As we head into 2013, this article looks at how last year ended for the HR sector in Singapore, any specific trends/observations in the market and predictions for the coming months. Overall, we certainly saw no slowdown in Q4, with a healthy number of interesting searches across a wide range of industry sectors and functions and are already seeing this activity continue into this year.
It’s fascinating to note the variation in scope of roles; ranging from Singapore Country Head positions, through to Regional positions that are now expanding to be ‘International’, not just SEA or APAC as before. We saw a real shift for many mid-sized or large organisations in geographies, as they continue to focus on improving their HR functionality and this is in turn, creating new roles based out of Singapore. Companies will now be, more than ever, looking for HR professionals in Singapore with Emerging Markets or International experience /exposure.
In terms of role functions, skill sets that are still in high demand include Talent Management (Learning & Development/Organisational Development/Change), Recruitment/Talent Acquisition and strong HR Generalists (Business Partners). In addition, a real trend and hot area worth highlighting is around HR Analytics as businesses increasingly continue to use data to drive their decisions from workforce planning, recruitment through to succession planning. This focus around IT/Technology will only increase in the coming years.
Compensation & Benefits demand remains particularly strong and the market tight; as businesses continue to ensure their employees are rewarded and incentivised accordingly. Skilled Rewards professionals who can ideally come in and create a structure, often from scratch and on a regional level, remain highly sought after and will continue to be so.
The demand for all these skill sets, combined with HR professionals really seeking to take charge of their own careers and broaden their experience; has seen a definite rise in geographical, sideways/or lateral moves. There are also an increasing number of specialists and generalists switching roles and also changing industry sectors where possible. This has meant an interesting HR talent landscape, both internally and also with those looking externally where these moves may not be possible within existing companies. This definitely seems to be enhancing some careers more quickly and also keeps people challenged and motivate, in addition to resolving talent shortages in some cases and maintaining good levels of retention.
This is not the answer to all skill shortages, of course, with companies continuing to have to consider bringing in foreign talent into Singapore where the local talent pool does not meet requirements, however much the preference. Singaporean ‘returnees’ are highly sought after as a priority, bringing with them their international experience, but other nationalities are also coming to Singapore in some cases and being successful, especially those who have had exposure or oversight of Singapore in current roles, albeit in roles based overseas.
Which sectors will have most demand and be most active at the start of 2013? It seems most industries will be looking for high calibre talent, although some not as active due to bonus time. Having said this, most companies take pipelining seriously and consistently Partner with The Chapman Consulting Group to identify strong talent in the market on an on-going basis. Hot sectors currently include: pharmaceutical/healthcare, insurance, engineering, IT/Telecommunications, shipping & logistics, real estate, retail and FMCG.
In summary, things continue to look bright in Singapore with a positive and dynamic HR job market and we look forward to connecting with many of you and enjoying great success in 2013.
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