2008 Singapore Outlook
Kerry Consulting specializes in the recruitment of back and middle office & HR professionals for financial institutions together with finance and HR professionals for corporations. As of Q1 2008, demand remains extremely strong from both banks and corporations.
The major stories of 2007, being:
1. Financial Services
- hubbing of global functions in Singapore
- general growth in retail, commercial and investment banking driven by APAC economic expansion
- continued expansion (though not slowing somewhat) in Private Wealth Management
- massive investment in the region both as a manufacturing centre and also (increasingly) as end markets in themselves
The exceptionally strong demand in 2007 for quality professionals resulted in substantial salary increases in most functions and organisations.
The medium term outlook is less certain bearing in mind the US downturn. Obviously it will take time to see how this finally plays out and its implications for the APAC region but our sense is that while recognising that the range of outcomes is wide, the most likely scenario is a moderation of (in some cases unsustainably high) growth levels in the latter half of 2008.
So what implications does this have for recruitment strategy?
Actually, probably not much. Demand and supply of good quality professionals will probably move into equilibrium. Truly outstanding people will remain, as always, in short supply.
Organisations in general would be well advised to make a big effort to reassure their current teams while seeking to capitalize on any opportunities changes in the economic environment may present.