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Selby Jennings Says Employment Prospects looking up for APAC Finance Sector.

Selby Jennings Says Employment Prospects looking up for APAC Finance Sector.

Increased regulation of the finance sector and negative media focus on compensation packages have led to perceptions of restricted salaries, bonuses and of stifled opportunities for growth, causing finance professionals to have insecurities about the likelihood of positive prospects for the coming year.

But it’s not all doom and gloom for those in the Finance sector.

A global survey carried out by Selby Jennings found that Singaporeans were predominantly negative about their prospects for 2013, with over half (51%) of those questioned thinking that employment opportunities are worse now than this time last year.

Overall, 35.2% of Singapore based finance professionals believe their promotion prospects to be worsening, 43.1% believe that a salary increase is less likely in 2013 than it was in 2012 and 46.6% said that bonus prospects for this year are getting worse.

Despite this negative perception, Selby Jennings believes that prospects are not as bad as they are perceived to be. According to regional labour statistics, employment rates and the number of recorded job vacancies in Singapore have increased, implying that prospects cannot be as bleak as many perceive. James Brown, Regional Director –  Selby Jennings Asia Pacific, commented:

“Employment opportunities statistically in the region have been improving, there are still institutions hiring. Pockets of positivity can be seen in terms of hiring and opportunities across all sectors.”

Commenting on a global level, Steve Yendell, Director – Selby Jennings said:

“Given recent hiring statistics worldwide, this negativity seems to be a mere perception, economies are by no means flourishing, but employers are hiring and things are not as bad as implied.”

What does this means for candidates?

While there are opportunities available, employers can still afford to be highly selective in this economic climate, candidates – consider what can be done to ensure you stand out!

Focusing on areas of self-development will ensure that you are in a position to receive monetary rewards above others.

What does this means for employers?

Candidate movement looks to increase in 2013 as employees’ seek to find new opportunities this will mean a fresh influx of talent and new additions to regional candidate pools.

Current conditions seem to have fuelled employees’ interest in furthering their career. Despite tough economic conditions, key talent is still moving roles, this means easier acquisition of new personnel. 

To ensure retention of key talent in the current economic climate, pay more attention to employees’ personal development to enable progression, as an alternative to monetary rewards.

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