105k $110-180k $105-165k $180k+ $165k+InvestmentBanking* $85-150k $85-150k $150-230k $150-230k $230k+ $230k+PriorityBanking(RelationshipManager)*

$48-90k $45-144k $90-150k $84-144k $150k+ $144k+

PrivateBanking(RelationshipManager)* $90-110k$84-110k

$110-200k$110-200k

$200k+$200k+

PrivateBanking(InvestmentAdvisor)*

$50-105k $50-100k $105-180k $100-160k $180k+ $160k+

PrivateEquity# $85-150k $85-150k $150-230k $150-230k $230k+ $230k+Structuring* $80-140k $68-120k $140-280k $120-230k $280k+ $230k+

Trading* $50-120k $50-96k $120-220k $96-180k $220k+ $180k+ TreasurySales* $50-105k $48-90k $105-185k $90-175k $185k+ $175k+

FundMangementPortfol ioManagement# $60-100k $60-100k $100-180k $100-180k $180k+ $180k+

Research $60-105k $50-96k $105-180k $96-180k $180k+ $180k+

NB:Figuresarebasicsalariesandexcludeemployer'sCPFcontributions.

*Variablebonusesmaybealargecontributingfactortooverallcompensation.

#Carriedinterestmaybealargecontributingfactortooverallcompensation.


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MIDDLE&BACKOFFICE

SINGAPORE

FINANCIALSERVICES-MIDDLE&BACKOFFICE

FINANCIALSERVICES-MIDDLE&BACKOFFICE

296

MarketOverview

2008witnessedmanyfinancialinstitutionsbeingnationalisedormergingduetothesub-primecrisis.Asaleadingsharedservicescentreforbankinginfrastructureactivities,SingaporewasrelativelyshelteredcomparedtothemoreexposedfinancialcentresofLondon,NewYorkandTokyo.AlthoughtheeconomictroublesinEuropeandtheUShadlimiteddirectimpactonSingapore,thechainofsubsequenteventsmarkedbytheFederalBank'sinterventionatAIG,followedbythe

foreclosuresofanumberofUSinvestmentbanks,hadfarlargerimplicationsonmarketconfidence.

Outlinedbelowarethekeyrecruitmenttrendswitnessedacrossthemiddleandbackofficein2008.

Operations

Marketchallengesinfrontofficetradingledtoacorrespondingslowdowninbackofficesettlementrecruitmenttowardstheendof2008.

TheevolvingCOOstructurefocusedoncontrols,supportandnewproductsratherthanbackendoperationsstaff.

Wewitnessedtheoff-shoringofvanillaproductrolesawayfromSingapore(e.gtoIndia)aslocalteamsfocusedonmorecomplexproducts.

Derivativesoperationsexperiencedahigh

requirementforcandidatesduringthefirsthalfof2008,howeverafterquarterthree,demanddecreasedduetolackofconfidenceinexoticproducts.

Collateral,marginmanagementandcorporateactionspersonnelwereinhighdemandasbankswerewaryofcrediteventsandcounterpartyexposure.

Primebrokeragedesksweresetuptoaccommodatethebusinessfromsmallhedgefunds.

Therewasanincreaseinthenumberofcaptiveandthirdpartyfundadministratorstargetingsmallfundmanagers

andsovereignwealthfundswitha

correspondingdemandforcustodyandtransferagencytalent.

Finance

Theslowdownincredittradinghadacorrespondingeffectonthedemandforcreditproductcontrollers.

Volatilityintheequitiesmarketsplacedcontinuedfocusonequitiesorequitiesderivativesproductcontrollers(althoughSingaporeisprimarilyacreditfocused

market). Foreignexchangeactivitiesremained

strongandfinancialcontrolexperienceinthisfieldremainedinfavour(comparedtootherstructuredproductareas).

Productcontrollerswhoservicespecifictradersratherthanspecificproductsremainatriskduetothedeclineofthederivativesbusinessandreducedtradinglimitsonexotics.

ResidualdemandforcostcontrollerspersistsasSingaporeisakeybankingservicehubhousinglargeinfrastructurecosts.

Wewitnessedtheup-skilloffundaccountingworkawayfrombespokeservicestohighlycustomisedandtechnicalaccountingdrivenservices.

Strategy,ProjectManagementand

BusinessAnalysis

NichestrategyrolesstillexistwithinselectedinstitutionsheadquarteredinSingaporeaswellasintheprivatebankingandcardsbusinesses.AbackgroundwithatopmanagementconsultancyandanMBAfromaprestigiousbusinessschoolaredeemedessential.

Bothcostandprocessrelatedre-engineeringfunctionalprojectsrolesemergedinoperationsandfinancewithdomainsacrossfinancialmarkets,private

banking,transactionbanking,broking,fundmanagementandinsurance.

Selectprojectrolesalsoemergedin

governancerelatedareassuchasthesettingupofacredit,AMLorcomplianceframework.

TherewasdemandforprojectmanagersatthelocalbusinesslevelandatthemorecentralisedProjectManagementOffice(PMO).

Demandreducedfordomain-onlyfunctionalexpertsinpreferenceforaskilledprojectmanagementpedigree(methodology)orprofessionalsfroma

consultancyenvironment.Arelatedprojectmanagementqualificationcontinuedtobeviewedfavourably.

WewitnessedsomerevivalinSixSigmarelatedroleswhichwerenotindemandin2007.

Thethreatofbudgetscaling,off-shoringworkandtheabsorptionofprojectinitiativesawayfromthecentralisedProjectManagementOffice(PMO),mayaffectthedemandforprojectprofessionalsin2009.


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FINANCIALSERVI

CES-MIDDLE&BACKOFFICE

FINANCIALSERVI

CES-MIDDLE&BACKOFFICE

297

Governance

Duetothesub-primecrisistherewasincreasedfocusoncontrolsandriskinthesecondhalfof2008.Inaddition,hugelossesresultingfromroguetradingandrecordFSAfines(citinglackofadequatesystemsandcontrols)highlightedtheimportanceofkeepingacloserwatchonbusinessactivities.

InternalAuditandOperationalRisk:

Auditandoperationalrisktendtoprosper

intimesofcorporatechallenges.Weexpectcontinuedhiringatthemiddlemanagementandexecutivelevelsthroughout2009.

DemandforSarbanes-OxleyexpertiseislikelytoincreaseininstitutionswithincreasedregulatoryexposuretotheUSmarkets.

MarketandCreditRisk:

2008sawsignificantupheavalsinriskmanagementwithinfinancialinstitutionsandthecreditcrisisledtosignificantdecreasesinthevolumeofcredittransactions.Certainriskdivisionsinthecreditareawereimpactedleadingtosomeinternalreshufflingofroles.

Duetothescarcityofgoodtalentinthisfield,professionalswithstrongproductknowledge(commodities,exotic

derivatives)andquantitativemodellingskillswillcontinuetobeindemand.

Employersarelikelytobemoreselectivewhenhiringanditisanticipatedthatmorerigoroustestingwillbeappliedintherecruitmentprocess.

Creditprofessionalswithexposuretoemergingmarketsandcrossfunctionalskillsets(i.e.acrosscreditanalysis,documentationandriskmonitoring)remainedinhighdemand.Thisislikely

topersistin2009.Creditfunctionsareexpectedtobecomemoresophisticated

requiringindividualswithstrongscenario

modellingandevaluationskills. Anyfurtherdeteriorationofmarket

conditionswillleadtoastrongerfocusonbackendrelatedcreditareassuchascollection,recoveryandworkout.

ContractOpportunitiesContractingisfastbecomingapopularstaffingsolutioninSingapore.Thisispartofanoverallresourcingstrategytoemployaflexibleworkforce,particularlyinthefaceof

volatilemarketconditions.Otherregulatorydevelopmentsthatfacilitatedthehiringofcontractorsincluded:

TheintroductionofthePersonalEmploymentPass(PEP)bytheSingaporeauthorities.RobertWalterswillbeabletoadvisecandidateswhoareseekingopportunitiesinSingapore,evenwhilethecandidateisoff-shoreandyettofindasponsorinSingapore(subjectto

mandatedqualificationcriteria).

TheWorkingHolidayPermit(WHP)-theholderoftheWHPcanworkandholidayforaperiodofuptosixmonthsinSingapore(subjecttoasetofqualificationcriteria).RobertWaltersmaintainsadatabaseofcontractprofessionalsonWHPinSingapore.


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FINANCE

SINGAPORE

FINANCIALSERVI

CES-FINANCE

FINANCIALSERVI

CES-FINANCE

298

ROLE PERMANENTSALARYPERANNUMS$ANALYST/TEAMLEADER MANAGER/AVP VICEPRESIDENT/HOD

2008 2009 2008 2009 2008 2009

FinancialControlandTaxRegulatoryReporting $40-55k $40-55k $56-120k $60-105k $121-210k $110-180k+FinancialReporting $36-60k $40-60k $61-125k $65-115k $126-225k $120-210k+

TaxAccounting $36-60k $40-60k $61-130k $65-115k $131-245k $120-220k+

ManagementReportingStrategicPlanning&Analysis $40-60k $40-60k $61-140k $70-120k $141-280k $130-275k+Revenue&CostReporting $40-60k $40-60k $61-125k $70-105k $126-230k $110-200k+MISReporting $40-55k $40-55k $56-125k $65-95k $126-210k $105-180k+

ProductControlCommodities&Exotics $40-75k $40-75k $76-165k $80-130k $166-330k $145-320k+FixedIncome&Equities $40-70k $40-70k $71-155k $80-125k $156-330k $145-300k+Cash $36-60k $40-60k $61-130k $65-100k $131-250k $120-220k+



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GOVERNANCE

SINGAPORE

FINANCIALSERVICES-GOVERNANCE

FINANCIALSERVICES-GOVERNANCE

299


2008 2009 2008 2009 2008 2009

InternalAuditGlobalMarkets $40-65k $40-65k $65-155k $65-155k $155-350k+ $155-350k+Finance $40-55k $40-55k $55-130k $50-120k $130-270k+ $130-270k+IT $40-60k $40-55k $60-140k $50-130k $140-300k+ $140-300k+Credit $40-60k $40-60k $60-140k $50-130k $140-300k+ $140-300k+

Investment/WealthManagement $40-65k $40-60k $65-155k $65-155k $155-350k+ $155-350k+

OperationalRiskManagementGlobalMarkets $40-65k $40-60k $65-155k $80-165k $155-350k+ $160-350k+Infrastructure $40-60k $40-60k $60-140k $65-150k $140-300k+ $150-300k+

MarketRiskManagement/Modelling $40-80k $40-80k $80-165k $80-175k $165-350k+ $175-350k+Controlling/Reporting $40-65k $40-65k $65-155k $65-155k $155-350k+ $155-350k+

CreditRisk Analysis/BaselII $40-75k $40-70k $75-160k $70-150k $160-350k+ $150-350k+ConsumerBankingOperations $40-55k $40-55k $55-130k $55-125k $130-270k+ $125-270k+Investment/CorporateBanking $40-60k $40-65k $60-140k $65-140k $140-300k+ $140-300k+Investment/WealthManagement $40-65k $40-65k $65-155k $65-155k $155-350k+ $155-350k+



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OPERATIONS&PROJECTS

SINGAPORE

FINANCIALSERVICES-OPERATIONS&PROJECTS

FINANCIALSERVICES-OPERATIONS&PROJECTS

300


2008 2009 2008 2009 2008 2009

Settlements&ProcessingFX/MM $40-70k $40-65k $80-145k $70-115k $145-185k+ $130-175k+FixedIncome/Equities $40-70k $40-60k $110-150k $70-125k $150-185k+ $130-180k+Derivatives/Commodities/Futures $40-80k $40-80k $110-150k $110-135k $150-185k+ $145-270k+PrivateBanking $40-80k $40-80k $110-150k $110-135k $150-185k+ $145-270k+

FundManagement $40-60k $40-60k $65-100k $70-100k $150-185k+ $130-220k+AlternativeInvestment/PrimeBrokerage

$40-80k $40-80k $110-150k $110-135k $150-185k+ $140-220k+

Insurance $30-50k $30-50k $60-80k $60-80k $100-150k+ $100-150k+

MiddleOffice&TradeSupportOperationsControl $40-65k $40-65k $85-140k $85-125k $140-180k+ $140-180k+ClientServices $45-75k $45-75k $85-140k $85-120k $140-180k+ $130-160k+Derivatives/Commodities/Futures $40-80k $40-80k $100-150k $110-135k $150-200k+ $145-190k+OtherProducts $40-70k $40-60k $90-140k $70-125k $140-180k+ $130-175k+

AssetServicingDocumentation $40-85k $40-85k $125-160k $100-130k $160-200k+ $150-240k+CollateralManagement $40-70k $40-60k $100-145k $80-120k $145-180k+ $135-175k+CorporateActions $40-70k $40-60k $85-140k $75-100k $140-180k+ $135-160k+Reconciliation&Investigation $40-65k $40-60k $85-140k $85-120k $140-180k+ $130-170k+DataManagement $40-70k $40-60k $85-140k $80-120k $140-180k+ $130-160k+FundAdministration $40-70k $40-70k $75-110k $75-110k $125-160k+ $125-170k+CreditAdministration $40-60k $40-60k $70-90k $75-110k $110-150k+ $120-160k+

ProjectManagement&BusinessAnalysis

Strategy $50-90k $50-90k $110-140k $110-140k $160-280k+ $160-280k+FinancialMarkets $40-65k $40-65k $65-155k $80-130k $155-350k+ $140-250k+WealthManagement $40-65k $40-65k $65-155k $80-130k $155-350k+ $140-250k+

TransactionBanking $40-60k $40-60k $70-90k $70-90k $130-180k+ $130-200k+ConsumerBanking $40-60k $40-60k $70-90k $70-90k $130-180k+ $130-180k+Finance/Infrastructure $40-60k $40-80k $60-140k $90-130k $140-300k+ $140-225k+



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SINGAPOREENGINEERING

SINGAPORE

ENGINEERING

ENGINEERING

301

Ourengineeringrecruitmentdivisionin

Singaporespecialisesintheplacementofpermanentandcontractengineeringprofessionals,focusingonmiddletoseniorlevelappointments,acrossthefollowingindustrysectors:

Aerospace

Automotive

BuildingandConstruction

Chemical

Electrical

Electronics Energy

Healthcare

Manufacturing

Marine

Medical

OilandGas

Petrochemicals

Pharmaceuticals

ResearchandDevelopment

Semiconductor

Utilities

MarketOverviewTheengineeringsectorexperiencedhighlevelsofgrowthin2008,especiallyinthefirsthalfoftheyear.Themostprominentgrowthareaswereaerospace,buildingandconstruction,chemical,energy,marine,oilandgas,petrochemicalandpharmaceuticals.Furthergrowthandhiringisexpectedin2009asaresultofgovernmentledinitiativessuchasintegratedresorts,theMarineOffshoreSeletarAerospaceHubandtheR&DCentreofExcellence.

ThelaunchoftheSeletarAerospaceHubin2006ledmanyglobalaviationplayerstoexpandastheypreparedfacilitiesforoperationin2008.Operationsincluded:modification,maintenance,repairandoverhaulwhichledtogrowthindemandforprofessionalswith

skillsinhighenddesign,manufacturing,qualityandprocessimprovement.Therewasalsodemandforreliability/testengineers.We

anticipatedemandfortheseprofessionalsto

continuewellinto2010.

Therenewableenergysectorcontinuedtogrow,particularlyinthelasttwoquartersof2008.ManyglobalrenewableenergycompaniestargetedAsiaPacificmarketstomeetrisingenergydemandsinChinaandIndiaandmanysetupresearchanddevelopmentcentresinSingapore.Weanticipatethiswillleadtoanincreaseindemandforengineering/R&Dprofessionals

specialisinginmechanicalandelectricalengineering.Thosewithprojectmanagementexperiencewillalsobeindemand.

Despitethedownturninthemarketanumberofchemical/petrochemicalcompaniescontinuedtoexpandandSingaporeremainedoneofthetopoilrefiningcentresintheworld.Demandforengineeringprofessionalscontinuedandthosewithprojectmanagement,mechanical,

electrical/instrumentation,inspection,maintenance,reliabilityandsafetyexperiencewereinhighestdemand.Withexpansionprojectscontinuing,weanticipatefurtherdemandforengineeringprocurementconstruction(EPC)professionalsthroughout2009.

Marineoffshoreactivityincreasedin2008andgrowthisexpectedtocontinueforthenextthreetofiveyears.Thisledtohigherdemandforengineeringprofessionalsindesign,manufacturingandprojectmanagement.Theconstructionsectorcontinuedtobebuoyantandweanticipatethiscontinuingthroughto2010.ThiswaslargelyduetoprojectbacklogfromtheintegratedresortsandtheMarinaBayfinancialcentreprojects.

Theglobalfinancialcrisishadthegreatestimpactontheelectronics/semiconductor

sectors,wheretightermarginsforcedcompaniestostreamlineorrelocatetheirentireoperationsoutsideSingapore.Asskillsetsin

thissectorarehighlytransferable,wedonot

anticipateanincreasedvolumeofcandidatesinthemarket.

Outlookfor2009Althoughtheeconomyisanticipatedtoslowfurtherin2009,westillexpecttoseestrongdemandforengineeringprofessionalsacrossavarietyofsectors,inparticularacrosschemicals/petrochemicals,marine,energyandaerospace.Companiesmaytakeaslightlymorecautiousapproachto

recruitmentcampaignsbutrecruitmentisexpectedtocontinueatalllevels.WealsoanticipatedemandforoverseascandidatestoundertakeveryspecialisedengineeringrolesinSingapore.


13/26

SINGAPORE

SINGAPOREENGINEERING

SINGAPORE

ENGINEERING

ENGINEERING

302

ROLE PERMANENTSALARYPERANNUMS$ENGINEER/SENIOR

ENGINEER

1-5YRS'EXP

ASSISTANT

MANAGER/MANAGER

5-9YRS'EXP

DIRECTOR

10+YRS'EXP

2008 2009 2008 2009 2008 2009

Chemical $45-90k $45-90k $91-120k $91-120k $121-200k $121-200kConsultant(ISO/TS,SixSigma,Lean,Industrial)

$45-90k $45-85k $91-110k $86-110k $111-220k $111-210k

Contracts $45-80k $50-85k $81-110k $86-115k $111-150k $116-160kDesign $45-90k $45-85k $91-120k $86-115k $121-200k $116-200kEHS $45-70k $50-70k $71-110k $71-110k $111-220k $111-220kElectrical $45-90k $45-85k $91-120k $86-115k $121-220k $116-210kElectronics $45-70k $45-70k $71-110k $71-110k $111-150k $111-150kInstrumentation&Control $45-80k $45-80k $81-110k $81-110k $111-220k $111-220kMaintenance $45-100k $50-100k $101-120k $101-125k $121-220k $126-220kMechanical $45-90k $45-85k $91-120k $86-115k $121-200k $116-200kProcess $45-90k $45-85k $91-110k $86-105k $111-150k $106-150kProduct $45-70k $45-70k $71-110k $71-110k $111-150k $111-150kProduction/Manufacturing $45-70k $45-70k $71-110k $71-110k $111-150k $111-150kProject $45-100k $50-100k $101-120k $101-120k $121-220k $121-220kQualityAssurance $45-70k $45-70k $71-110k $71-110k $111-150k $111-150kResearch&Development $45-90k $50-90k $91-120k $91-125k $121-200k $126-210kService $45-80k $45-80k $81-110k $81-110k $111-150k $111-150k

Technical $45-80k $45-80k $81-110k $81-110k $111-200k $111-200k



14/26

SINGAPORE

SINGAPOREHUMANRESOURCES

SINGAPORE

HUMANRESOURCES

HUMANRESOURCES

303

Ourdedicatedhumanresourcesrecruitment

divisionrecruitsforgeneralistandspecialistHRpositionsonapermanentandtemporarybasisacrossmajorindustrysectorsincludingbankingandfinance,FMCG,informationtechnology,telecommunications,pharmaceuticals,realestate,retail,hospitality,manufacturing,semiconductors,energyandprofessionalservices.Wespecialiseinplacingcandidateswithaminimumofthreeyearsexperienceinjuniormanagementthroughtoseniordirectorlevelpositions.

MarketOverview2008provedtobeachallengingyearfortheSingaporemarketastheimpactofthefinancialcrisisintheUnitedStatesandEuropewasfelttovaryingdegreesacrossboththebankingandcommercesectors.DemandforHRprofessionalsstabilised,followingthestronggrowthexperiencedin2007.

Banking&FinancialServices

Recruitmentactivityin2008reducedacrossthesectorasaresultoftheongoingsub-primecrisis,withmanyforeignbankswithsubstantialSingaporebasedoperationsimplementinghiringfreezes.Localbankswithlessexposurealsotookamorecautiousapproachtorecruitment.

Despitethesechallenges,highcalibreHRbusinesspartnersandrewardspecialistsatmiddlemanagementlevelremainedindemandandHRprofessionalswithprojectmanagementexperiencewerealsohighlysoughtafter.Inaddition,consultingfirmssoughttobuildtheirteamsandincreasetheirregionalprofiles,andasaresultHRconsultantswithbusinessdevelopmentskillswereinparticulardemand.

Commerce&Industry

Acrossmostsectorswithincommerce,demandforHRprofessionalsremainedstrong,particularlyinIT&telecommunications,FMCG,property,energy,healthcare,retail,manufacturingandhospitality.

2008witnessedincreaseddemandforlocaltalentasHRdepartmentssoughttoreducetheirdependenceonforeignqualifiedprofessionals.Asaresulttherewasashortageoflocal,commercially

focusedHRprofessionals,particularlyatthemidmanagementlevel.TherewasalsoacontinuedshortageofhighqualityHRbusinesspartnerswithtalentmanagementexperience.

Outlookfor2009Weanticipatethatchallengingmarketconditionswillcontinuein2009asfurthereffectsoftheglobalfinancialcrisisbecomeevident.Companieswillcontinuetocreate

sharedserviceHRoperationsandwillalsooutsourcetheirtransactionalHRactivitiesinordertoreducecosts.Asaresult,weexpectHRprofessionalstoactivelydeveloptheirskillsetsinordertokeeppacewiththesechangesanddelivervaluetotheirbusinessesintheyearahead.


15/26

SINGAPORE

SINGAPOREHUMANRESOURCES

SINGAPORE

HUMANRESOURCES

HUMANRESOURCES

304

ROLE PERMANENTSALARYPERANNUMS$3-6YRS'EXP 6-12YRS'EXP 12+YRS'EXP

2008 2009 2008 2009 2008 2009

Commerce&IndustryHRGeneralist/BusinessPartner $55-100k $55-105k $100-160k $105-165k $160-400k+ $165-400k+

Training&DevelopmentSpecialist $55-90k $55-90k $90-165k $90-165k $165-250k+ $160-250k+RecruitmentSpecialist $55-80k $50-75k $80-130k $75-120k $130-250k+ $120-250k+Compensation&BenefitsSpecialist $55-100k $55-105k $100-160k $105-165k $160-250k+ $165-250k+

HRISSpecialist $45-75k $45-75k $75-115k $75-120k $115-170k+ $120-170k+PayrollSpecialist $35-50k $35-50k $50-80k $50-80k $80-110k+ $80-110k+MobilitySpecialist $40-60k $40-60k $60-95k $60-95k $95-145k+ $95-145k+OrganisationalDevelopmentSpecialist $90-240k $90-240k $240-300k+ $240-300k+

Banking&FinancialServicesHRGeneralist/BusinessPartner $55-100k $55-105k $100-160k $105-165k $160-400k+ $165-400k+

Training&DevelopmentSpecialist $55-90k $55-90k $90-170k $90-170k $170-250k+ $170-250k+RecruitmentSpecialist $55-90k $55-85k $90-150k $85-140k $150-275k+ $140-275k+Compensation&BenefitsSpecialist $60-120k $60-120k $120-200k $120-200k $200-270k+ $200-270k+HRISSpecialist $50-75k $50-75k $75-160k $75-160k $160-200k+ $160-200k+

PayrollSpecialist $35-50k $35-50k $50-80k $50-80k $80-100k+ $80-100k+MobilitySpecialist $40-70k $40-70k $70-110k $70-120k $110-190k+ $120-190k+OrganisationalDevelopmentSpecialist $55-90k $55-90k $90-240k $90-240k $240-300k+ $240-300k+


Figureswillvarydependentonwhethertheincumbentisholdingaregional/globalrole.


16/26

SINGAPORE

SINGAPOREINFORMATIONTECHNOLOGY

SINGAPORE

INFORMATIONTE

CHNOLOGY

INFORMATIONTE

CHNOLOGY

305

Ourinformationtechnologyrecruitment

divisionrecruitsmidtoseniorlevelITprofessionalsacrosspermanentandcontractassignments.Theserangefromanalystprogrammerstosolutionsarchitects,pre-salesconsultantsandprojectmanagersthroughtochiefinformationofficersincorporatingcrossfunctionalrolessuchasbusinessanalysis,ITauditandservicedeliverymanagement.

MarketOverviewTheITrecruitmentsectorwasbuoyantin

thefirsthalfof2008,continuingthetrendwitnessedin2007.Significantgrowthinthemarketwasdrivenbytheexpansionofregionalheadquarters,regionalandglobalITsupport/developmentfunctionsandbyanincreaseddemandforITservicesandsolutions.However,inthelastquarterof2008thedemandforITprofessionalsdeclinedacrossmostsectors,particularlyinfinancialservices.Thisreductionindemandisexpectedtocontinueinthefirsthalfof2009

asorganisationsadjusttotheslowdownintheglobaleconomy.

CommerceandIndustryIntheenduserspaceacrossmanufacturing,logistics,pharmaceuticalsandpetrochemicals,steadygrowthwaswitnessedthroughouttheyear.However,asorganisationsmovetowardsoutsourcingnon-coreITfunctionstoserviceprovidersweexpecttoseeheadcountreductionsinthisarea,particularlyatthejuniortomidlevel.Asoutsourcingbecomesmoreprevalentacrossthemarket,employerswilllookforcandidateswithexperienceinvendor,contractandrelationshipmanagementwhenrecruitingmidtoseniorlevelprofessionalsin2009.WealsoanticipatehighdemandforexperiencedSAPconsultants,servicedeliverymanagersandqualityassuranceprofessionals.

FinancialServices

Inthefirsthalfof2008manyinternationalfinancialservicesorganisationscontinuedtoexpandtheirIToperationsinSingapore.Many

recruitedlargenumbersofITprofessionals

frombothSingaporeandoverseastosupportregionalandglobalbusinessfunctions.Towardstheendof2008hiringbecamemorecautiousasmostcompaniesweredirectlyaffectedbythecreditissuesthatoriginatedintheUSmarket.

Weanticipateaslowerrecruitmentmarketin2009withreduceddemandacrossmostjobcategories.Salariesareexpectedtoremainstaticandanyriseswillbemoderate.The

candidateshortageseeninthelasttwoyearswillalsobegintoabate.Westill,however,anticipatecontinueddemandforcandidateswithexperienceinservicedelivery,projectmanagement,riskandregulatoryapplications,systemsarchitecture,applicationsupportandinfrastructureoperations.

TechnologyVendors,Consultingand

TelecommunicationsThemajorityof2008sawaggressive

expansionandthedemandforITsoftware,hardwareandservicesremainedathighlevels.TelecommunicationsorganisationscontinuedtomoveintotheITservicesarea,resultinginincreaseddemandforprojectmanagers,servicemanagers,pre-salesandsolutionsprofessionalswithmanagedorprofessionalservicesexperience.InthesecondhalfoftheyearsomeoftheinternationaltelecommunicationsplayersreducedhiringactivitiesinAsiaduetohighercostsandlowerprofitmarginsguaranteedintheirhomemarkets.

In2009weanticipateend-usershavinglessappetitefornewITinvestmentandasaresultfocusislikelytoshifttooutsourcing,managedservicesandsecurity,withacorrespondingdemandforprofessionalswithpre-sales,solutions,servicedeliveryandprojectmanagementexperienceintheareas

oftransitionmanagement,managedservicesandfullscaleoutsourcing(includingheadcountandassettransfer).

ContractEmployment

Thenumberofavailablecontractrolesislikelytoincreasesignificantlyin2009asorganisationslookforflexiblerecruitmentsolutionsinordertocircumventpermanentheadcountrestrictions.Manyrolestraditionallyofferedaspermanentopportunitieswillbecomecontractpositions,withpotentialtochangetopermanentstatuswhenthemarketimproves.Wealsoanticipatethatmoreprofessionalswillbecomeopentocontractrolesastheperceivedjobsecurityof

permanentroleslessens.

Withorganisationslookingtojustifyeachandeverypermanentheadcountwewouldexpectthemajorityofrequirementsforprojectinitiativestobeofferedascontractopportunities.Assuch,thedemandforcandidateswithexperienceinprojectmanagement,servicedelivery,businessanalysis,networkimplementationandinfrastructureconsolidationwillbeparticularly

strongthroughout2009.

Outlookfor2009Lookingaheadto2009mostorganisationswillre-evaluatetheirITinvestmentstrategyandimplementationroadmaps,potentiallydeferringnonbusinesscriticalinitiativesandfocusingonlyonthoseinitiativesnecessarytocomplywithregulatoryandlegalrequirements.


17/26

SINGAPORE


SINGAPORE

INFORMATIONTE

CHNOLOGY

INFORMATIONTE

CHNOLOGY

306

ROLE PERMANENT

SALARYPERANNUMS$

CONTRACT

RATEPERDAYS$

2008 2009 2008 2009

ChiefInformationOfficer/ChiefTechnologyOfficer $350k+ $350k+ITDirector $220-350k $180-350k $900-1400 $900-1400Manager-MIS $130-190k $120-170k $700-900 $650-850Manager-IT $180-250k $160-240k $900-1100 $800-1000

Manager-InfrastructureServices $190-260k $170-240k $900-1100 $700-1000Manager-DataCentre $130-200k $130-180k $700-1000 $600-900Manager-Development $190-260k $170-240k $900-1100 $750-1000Manager-HelpDesk $130-190k $100-170k $600-900 $450-700Manager-Testing-Applications&Infrastructure $130-180k $130-180k $600-900 $500-800ProgrammeManager $220-350k $200-350k $1200-1500 $1100-1500Director-ServiceDelivery $220-320k $200-320k $800-900 $800-1200Manager-ServiceDelivery $120-140k $120-140k $450-650 $500-700ProjectManager(5+yrsexp) $130-200k $120-190k $700-1100 $600-1000ProjectManager(3-5yrsexp) $90-130k $80-120k $450-600 $400-500BusinessAnalyst(5+yrsexp) $130-180k $120-180k $450-700 $400-650

BusinessAnalyst(3-5yrsexp) $85-130k $70-120k $400-500 $350-450SeniorConsultant(8+yrsexp) $150-200k $130-180k $550-850 $500-750Consultant(3-5yrsexp) $100-150k $90-140k $350-650 $300-550ERPProjectManager(7+yrsexp) $130-200k $120-190k $800-1200 $800-1200ERPConsultantFunctional(5-8yrsexp) $90-160k $90-140k $600-850 $500-900ERPConsultantTechnical(3-5yrsexp) $70-110k $80-100k $300-450 $300-450HelpDesk/DesktopSupport(5+yrsexp) $70-100k $70-100k $190-275 $190-275CapacityPlanningEngineer(3-5yrsexp) $70-110k $60-90k

ApplicationSupportManager $150-200k $150-200k ApplicationSupportAnalyst(5+yrsexp) $85-120k $90-120k $300-450 $350-500 Appl icat ionSupportAnalyst(3-5yrsexp) $60-90k$60-90k $250-350 $250-350NetworkSupportAnalyst(5+yrsexp) $70-120k $70-120k $300-450 $300-450EAIMiddlewareSpecialist $80-130k $80-130k $350-550 $350-550InfrastructureSecuritySpecialist $95-140k $90-140k $450-650 $450-650ITRisk&ComplianceManager $80-140k $90-150k $400-600 $450-650ITRisk&ComplianceDirector $140-230k $150-250k $600-900 $700-1000



18/26

SINGAPORE


SINGAPORE

INFORMATIONTE

CHNOLOGY

INFORMATIONTE

CHNOLOGY

307

ROLE PERMANENT

SALARYPERANNUMS$

CONTRACT

RATEPERDAYS$

2008 2009 2008 2009

SystemsAdministrator-Unix,NT,Novell(5-8yrsexp) $90-130k $90-120k $350-450 $275-400SystemsAdministrator-Unix,NT,Novell(3-5yrsexp) $70-95k $60-90k $250-375 $225-325DatabaseAdministrator(5-8yrsexp) $90-140k $90-130k $350-500 $325-450DatabaseAdministrator(3-5yrsexp) $70-100k $60-90k $275-375 $225-325

SoftwareArchitect(10+yrsexp) $140-210k $140-200k $700-1000 $700-1000SystemsAnalyst(5+yrsexp) $90-125k $70-110k $325-450 $300-400MainframeAnalystProgrammer(6+yrsexp) $80-100k $80-90k $200-225 $200-225MainframeAnalystProgrammer(3+yrsexp) $60-90k $60-80k $175-200 $175-200SoftwareEngineer-Java,00,C++(5+yrsexp) $90-140k $90-140k $325-400 $300-400SoftwareEngineer-Java,00,C++(3-5yrsexp) $60-100k $60-90k $250-350 $200-300

Tester(5+yrsexp) $60-100k $60-100k $325-475 $300-450SolutionArchitect $140-220k $140-200k $600-900 $500-800SeniorSolutionsManager-IT&T(10+yrs'exp) $200-300k $180-280k

TechnicalSalesManager(8+yrsexp) $175-280k $175-260kPre-SalesConsultant(8+yrsexp) $170-200k $170-200k

Pre-SalesConsultant(5-8yrs'exp) $120-180k $110-170kPre-SalesConsultant(3-5yrs'exp) $70-100k $70-100k



19/26

SINGAPORE

SINGAPORELEGAL&COMPLIANCE

SINGAPORE

LEGAL&COMPLIA

NCE

LEGAL&COMPLIA

NCE

308

Ourlegalrecruitmentdivisionhandlesbothcontingentandretainedassignmentsatalllevelsandrecruitsintoprivatepractice,in-houseandfinancialservices.

MarketOverviewTheincreasedregulatoryburdenplacedonorganisationsduring2008resultedinahealthydemandforlegalandcomplianceprofessionals.Asregulationscontinuetotightenandasinvestmentbanksworkunderadifferentregulatoryregime,weanticipate

acontinueddemandfortalentedlegalandcomplianceprofessionalsthroughout2009.

Withinthecommercialsectororganisationsfacedalackoffundingduring2008,challengingtheirplansforgrowth.Asaresult,weanticipatethatdemandforlegaladvisorstoworkonnewoffice/companybranchopeningswillreducein2009.

Legal,PrivatePractice

Asdemandforprivatepracticelawyerslargelydependsonthebusinessenvironmentaffectingclients,wesawareducedneedforlegalprofessionalsincorporatefinanceandrealestate.

Therewasaconsistentflowoflegalprofessionalsmovingoutofprivatepracticein2008.Asaresultfirmswillcontinuetorecruitin2009,albeitverycautiously.

Theexpansionofoff-shorelegalmarkets

(e.g.China)ledfirmstoconsiderSingaporeasasourcemarketforlegalprofessionals.Asaresult,weanticipatecandidateswithstrongChineselanguageskillstobeinhighdemandin2009.

Demandforinsolvencyexpertsislikelytoincreaseduetotheexpectedchallengingbusinessconditionsthroughout2009.

Theliberalisationofthelegalindustryin2009willleadtotougherinternationalcompetitionforlocalfirmswithmanyconcernedaboutlosingtheirtoplegalstaff.

CommerceLegal,In-house

Achallengingbusinessenvironmentandincreasedregulatory/complianceissuesledtoanincreaseddemandforin-housecounselsin2008.

Liberalisationinthesectorandgreatercompetitionforlawyersinprivatepracticeledtotalentshortagesintheareasofcontractrenegotiationsandfinancing.

Industriessuchashealthcare,energyandthegovernmentsectorarelikelytoremainstablein2009,aswellasrelated

areasthatrequirespecialisedworkaroundintellectualproperty,clinicaltrialsandregulatorylaws.

FinancialServicesLegal,In-house

2008sawanemergenceofhybridroles,whereemployeeswereaskedtoperformpaired'functions',forexample,legalandfrontofficenegotiations.

2009willseeanincreasinglyregulatedenvironmentleadingtogreaterdemand

forlegalprofessionalstoreviewstandardsanddocumentation.

Compliance

Complianceprofessionalswithlegalbackgrounds(e.g.privatepracticelawyershandlingcomplexfinancialproducts)wereinshortsupplyin2008andwillbeinfurtherdemandduring2009.

2008witnessedincreaseddemandforseveralniche/specialistrolesdueto

theincreasedmaturityinSingaporescompliancestructure.Rolesinhighdemandincludedcompliancetrainers,projectspecialists,AML/KYCexpertsandon-boarding'specialists.


20/26

SINGAPORE

SINGAPORELEGAL&COMPLIANCE

SINGAPORE

LEGAL&COMPLIA

NCE

LEGAL&COMPLIA

NCE

309

ROLE PERMANENTSALARYPERANNUMS$ANALYSTOR

1-4YRS'EXP

MANAGER/AVPOR

4-8YRS'EXP

VICEPRESIDENT/HOD

2008 2009 2008 2009 2008 2009

FinancialServices

LegalInvestmentBanking/Derivatives $40-75k $40-80k $75-150k $80-155k $155-350k $160-350k+

Investment/WealthManagement $40-75k $40-75k $75-155k $70-160k $160-350k $165-350k+CorporateSecretarial $40-70k $40-70k $70-120k $70-125k $125-280k $125-280k+

ComplianceGlobalMarkets $40-60k $40-65k $60-140k $65-155k $140-350k $155-350k+

AML/Monitoring $36-50k $40-55k $50-120k $55-130k $120-270k $130-270k+ControlGroup $40-60k $40-65k $60-140k $65-155k $140-350k $155-350k+Investment/WealthManagement $36-50k $40-60k $50-130k $60-140k $130-300k $140-300k+

CommerceandPrivatePractice

LegalChiefLegalOfficer $400-500k+ $400-500k+Litigation&DisputeResolution $48-90k $50-90k $90-170k $95-175k $170-400k+ $175-400k+IntellectualProperty&Technology $48-95k $50-95k $95-180k $95-185k $180-400k+ $185-400k+FinancialServices $50-100k $50-100k $100-190k $100-190k $190-400k+ $190-400k+CorporateRealEstate $48-90k $50-90k $90-160k $90-165k $160-400k+ $165-400k+Corporate&Commercial $48-95k $50-95k $95-180k $95-185k $180-400k+ $185-400k+Paralegal $30-50k $30-50k $50-75k $50-75k $75-100k $75-100k+



21/26

SINGAPORE

SINGAPORESALES&MARKETING

SINGAPORE

SALES&MARKETING

SALES&MARKETING

310

Oursales&marketingrecruitmentdivisionrecruitspermanent,contractandinterimmidtoseniormanagementrolesacrossalldisciplineswithinbanks,financialandprofessionalservices,engineering,FMCG,informationtechnologyandtelecommunications,media,pharmaceuticals/healthcareandretail.

MarketOverviewBanking&FinancialServicesDemandforsalesandmarketingprofessionals

increasedwithinconsumerbankingduring2008.Thiswaslargelydrivenbytheaggressiveexpansionplansoflocalandregionalbankstargetingaffluentconsumersacrosstheregion.Newroleswerecreatedandmanyseniorlevelrolesbecamemuchmorespecialised(e.g.productdevelopmentrolesine-commerce).

Engineering/Oil&GasHiringlevelsgrewthroughout2008andthe

outlookfor2009remainspositive,despitethefinancialcrisis.Theearlypartof2008sawhighlevelsofdemandforsalesandmarketingprofessionalsacrosstheindustrialequipment,transportengineering,aviationMROandenergysectors.Manyofthesecompaniessoughtsalesprofessionalswithveryspecificproduct/technicalknowledge,asaresultdemandoutstrippedsupply.Weexpecttoseeincreaseddemandasorganisationscontinuetocompeteforthebesttalent.

FMCGRecruitmentwithintheFMCGsectorwasveryactivein2008,drivenbytheexpansionofdistributionchannelsandbymanyorganisationsstrengtheningtheirregionalpresence.Brandmanagers,trademarketers,keyaccountmanagersandconsumerinsightsprofessionalswereinhighestdemand.

HealthcareRecruitmentactivityinthehealthcaresectorremainedstablein2008.Withmany

pharmaceuticalscompaniesatamaturestageofdevelopment,therewashigherdemandforprocessorientatedprofessionals,includingthosefocusedonsalesforceeffectiveness,salestrainingandmarketingexcellence.Talentintheseareasischallengingtofindasthesearestillrelativelynewfunctions.

IT&TelecommunicationsThestartof2008witnessedstronghiringlevelsacrosstheICTsector,althoughvolumesreducedfollowingthedownturninthefinancial

servicesmarkets.TheconvergenceofITandtelecommunications,specificallyintheareaofdevelopingservices,willcontinuein2009.Particulargrowthareas,includingunifiedcommunications,informationsecurity,businessprocessoutsourcing,managedservicesanddatacentredevelopmentarelikelytoleadtoconsistentdemandforsalesandbusinessdevelopmentprofessionals,product/technicalmarketersandchannelmanagersthroughout2009.

RetailRetailrecruitmentactivitywasstablethroughoutthefirsthalfof2008,primarilyduetothecontinueddemandforcandidateswithmerchandisingandbrandmanagementexperiencewithinretailoperations-particularlyintheareasofcosmetics,fashionandluxurywatches.Recruitmentactivityincreasedtowardsthelatterhalfoftheyearwhennewbrandsandretailersenteredthemarket(e.g.

Sephora)andinitiatedlargerecruitmentdrives.Lookingaheadto2009,weanticipatemore

jobopportunitiesintheretailsectoratthejuniortomid-levels,especiallywhenthenewretailpropertydevelopmentsandintegratedresortsarecompleted.

ConsumerTechnologyRecruitmentactivityintheconsumertechnologysectorremainedhealthyin2008.

Theconvergenceofmedia,entertainmentandmobileindustriessparkedahugetalentsearchforcandidateswithexperiencein

digitalcontent.Channelsales/managementcandidateswerealsohighlysoughtafterinthemobileandconsumerelectronicssectors.

Asorganisationsintheconsumertechnologysectorfocusedondevelopingtheretaillifestyleexperienceforconsumers,wesawanumberofretailcandidatescrossingoverintothisspace,leveragingtheirtransferableskillsetsandexperience.Weexpectthistrendtocontinuein2009.

Weanticipatehiringactivityinthefirsthalfof

2009willbecautiousasorganisationsassesstheimpactofthecurrenteconomiccrisis.However,weexpecttoseeahealthydemandinrevenuegeneratingroles,particularlythoseinthebusinessdevelopmentorsalesfunctions.


22/26

SINGAPORE

SINGAPORESALES&MARKETING

SINGAPORE

SALES&MARKETING

SALES&MARKETING

311

ROLE PERMANENT

SALARYPERANNUMS$

2008 2009

AccountDirector(8+yrsexp) $140-200k $140-210k AccountManager(4-5yrsexp) $70-85k $75-90k AftersalesManager(5-8yrsexp) $70-120k $70-120k AssistantBrandManager(3-4yrsexp) $50-80k $50-80kBrandManager(4+yrsexp) $90-110k $85-100k

BusinessDevelopmentManager(8+yrsexp) $130-200k+ $130-200k+BusinessDevelopmentManager(4-5yrs'exp) $85-120k $85-120kCallCentreManager(8+yrsexp) $110-120k $110-120kCampaignManager(3-5yrsexp) $65-95k $60-95kChannelManager(5-8yrsexp) $80-130k $85-130kDirectMarketingManager(5+yrsexp) $80-120k $80-120kGeneralManager/ManagingDirector(6+yrsexp) $200-300k+ $200-300k+MarketingCommunicationsManager(4-5yrsexp) $75-110k $75-110kMarketingCommunicationsManager(6+yrsexp) $120-180k $120-180k+MarketingDirector(6+yrsexp) $150-220k+ $155-220k+MarketingManager(4-5yrsexp) $85-140k $80-140k

MarketingResearchDirector(6+yrsexp) $140-200k $140-200kMarketingResearchManager(4-5yrsexp) $95-140k $90-140kProductMarketingManager(5-8yrsexp) $70-120k $70-120kPublicRelationsDirector(8+yrsexp) $130-190k+ $135-190k+PublicRelationsManager(4-5yrsexp) $85-130k $85-130kSales&MarketingDirector(8+yrsexp) $160-220k+ $160-230k+Sales&MarketingManager(4-5yrsexp) $90-150k $90-150kSalesDirector(8+yrsexp) $130-200k+ $140-210k+SalesManager(4-5yrsexp) $85-140k $85-150kSalesEngineer(3-4yrsexp) $40-60k $40-60k

TradeMarketingManager(4-5yrsexp) $75-100k $75-100k VisualMerchandisingManager(4-5yrsexp) $80-100k $80-100k



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SINGAPORE

SINGAPORESECRETARIAL&SUPPORT

SINGAPORE

SECRETARIAL&SU

PPORT

SECRETARIAL&SU

PPORT

312

Inresponsetoanincreaseddemandforsecretarialandsupportstafffromclients,RobertWalterssetupanewdivisioninMarch2008specialisingintheplacementofsecretarialandbusinesssupportstaffintothefinanceandcommercialsectors.Thedivisionfocusesonbothpermanentandcontractrecruitmentandcoversabroadrangeofrolesincluding:

Administrators

Callcentremanagers

Customerservicerepresentatives

Dataentryclerks

Eventscoordinators

Executiveassistants

Investmentbankingsecretaries

Medicalsecretaries

Officemanagers

Personalassistants/seniorsecretaries

Projectcoordinators

Receptionists

Switchboardoperators

Team/legalsecretaries

MarketOverviewFinancialServicesSector

Thedemandforexperiencedandqualifiedsecretariesandpersonalassistantswithinfinancialserviceswashighandcontinuedgrowthwasseenthroughout2008,especiallyforcontract/temporaryhires.AlthoughcontractingisarelativelynewconceptinSingapore,theeconomicturmoilledtoa

growthinitspopularityasmanyorganisationssawitasasolutiontoheadcountandbudgetissues.Weanticipatefurthergrowthinthecontractmarketin2009.

In2008wealsoobservedariseintemporarytopermanentjoboffers.This'trybeforeyoubuy'strategywasseenasawaytoreducehiringrisksandsuitedbothorganisationsandcandidates.ThisiscommonpracticeintheUK,USandAustralianmarketsandwepredictSingaporewillfollowthistrendin2009.

Thesecretarialandbusinesssupportsectorwascandidateshortin2008andtherewasstrongcompetitionfortalent.Thisledtoincreasedsalaryexpectationsandincreasedpressureonorganisationstore-evaluatetheirsalarypackages.However,movingforwardemployerswillneedtofocusonmorethanattractivesalariestosecurethebesttalent.Candidatesalsobasedtheircareerdecisionsonbonusstructure,companybenefits,flexibleworkinghoursandwork-lifebalance.

In2008,morecandidatesweresubjectedtotestingandassessments,withorganisationsoptingtoperformstandardpsychometrictestsorMSOfficeproficiencyteststoensurecandidatesmethiringrequirements.Weexpectthistrendtoincreasein2009.

CommerceSectorRecruitmentactivityinthecommercesectorbegansteadilyandcontinuedtogrowthroughout2008.Companieswithin

theFMCG,retailandtelecommunicationsindustriesunderwentmajorexpansionintheAsianmarket,particularlyinSingapore,resultingingreaterdemandforcandidates.

Lookingaheadto2009,weexpectdemandforcandidateswithMNCexperiencetoremainhigh.Inadditiontobasicsecretarialskills,organisationswillalsolookforcandidateswithastablecareerhistoryandsolidworkexperience.

Themostsuccessfulhiringorganisationsin2008werethosewhoshortenedtheirrecruitmentcycleandactedswiftlyanddecisively.Weexpectthesefactorstoremainvitallyimportantintherecruitmentofqualitysecretarialandsupportstaffduring2009.

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PPORT

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ROLE

PERMANENT

SALARYPERANNUMS$

CONTRACT

RATEPERHOURS$

2008 2009 2008 2009

SeniorSecretary $50-65k $54-72k $33+ $33+OfficeManager $40-85k $48-96k $38+ $38+CallCentreManager $40-50k $45-60k $27+ $27+PersonalAssistant $35-65k $42-78k $31+ $31+

ConfidentialSecretary $32-50k $36-60k $25+ $25+ExecutiveAssistant $30-60k $36-66k $25+ $25+LegalSecretary $30-60k $36-70k $28+ $28+InvestmentBankingSecretaries $30-55k $36-60k $25+ $25+MedicalSecretary $30-45k $36-54k $23+ $23+ProjectCoordinator $30-40k $33-46k $21+ $21+

TeamSecretary $25-40k $30-54k $22+ $22+ Administrator $20-40k $24-42k $17+ $17+EventsCoordinator $20-30k $26-34k $16+ $16+

TradingFloorSecretary $20-30k $24-42k $17+ $17+Receptionist $18-22k $21-30k $13+ $13+

CustomerServiceRepresentative $17-35k $21-42k $17+ $17+DataEntryClerk $15-20k $18-22k $10+ $10+SwitchboardOperator $12-15k $15-18k $10+ $10+


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SINGAPORE

SINGAPORESUPPLYCHAIN,PROCUREMENT&LOGISTICS

SINGAPORE

SUPPLYCHAIN,PROCUREMENT&LOGISTICS


314

Oursupplychain,logistics&procurementdivisionspecialisesintheplacementofresultsorientedsupplychainandlogisticsmanagementprofessionalswithinFMCGandmanufacturing,throughtoprocurementandindirectspendspecialistswithinthecommercialandbankingsectors(includingthirdpartylogisticsproviders).Werecruitexperiencedprofessionalsintovariousrolesfromassociatethroughtodirectorlevels,withafocusonthefollowingareas:

Corporaterealestate,facilitiesmanagement

Demandandsupplyplanning

Logistics

Materialsmanagement

Operations

Procurementandsourcing

Supplychain

Transportation

MarketOverview

DemandforTalentThroughout2008,procurementandsourcingrolescontinuedtobeinhighdemandascostreductionremainedapriorityformanyorganisations.AhighlevelofrecruitmentactivitywasseenintheFMCGsectorthroughouttheyear,particularlywithintheF&Bindustries.Sourcingtherightcandidateswiththeabilitytoimplementproactivestrategicprocurementinitiativesasopposedtoreactivetacticalprocessesremainedakeychallenge.

Financialservicesinstitutionssawstronghiringinthefirsthalfoftheyear,butfellbehindthemanufacturingsectorfromquarterthreeonwardsduetothedifficultmarketconditions.However,thedrivetoachievecostefficienciesandstreamlinethesupplychaindidensurethatrecruitmentactivitycontinued,albeitatreducedlevels.

Atthebeginningof2008,risingpropertycostsalsoincreaseddemandforprofessionalsintheareasofcorporaterealestateservices

andfacilitiesmanagementastheirexpertisewasrequiredtohelporganisationsre-evaluatetheirexistingleasesandassistinrelocatingoperations/officestoreducerentalcosts.However,duetothemarketdownturnwesawdemandfortheserolesreduceafterquarterthree.

SalaryLevelsIntheearlierpartof2008,employerswereofferinggeneroussalaryincrementsofupto20%inabidtoattractcandidates.However,

theimpactofthefinancialmarketvolatilitywasfeltmoreheavilyduringthesecondhalfoftheyearandsalaryincreasesbecamemoremodest,rangingfrom5-10%fornewstarters.

Candidatesalsobecamemorecautiousaboutmovingrolesin2008duetotheuncertainmarket.Asaresult,organisationswishingtosecurethehighestcalibreprofessionalshadtoofferincreasedsalariesinordertocompensate

forthepotentialrisksinvolved.

Outlookfor2009Althoughweanticipaterecruitmentactivityacrossthesectortoremainrelativelystrongthroughout2009,weexpectmanycompanieswilltakeamoreprudentandselectiveapproachtohiring.Candidateswithinternationalexposure(especiallyinemergingmarkets)theabilitytoworkremotelywithanoverseasbasedmanager,strongprojectmanagementandcrossfunctionalteamleadingskillswillbemostsoughtafterin2009.

Thosewithcommercialacumen,astrong

businessfocusandoutstandingstakeholdermanagementabilitieswillalsoremaininhighdemand.Candidateswithatleasttwoyears'solidexperienceintheirspecialistareawillbeevenmorehighlyvaluedbypotentialemployers.

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SINGAPORESUPPLYCHAIN,PROCUREMENT&LOGISTICS

INGAPORE



315

ROLE PERMANENT

SALARYPERANNUMS$

2008 2009

HeadofGlobalSourcing $300k+ $250-300kHeadofStrategicSourcing(Regional) $230-300k $230-300kCategory/CommodityManager(7+yrsexp) $90-150k $90-140k+Category/CommodityManager(0-6yrsexp) $50-90k $50-90kDemandPlanner(5+yrsexp) $60-80k $55-75k+

OperationsManager(5+yrsexp) $90-140k $90-130k+PlanningManager(6+yrsexp) $80-110k $80-110k+Procurement/SourcingAssociate(4-6yrsexp) $60-75k $60-75kProjectManager $80-120k $80-130kRegionalLogisticsDirector(10+yrs'exp) $170-300k $170-300k+RegionalLogisticsManager(6-10yrs'exp) $90-140k $90-140kRegionalProcurementDirector(10+yrsexp) $220-300k $220-300kRegionalProcurementManager(6-8yrsexp) $75-130k $75-130kRegionalRealEstate/FacilitiesManager(8+yrs'exp) $140-180k $140-180k+StrategicSourcing(IT)Manager(6-8yrs'exp) $75-120k $75-130kStrategicSourcingManager(10+yrs'exp) $140-180k $140-180k+

StrategicSourcingManager(6-8yrs'exp) $75-120k $75-120kSupplyChainDirector(10+yrsexp) $170-300k $170-300k+SupplyChainManager(6+yrsexp) $70-130k $70-130k+SupplyChainConsultant(5-8yrs'exp) $65-120k $65-120kSupplyPlanningManager(5+yrsexp) $85-110k $85-110k+

VicePresidentofLogistics $170-250k $170-250k VicePresidentofStrategicSourcing(8+yrs'exp) $140-200k+$140-200k+


Singapore Salary Survey 2009

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