Hays Accountancy & Finance - January 2009

Commerce & Industry

Hotspots

With increased focus on process improvements and efficiencies, three main accountancy and finance roles have pushed demand this quarter. Internal auditors are required as companies attempt to manage and minimise risk. Similarly, financial analysts are needed to analyse business trends and results to review performance and provide strategic support for decision makers. Thirdly, cost accountants have become a critical hotspot of demand in the interests of cost control.

The industries that are most active are insurance, property, media and FMCG. These industries are relatively insulated from prevailing economic conditions, as they are all considered "necessities". The property sector however may experience a slight slowdown as economic factors may have a lagging effect.

In Japan, mid-level accountants and auditors are the main hotspots of demand, particularly within medium to large businesses as expense control gains focus.

The coming quarter

Little change is expected over the coming quarter as in spite of the broader slowdown, the sector remains optimistic with regard to hiring intentions. Growth is still expected and headcount increases within finance will result.

Executive recruitment

As is the case every year at this time, little movement is expected in the executive recruitment space.

Salaries

Salary levels should remain constant over the coming quarter and into 2009. Candidates are still receiving pay rises however the rates have decreased from 20 to 25 per cent to more sustainable levels of 15 to 20 per cent. With many bonuses based on company performance, these are expected to be more modest than last year, with employees generally accepting this in return for job security.

Candidate trends

There has been a significant increase in overseas candidates expressing an interest in working in Singapore, particularly candidates from the UK and US. Available candidate numbers have increased overall, particularly in financial services, the Big 4, and in manufacturing and engineering. This is expected to continue as candidates view Singapore as a "safe environment" with a more stable economy.