Quantity vs. quality: Employers hiring more but are short of qualified candidates

Job placements in Singapore rose by 5.2% in Q310 compared to Q2 but shortage in talent across various fields are driving companies to look for employees overseas.

The latest Asia Job Index from Robert Walters revealed that job dvertising levels were broadly similar in the Accounting and Finance where an increasing emphasis is being placed on candidates with governance expertise, in areas such as risk, compliance, audit and credit control. There has been also an uplift in demand for Clerical and Administrative staff (+4.2%), as support was sought for positions that were filled earlier in the year.

The recruitment consultancy firm also noted that candidates with specific product knowledge in such areas as derivatives and, especially, commodities trading have been in strong demand. “These are generally being sourced locally, as overseas candidates do not have the necessary skills,” the report said.

The resulting talent shortage is also being exacerbated by many graduates being encouraged to choose more traditional careers, such as law, accountancy or medicine. This is affecting salaries, with increases of up to 25% offered to some candidates.

Andrea Ross Managing Director, Robert Walters Singapore, comments: “This quarter, we have seen increased demand for candidates with very specific skills, which tend to be acquired locally for e.g. tax, financial planning and analysis, sales etc. Overseas candidates are generally those who are being internally transferred by large, global organisations where skills are limited on the ground. Many businesses are also using Singapore as a central hub for their Asian networks and this is creating demand across a number of sectors, notably digital media, biotech, renewable energy, pharmaceuticals and financial services. We are likely to see an increase in the number of contract roles being taken up due to the variety of roles currently out there in the market, as well as the opportunity to gain exposure to industries / functions that may not be available on the permanent side. The overall sentiment is positive – and for many candidates and companies, the focus is firmly on future growth.”