Singapore skills shortages persist as economy expands

All-round Accountants, Legal Counsels, and Sales Administrators are just some of the many skills in demand as Singapore’s expanding economy continues to create new jobs.

Singapore’s economy grew a better-than-expected 4.1 percent in 2013, and is tipped to grow between three and four percent this year.

According to the latest Hays Quarterly Hotspots list of skills in demand for the April to June quarter, Singapore remains a candidate-driven market where there is strong competition for good talent in all areas.

Yet a paradox exists. At the same time as the number of long-term unemployed is increasing, so too are the number of vacancies, which suggests that the available labour does not always have the skills employers want.

So what skills do employers want?

Right now we are seeing more contracting roles in commerce, especially for Financial Analysts within the FMCG industry to reduce costs and increase efficiencies.

More all-round Accountants with both financial and management accounting skills as well as SAP ERP system knowledge are sought for contract roles. Contract Financial Planning & Analysis professionals are also sought. These individuals are always high on any prospective employers list as they have a direct impact on the development and direction of a business.

Meanwhile, Singapore is also seeing growth in the legal jobs market. In response to the increase of new projects and developments there has been a spike in the need for Legal Counsels in the engineering and construction industry. We’ve also seen steady growth in jobs in the logistics industry across the board.

The other highlight in the current jobs market is in sales. Good growth in the economy has led to high demand for Sales Administrators as companies expand their revenue generating teams. These people require a lot of after sales support to increase the pace of sales.

But in a market as active as Singapore’s, these are not the only skills in demand. A selection of other hotspots of demand follows:

• Project Accountants/Controllers– In the current market there is a shortage of candidates with project skills, particularly at the junior to mid level. These candidates are generally paid well and are consequently retained by their existing employer.
   
• Internal Auditors– Candidates who have conducted audits on leading financial institutions, or have spent some time in-house, are highly sought after and can command higher than average salaries. We are continuing to see a strong demand from professional services firms for candidates with exposure to the financial services sector. 
   
• All-round Finance Managers– These managers are particularly in demand by smaller and mid-sized banks looking to expand their presence in Singapore. For smaller set-ups, roles are usually more all-rounded.
   
• Private Banking Relationship Managers– The continual flow of foreign money into Asia and Singapore means that almost every private bank in Singapore has a need to expand their relationship management team.
   
• Projects & Change Management– Continuous improvement and full scale change programs have created contract roles in this area. Usually the length of the contract will be in line with the lifespan of the project.
   
• Quantity Surveyors(Pre-Contracts)– Employers are looking for qualified Engineers or QSs who have a stable employment background and are able to assist in the preparation of proposals.
   
• Construction Managers– Candidates who have experience reporting to a project manager on building or civil works projects and experience in design or excavation right through to the handover of projects are sought.
   
• Customer Service Executives– Candidates with medical knowledge who are willing to take on shift work are in high demand infast-paced call centres.
   
• Mechanical and Electrical Engineers– Senior Mechanical and Electrical Design Engineers are in high demand in the building services field, where we see continuous growth in the market but a shortage of experienced local candidates.
   
• IT Technology Risk and Security Engineers– The information systems of banks are increasingly at risk of attack. As more data breaches by third parties are uncovered, banks will be focused on the people entrusted with their data.
   
• Regional HR Managers– These managers are sought as a result of the increase in newly created regional roles in organisations establishing their regional hubs in Singapore.
   
• Cloud Architects and Engineers– We are seeing a rapid increase in demand for these professionals as companies adopt this technology.
   
• Legal Counsels(construction and engineering)– In direct response to the increasing developments in Singapore and the wider region, engineering and construction companies are increasing their overall headcount. There has been an increase in the size of legal teams to support this substantial growth.
   
• Bilingual Lawyers– With many Japanese multinational corporations in Singapore, fluency in Japanese is always a great advantage for candidates.
   
• Quality AssuranceManagers – With the stringent requirements for products and services supplied by the life science industry, this remains a highly-sought after role.
   
• Regulatory Affairs– Companies are restructuring and consolidating their businesses, and there is increased scrutiny from governments and regulatory bodies. As a result, companies are ramping up their Regulatory Affairs expertise.
   
• Sales Administrators– These candidates support a team of sales people in after sales processing tasks such as the raising of purchase orders, tracking of shipments, and making sure goods arrive on time. They are in great demand as many companies are investing more in expanding revenue generating teams.
   
• Legal Secretaries– Legal Secretaries are in high demand as many foreign law firms are expanding their businesses in Singapore. Legal Secretaries, like Lawyers, are categorised in different practice areas.
   
• Senior Project Managers– Construction of offshore structures for the oil and gas industry is an expanding market in Asia. As a result, we are seeing a shortage of Senior Project Managers (Subsea / SURF) with ‘mega project’ experience delivering major US$150 million plus value projects.
   
• Design Engineers and EPC Project Managers– A number of major ONG and LNG refinery projects in Singapore, Malaysia, and Indonesia are currently in FEED/construction stage and will deliver strong demand over the next three years. As a result Project Managers and Project Directors with LNG experience are sought.
   
• Planners & Buyers– A number of manufacturing companies are looking to hire individuals who have a combination of Planner and Buyer experience. They are looking for candidates who can assess materials shortages, plan inventory levels and procure the materials needed.
   
• Strategic Sourcing Specialists– Candidates with the skills to source and vet new suppliers, as well as put together strategies for securing certain products and services, are in demand.
   
• Senior Retail Managers– Senior level candidates with strong retail experience are highly sought after. Many local candidates have relocated due to their company’s overseas expansion, making the pool of experience even smaller.
   
• Big Data specialists– Companies will be increasingly seeking out Big Data specialists to help identify business opportunities from previously unworkable sources of data. Professionals who can assist in data-led business decisions will be highly sought after as companies drive new product innovation based on consumer demands.
   
• Inventory Managers– Several companies have been hiring inventory control experts to improve their planning or logistics functions. Candidates are usually required to have a mixture of planning, analytical, buying and logistics experience. Some vacancies are newly created to improve efficiency, while others are replacement hires.
   
• Solution Design Managers/Consultants– Within the logistics field there is an ongoing shortage of analytical staff who can design warehousing or transportation solutions, especially those with knowledge of automation.

These are just a few of the many skills in demand in Singapore; to see the full list view the latest Hays Quarterly Hotspots.