Friday, July 10, 2009

Singapore job market shows signs of pick-up!

This is my second post in as many weeks on the improving sentiments in the job market here in Singapore. I would also like to believe that this positive waves will continue for another quarter to allow us to propel through the rest of the year into the 1st quarter of 2010.

Almost every paper this morning carried news of survey results collated from some of the leading multinational recruitment firms. Everyone echoed similar sentiments; higher recruitment projection for the next quarter, substantial increased in hiring this quarter and the two sectors that showed most remarkable turnaround are IT and Banking Finance.

Q3 forecast as per Hudson's May survey shows - 32 percent of respondents in banking and finance expect to increase recruitment as compared to 19 percent in Q2.

While in IT & Technology due to the result of solid pipeline of revenue-generating projects built up in Q2 25 percent of respondents expects to grow headcount.

As an in-house recruiter in a mid size regional bank contrary to the negative hiring trend in the market outside in the past few quarters we've never slowed down on our recruitment pace.

However, lately and even more so this last 2 months I am getting to experience candidates that are willing to turn down or back out of offers while in the process of signing the contract or in one instance just days before reporting for work.

This to me, from past experience ( Y2K project and SAP boom days) is one sure sign that the job market is bullish and that candidates have in their hands multiple job offers.

Wishing all the recruiter folks out there happy hunting and good billings!


frostbite said...

That is excellent news.

What are your thoughts on how the demand in finance-IT changed as a result of the downturn?

Personally, I'm seeing a growing demand for professionals who have risk management experience.

Joe Neitham said...

Hi frostbite,
It sure is good news for everyone!
The downturn has in most probably put a brake on the hiring frenzies and perhaps even resulted in bringing some semblance to unreasonable demands by candidates and also irresponsible hiring by some banks. Risk management I agree has seen some increased demand but I still see lots of rooms for demands to grow. Sadly some banks still refused to put in extra effort on risk/compliance and even governance. These are critical areas that will discourage rogue bankers aka traders to stop from taking unnecessary risk! My 2 cents!