Confidence is high for Singapore financial executives as a net 28% plan to add staff
Singapore, 22 February 2012 - Despite the ongoing uncertainties in the global economy, 31% of CFOs and finance directors are planning to add finance, accounting and banking staff in the first half of 2012, according to the latest Financial Employment Report from specialist finance and accounting recruitment firm, Robert Half. Only 3% of financial leaders plan to decrease permanent headcount, leading to a net employment increase of 28%.
Confidence levels are strong among Singapore's financial leaders. Compared with last year, 82% of CFOs and finance directors are confident about the economic growth prospects of the country in 2012, with 89% optimistic about their own company's growth prospects for the year.
The Robert Half Financial Employment Report, based on a survey of 300 of Singapore's leading financial executives, indicates that the biggest drivers for increased hiring levels are business growth (54%) and rising workloads (30%), underscoring the confidence in the expansion of Singapore's economy in 2012.
Ms Stella Tang, Associate Director, Robert Half Singapore, commented, "Contrary to much of the gloom surrounding the global economy, Singapore's senior business leaders are clearly confident about the year ahead and therefore need to acquire talented financial professionals to enable their companies' growth prospects. We have seen strong demand for accounting and finance hiring during the first month of 2012 amid a continued talent shortage in the sector."
Note to editors: The net hiring increase is calculated by subtracting the number of hiring managers planning to decrease headcount from the number planning to add additional headcount.
Senior financial leaders echoed Ms Tang's views, with 74% saying it's challenging to find skilled financial professionals today. Accounting (29%) and finance (28%) are the functional areas reportedly hardest to find skilled candidates, followed by operational support (13%) and audit (11%). Adding to their troubles in finding new staff, CFOs and finance directors are also worried about their existing talent pool, with 74% saying they are concerned about losing top financial performers to other job opportunities in the next year.
Ms Tang went on to say, "The Singapore financial talent shortage that we saw in 2011 has continued into 2012. Senior financial leaders need to ensure that their remuneration levels are competitive and that they are focused on retention, providing staff with a clear career path, regular performance reviews and a healthy work-life balance. As the fight for talent wages on, the process of hiring can take time. Those expecting headcount additions should begin discussing their hiring plans now."
About the Robert Half Financial Employment Report
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