MAS regulatory changes in 2016 and planned reforms throughout 2017 has seen many financial institutions launch a recruitment drive for regulatory reporting professionals and risk control experts, according to recruiting experts Hays.
This is one key finding from the latest Hays Quarterly Report for the January to March quarter, which is a guide to the current hotspots of recruitment activity and trends.
2016 saw an unprecedented amount of new regulations and changes drafted that have tightened the compliance and governance requirements for all financial institutions.
According to Lynne Roeder, Managing Director for Hays in Singapore, says: “Recent and upcoming regulatory changes has seen Singapore become one of the most active financial regulators in Asia. The ever-tightening regulatory changes has created high demand for compliance officers and regulatory reporting professionals whose roles will be critical in ensuring financial institutions conform to the new changes laid down by MAS.”
As the search for qualified candidates intensifies, job seekers will have greater bargaining power due to a limited talent pool that may see those on the market receive multiple job offers.
In other trends, the first quarter of the calendar year will also see huge demand for engineers and planners as government funded works on healthcare and transport projects gathers further pace ahead of the 2020 completion target date. A number of digital marketing roles will become available this quarter as the competitive nature of businesses operating online has seen many adopt a localised approach to accommodate Singaporean consumer trends.
With extra focus on developing personalised and targeted campaigns, candidates are expected to be well versed with CRM and data analytics tools. As Lynne highlights, “There will be fierce competition for qualified candidates in this field. Employers may have to not only map out a long-term strategy as to where their business will be in five to 10 years’ time, but also how they plan to meet the career aspirations of candidates who are looking to make waves in an era of digital transformation”.
According to the Hays Quarterly Report for January to March, demand is highest for the following skilled professionals:
Hays Accountancy & Finance:
• Regulatory reporting professionals – as a result of new regulatory procedures and processes.
Hays Architecture:
• Rail & transportation architects – as airport, high speed rail and MRT projects continue to progress well ahead of 2020 completion date.
Hays Audit, Risk & Compliance:
• Compliance professionals – New reporting regulations means asset managers are in need of compliance officers to ensure tighter regulations are adhered to.
• Technology audit, risk and compliance professionals – combatting technological threats of course continues to be priority for many banks and this quarter will see many look to enhance their vulnerability assessment teams to manage threats associated with their applications and networks.
Hays Banking & Financial Services:
• Private banking relationship managers – who can not only bring in a certain amount of clients to their new employer, but also guarantee a sizeable AUM in their first 2-3 years continue to be highly sought after.
• Due diligence candidates – who are well versed with KYC and client boarding as a result of continual updates and changes to requirements from MAS.
Hays Construction:
• Construction and project managers –construction and project managers are needed to support new infrastructure works in healthcare and transport.
Hays Engineering:
• Design engineers/managers – with experience of managing transport and infrastructure projects.
• Mechanical design engineers – with an ACMV building services background and experience in tunnel ventilation projects are high in demand.
Hays Finance Technology:
• Project management professionals – are needed for business change, regulatory change or compliance management projects.
Hays Human Resources:
• HR business partners – are in demand as the role evolves to become more strategic led over operational.
Hays Information Technology:
• Cyber security engineers – as businesses increase their SLAs on security.
Hays Insurance:
• Data Analysts – to enable firms to have a better understanding of consumer behaviour.
Hays Life Sciences:
• Flavourists – continue to be in high demand by fragrance and flavour houses.
Hays Property:
• M&E FM managers – who have critical services experience, in particular standby generation/UPS power & AC systems to server rooms.
Hays Sales & Marketing:
• Digital marketing managers – companies are needing to hire more candidates with digital experience to create and lead new business development and marketing strategies
Hays Supply Chain:
• Strategic category managers – with expertise in indirect spend.
To read the full Hays Quarterly Report, including candidate and employer trends and future issues, please visit www.hays.com.sg/report
Hays is located in Singapore at Level 27, UOB Plaza 2, 80 Raffles Place, Singapore.
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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About Hays
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2016 the Group employed 9,214 staff operating from 252 offices in 33 countries across 20 specialisms. For the year ended 30 June 2016:
– the Group reported net fees of £810.3 million and operating profit (pre-exceptional items) of £181 million;
– the Group placed around 67,000 candidates into permanent jobs and around 220,000 people into temporary assignments;
– 22% of Group net fees were generated in Asia Pacific, 45% in Continental Europe & RoW (CERoW) and 33% in the United Kingdom & Ireland;
– the temporary placement business represented 58% of net fees and the permanent placement business represented 42% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.