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Firms will be increasing their focus on hiring locally in the coming year, according to a global salary survey by recruitment consultancy firm Robert Walters, reports channelnewsasia.com. The Fair Consideration Framework, to be launched in August to bolster the hiring of Singaporeans, is expected to drive salary levels higher in both permanent and contract recruitment.
Robert Walters' managing director Toby Fowlston said: "With the increasing competition for top Singapore talent, firms are recognising the importance of developing existing employees with transferable skill sets. This allows for more promotion opportunities from within and rewards employees with an expanded scope of responsibilities."
The survey also found that switching jobs this year could lead to significant pay increases. Results from the survey showed that candidates who switched jobs in 2013 could command an average +15% to +20% salary increase, a trend that is likely to continue this year.
The survey also noted that contract hiring is likely to be on the rise for HR professionals, as employers prefer a flexible workforce, in particular for payroll staff and junior HR executives.
Accounting and finance professionals with niche skills, such as treasury, taxation and internal audit, will command premium salary increments. At the same time, IT professionals will be highly sought after as companies realise the value of providing the best possible customer experience.
As Singapore looks to further regulate its banking industry and maintain its reputation as a secure financial hub, the survey anticipates greater demand for legal and compliance professionals.