SG accounting and finance firms focus on replacement hiring in 2025

Businesses are optimising workforce strategies through cost-cutting and integrating functions.

Accounting and finance companies in Singapore are focusing more on replacement hiring rather than team expansion amidst economic challenges, Randstad Singapore's 2025 Job Market Outlook and Salary Guide revealed.

The report said businesses seek to optimise workforce strategies, often through cost-cutting measures or by integrating functions to improve efficiency.

“Employers will continue to seek professionals with technical expertise whilst leveraging recruitment agencies for efficient hiring processes,” it added.

Data centres, renewable energy, and fintech are expected to be key growth areas for accounting and finance professionals in 2025. These sectors are not only expanding but also require specialised skills, signalling a shift towards industries that support technological innovation and sustainability.

Meanwhile, demand for skilled professionals in roles like IFRS standards and financial planning analysis (FP&A) is expected to remain steady in Singapore. However, there is a noticeable shift towards outsourcing finance and transactional roles to lower-cost countries like Malaysia. Despite this, Singapore remains a key talent hub due to its skilled workforce.

Attracting younger talent remains a challenge, especially in the audit sector, where heavy workloads clash with a growing demand for work-life balance. As a result, companies are raising salaries and streamlining operations through shared services to improve efficiency and attract talent.

As businesses continue to navigate economic uncertainty, skills in analytics and decision-making are also becoming more critical. Key technical and soft skills in demand include IFRS standards, financial planning analysis (FP&A), business development, and control governance.

Moreover, companies are also focusing on offering job security, work-life balance, and flexible work arrangements to retain top talent.

“By focusing on skill development and maintaining a strong workplace culture, the accounting and finance sector can successfully navigate uncertainties and continue its trajectory of growth and resilience,” the report noted.