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					SINGAPORE 08/09




                  SALARY & EMPLOYMENT FORECAST




                                     SALARY AND EMPLOYMENT FORECAST | FINANCE
5,489 EMPLOYEES
  166 OFFICES
   28 COUNTRIES
                  1 GLOBAL NETWORK
As a UK listed specialist recruitment company, we have more than 33 years experience bringing job
seekers and employers together. We have been operating in Singapore for 12 years and are well placed
to help you recruit the best talent for your organisation or find you a career with a difference.
For more information visit www.michaelpage.com.sg or contact Tulika Tripathi, Director, Singapore on
+65 6533 2777 or email tulikatripathi@michaelpage.com.sg
WELCOME                                                                                            CONTENTS                     PAGE
Welcome to the 2008/2009                          The survey, completed by approximately 500       Accounting & Finance            5
Michael Page International Salary &               employers and 1,000 employees, covers a
Employment Forecast for Singapore.                range of issues and trends relevant to today’s   Sales & Marketing               9
                                                  corporate sector and establishes the Salary
Michael Page International is a world-leading     & Employment Forecast as a highly reputable      Human Resources                13
specialist recruitment consultancy. Growing       report, based on in-depth industry research.
entirely organically, rather than by mergers or                                                    Property & Construction        17
acquisitions, we now have over 5,000 people       The Salary & Employment Forecast
in 166 offices in 28 countries worldwide.          provides employers and employees with            Procurement & Supply Chain     21
Coming from all industry sectors, our clients     useful insights into the hiring expectations,
range from market-leading multinationals          recruitment challenges and salary forecasts      Financial Services             25
to small and medium sized firms.                   of key hiring managers over the coming year
                                                  and covers six key areas as detailed below:
Our consistent organic growth strategy and
continued investment through business             • Accounting & Finance
cycles is driving our growth in the specialist    • Sales & Marketing
recruitment market in Singapore. Since            • Human Resources
opening our office in Singapore in 1996,           • Property & Construction
we have expanded our reach across                 • Procurement & Supply Chain
several new industries and regions.               • Financial Services

This year, the format of our Salary Survey        I wish to thank everyone who contributed to
has changed to reflect our growing business        this year’s Salary & Employment Forecast
and to make it easier for employers and           and trust you will find the new report helpful
employees to stay abreast of current              and informative. We welcome your feedback
employment market and salary trends.              and encourage you to contact us for further
                                                  information or market specific advice.
While a number of current industry
surveys provide qualitative insight on hiring
intentions and salary levels, the Michael
Page International Salary & Employment
Forecast combines both quantitative
and qualitative research derived from             Tulika Tripathi
our survey of employers and job seekers           Director, Singapore
and our extensive involvement in the
professional labour market in Singapore.




WELCOME | SALARY & EMPLOYMENT FORECAST                                                                                             3
INTRODUCTION
Despite the business sector experiencing a     Locally, candidates are slightly more
degree of uncertainty due to global financial   cautious about changing jobs due to global
market volatility, the underlying business     economic uncertainty and they are evaluating
sentiment in Singapore remains positive.       their options carefully before moving. We
An increasing number of foreign                encourage candidates to maintain realistic
multinationals are setting up regional         expectations of the market in the coming
operations in Singapore and industries         year and look at their long term career path
such as healthcare and alternative energy      and potential roles, rather than focus purely
continue to grow. While the global credit      on salary increases which are likely to be
crisis has had an impact on recruitment        moderate compared to previous years.
activity in certain sectors such as banking
and financial services, demand for quality
                                               “There has been an increase in the
candidates remains strong. Our survey
                                               number of finance professionals
results indicate that employers in Singapore
are cautiously optimistic with 57% of hiring
                                               relocating to Singapore from the
managers forecasting headcount growth          global finance hubs of the US and
over the next 12 months, while only 7%         UK, which have been hardest hit
expect to decrease staff numbers.              by the credit crunch.”

There is an increased business emphasis        While employers remain cautiously optimistic
on the strategic value of the procurement      about the economic and employment
and supply chain, human resources, sales       outlook in Singapore, the coming year will
and marketing functions. Their contributions   present businesses with a number of evolving
to business growth is generating strong        and complex recruitment challenges.
demand for experienced professionals with      Retaining top performers will be essential
specialist skills. Although there has been     in ensuring business continuity and growth,
a general slowdown in recruitment activity     particularly for banking and financial services
across the banking and financial services       institutions affected by the global credit
industry, companies continue to actively       crisis. Employers will need to do all they
hire in sectors such as asset management,      can to improve their retention rates through
private banking and alternative investment.    initiatives such as training and professional
                                               development, reward and recognition
                                               programs and succession planning. It is also
“While the global credit crisis has
                                               an ideal time to capitalise on current market
had an impact on recruitment
                                               uncertainty and secure good candidates
activity in certain sectors such as
                                               from companies where job security is under
banking and financial services,                 threat. It is therefore important to continue
demand for quality candidates                  marketing to passive candidates and take
remains strong.”                               a medium term view of the market.

Singapore continues to be an attractive
destination for expatriates and there has
been an increase in the number of
finance professionals relocating to
Singapore from the global finance hubs
in the US and UK, which have been
hardest hit by the credit crunch.




4                                                                                               SALARY & EMPLOYMENT FORECAST | INTRODUCTION
5
    ACCOUNTING & FINANCE
ACCOUNTING & FINANCE
                       MARKET OVERVIEW
                       Singapore’s unique position as an
                                                                            EMPLOYERS’ HIRING
                       international finance hub and gateway to              EXPECTATIONS OVER                        Increase of 10+                        12
                       Asia continues to attract a diverse range of         THE NEXT 12 MONTHS
                       local and foreign accounting and finance              Employers are cautiously
                                                                                                                     Increase of 7–9        3
                                                                            optimistic about hiring
                       firms. Despite volatility in global financial          activity with 57% of
                       markets, a shortage of suitably qualified             companies planning to                    Increase of 4–6              7
                                                                            increase headcount over
                       professionals and the increasing number              the next 12 months.
                       of multinational companies locating                                                           Increase of 1–3                                                 35
                       their regional offices in Singapore are
                                                                                                                          No Change                                                      36
                       creating consistent demand for talent.

                                                                                                                 Expect a decrease                7
                       The accounting sector has enjoyed strong
                       growth in recent years. According to                                                                            0%             10%         20%        30%              40%
                       the Accounting & Corporate Regulatory
                       Authority (ACRA), Singapore’s accounting
                       sector grew by an annual 6.5 per cent in            recruiting various accounting and finance                             12 months, albeit at a slower pace than
                       the last three years, nearly twice as fast as       roles to support business expansion and                              2007/08. There is an ongoing shortage
                       its growth rate in the past decade. While           growth. Some multinational companies are                             of candidates to satisfy demand and
                       the rate of growth has slowed somewhat              more cautious about increasing headcount                             competition to attract and retain talent will
                       in 2008, quality accounting and finance              in light of current economic conditions,                             remain strong. Our survey results support
                       professionals continue to be highly sought          however, they continue to recruit business                           this, with 57% of employers expecting to
                       after, particularly at the junior and mid-levels.   critical and replacement positions.                                  increase staff numbers over the next 12
                                                                                                                                                months and only 7% expecting a decrease.
                       Singapore’s non-banking sectors remain              Overall, we envisage sustained employment
                       strong, with many companies actively                growth across most industries over the next



                       SKILLS IN DEMAND
                       At the time of writing, volatility in global
                                                                            EMPLOYERS’ PERCEPTIONS OF THE MAJOR CONTRIBUTING FACTORS IN PEOPLE LEAVING
                       financial markets had not had a significant
                                                                            Employers believe career advancement is the main reason people change jobs.
                       impact on recruitment activity in the
                       accounting and finance profession outside                   Career advancement                                                                                33
                       of banking. It is still a positive employment
                                                                                           More money                                                                          31
                       market for accounting and finance
                       professionals, with demand for candidates                        Poor cultural fit                                         16
                       at the junior and middle levels continuing                   Change of industry                        7
                       to outweigh supply. This is due to high
                       staff turnover and increased demand for               Redundancy/retrenchment                      5

                       accountants and business analysts.                       International relocation             3
                                                                               Moved to another region
                                                                                                                     3
                       Demand for accounting and finance                                    within Asia
                       staff is consistent across most sectors.                         Maternity leave          2
                       However, attractive tax and government
                                                                                                            0%           5%        10%          15%         20%    25%      30%       35%
                       incentives have spurred demand in the
                       pharmaceutical and manufacturing sectors.
                       There is also increasing demand from                tightening financial regulations. Financial                           business acumen. As a result, accounting
                       companies establishing their regional               and business analysts are also highly                                and finance professionals with a strategic
                       headquarters, supply chain hubs or research         sought after to help meet business                                   mindset and strong interpersonal skills have
                       and development centres in Singapore.               growth objectives and drive profitability                             a competitive advantage. These skills are
                                                                           and cost reduction in an increasingly                                highly sought after for senior management
                       There is strong demand for internal                 competitive business environment.                                    positions such as CFO, financial controller
                       auditors and compliance managers, which                                                                                  and business analyst roles, which require
                       we expect to continue over the next 12              As accounting continues to evolve as a                               liaising with business stakeholders.
                       months due to the growing complexity                core business function, employers are
                       of accounting reporting standards and               increasingly seeking candidates with strong




                       6                                                                                                          SALARY & EMPLOYMENT FORECAST | ACCOUNTING & FINANCE
                                                                                                                                                       ACCOUNTING & FINANCE
RECRUITMENT CHALLENGES
With the accounting and finance sector              are more open to working overseas and               jobs, it is also important for employers
in Singapore continuing to grow and                turnover rates are high, with candidates likely     to provide competitive remuneration.
a shortage of suitably qualified talent,            to change jobs if there is uncertainty over
competition for candidates will remain             their career path. Our survey results support       To attract quality talent, it is vital for
intense. As a result, employers will need          this with 47% of accounting and finance              companies to be proactive and have a
to be more creative in their recruitment           employees citing career advancement as              professional and efficient recruitment process
strategies to successfully attract and retain      the main reason for their last job change.          in place. Even in the current economic
accounting and finance professionals.                                                                   climate, high quality candidates will often
                                                   To retain talent, it is therefore essential that    have multiple job opportunities to choose
There is an acute shortage of suitably             companies invest in training and career             from. Recruitment cycles that extend beyond
qualified candidates at the junior and mid-         development. We encourage employers                 four weeks will frequently fail because
levels across most sectors. A large number         to understand their employees’ career               candidates accept another job offer. We
of accounting graduates choose to work for         goals and provide a structured career               also encourage employers to consider
the Big Four, making it difficult for the smaller   path with opportunities for progression             avenues such as advertising, in addition to
accounting firms to attract junior talent. In       into regional positions. Although not               a database search, for hard-to-fill roles.
addition, junior and mid-level professionals       the primary reason candidates change



SALARY FORECAST
Despite inflation reaching record levels
                                                     EMPLOYERS’ PERCEPTIONS OF WHETHER WAGES
in Singapore during 2007/08, we expect               GROWTH OVER THE PAST 12 MONTHS IS IN LINE
moderate salary increases over the                   WITH INCREASED EMPLOYEE PRODUCTIVITY
next 12 months due to current global                 Of the employers surveyed, only 33% believe
                                                     wages growth over the past 12 months is in line
economic uncertainty. Accounting and                 with increased productivity.
finance professionals remaining in the
same job can expect average salary
increases of 3-5%, while those candidates
moving jobs salary increases will largely              27%
                                                                                                33%
depend on the position and company.




                                                                                        40%




ACCOUNTING & FINANCE | SALARY & EMPLOYMENT FORECAST                                                                                                7
ACCOUNTING & FINANCE
                           SALARY TABLE
                           ACCOUNTING & FINANCE
                           ROLE                                                   EXPERIENCE                     SG$’000
                           GENERAL
                           ACCOUNTANT/FINANCIAL ANALYST
                                                                                  5–7 years                      65–80
                                                                                  3–5 years                      50–65
                           FINANCE MANAGER
                                                                                  7–9 years                      90–130
                                                                                  5–7 years                      65–90
                           FINANCIAL CONTROLLER
                                                                                  Large business unit            200–250
                                                                                  Medium business unit           160–200
                                                                                  Small business unit            140–160
                           FINANCE DIRECTOR (15+ YEARS)
                                                                                  Large business unit            300+
                                                                                  Medium business unit           220–300
                                                                                  Small business unit            180–220
                           SPECIALIST
                           REGIONAL AUDIT
                                                                                  Head of Internal Audit         240+
                                                                                  7–9 years                      120–200
                                                                                  5–7 years                      80–120
                                                                                  3–5 years                      55–80
                           TREASURER/TAX MANAGER
                                                                                  Large business unit            250+
                                                                                  Medium business unit           160–250
                           PUBLIC ACCOUNTING (BIG 4)
                           AUDIT
                                                                                  Assistant Manager              65–75
                                                                                  4–5 years                      55–65
                                                                                  3–4 years                      50–55
                           AUDIT MANAGER
                                                                                  Senior Manager                 120+
                                                                                  3 years                        95–110
                                                                                  2 years                        85–95
                                                                                  1 year                         75–85
                           TAX
                                                                                  Director                       180+
                                                                                  Senior Tax Manager             120–180
                                                                                  Tax Manager                    70–100
                           Please note:
                           1. The above table is based on basic salary, excluding bonus/incentive schemes.
                           2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be
                              approximate guides. Since there are often specific circumstances relating to individual companies, please call us
                              for additional information.




                       8                                                                                                                         SALARY & EMPLOYMENT FORECAST | ACCOUNTING & FINANCE
9
    SALES & MARKETING
                    MARKET OVERVIEW
                    There are an increasing number of foreign
                                                                      EMPLOYERS’ MAIN REASON FOR INCREASING HEADCOUNT
                    multinationals establishing regional offices
                                                                      Employers are cautiously optimistic about hiring activity with 61% of companies planning to increase headcount
                    in Singapore to capitalise on Asia’s growth.      over the next 12 months. New business services and products is the main reason cited for employment growth.
                    This translates into a positive employment
                    market for sales and marketing professionals,               Don’t expect an increase                                                        39
                    particularly across the information technology
                                                                                           New business
                    and telecommunications (IT&T), healthcare                          services/products                                                  32
                    and consumer goods sectors, which are
                                                                                          New positions                                16
                    experiencing the strongest demand for talent.
                                                                                                Attrition                6
SALES & MARKETING




                    Companies are looking to increase revenue
                    generation through new market opportunities                     Mergers/acquisitions             5
                    and greater market penetration, which is
                    driving demand for sales professionals.                                  New offices         1

                    At the same time, companies are placing
                                                                                             Retirement          1
                    greater emphasis on their public image
                    to key stakeholders, which is fuelling                                                  0%               10%         20%        30%        40%       50%
                    demand for experienced public relations
                    and communications professionals.
                                                                     more risk adverse and are hesitant to move                             staff numbers over the next 12 months,
                    Employers are being more selective               unless their job security is under threat.                             while only 4% expect a decline. There is
                    and decision making is generally more                                                                                   a strong argument that a slowdown in the
                    protracted, as they focus on securing sales      We expect the employment market for                                    economy will drive greater investment in the
                    and marketing professionals for the longer       sales and marketing professionals to                                   sales and marketing function to increase
                    term, rather than filling immediate talent        remain positive over the next 12 months.                               revenue and maintain brand awareness.
                    gaps. At the same time, candidates are           Our survey results reinforce this with 61%
                                                                     of employers expecting to increase their



                    SKILLS IN DEMAND
                    Continued investment in the sales and            Candidates with combined experience                                    and increase sales. Public relations
                    marketing function, combined with the            in IT&T will be the most sought after                                  professionals with regulatory experience
                    growing recruitment needs of foreign             because of their knowledge around                                      and who can lobby government and deal
                    multinationals, is fuelling demand for high      convergence. The consumer goods industry                               with health boards are also in demand.
                    calibre sales and marketing professionals.       in Singapore is also flourishing and there
                    Middle to senior level candidates with           is consistent demand for experienced                                   Innovation and new products and
                    Asian experience are in high demand              brand managers in the FMCG sector.                                     services continue to be key focus areas
                    as more companies move their regional                                                                                   as companies seek to increase their stake
                    headquarters to Singapore taking                 We are seeing strong employment growth                                 in the Asia Pacific region. As a result,
                    advantage of the country’s infrastructure        in the healthcare sector as life sciences                              demand for candidates with exposure to
                    and convenience for regional travel.             and pharmaceutical companies establish                                 emerging Asian markets is increasing.
                                                                     regional operations and R&D facilities                                 Similarly, candidates fluent in Mandarin
                    Recruitment activity in the IT&T sector is       due to attractive government incentives.                               are highly sought after as companies look
                    positive due to the continued growth of          Regional product managers and sales                                    to tap into the booming China market.
                    the Singapore economy and consolidation          managers are highly sought after as
                    in the telecommunications industry.              companies seek to enhance their profile




                    10                                                                                                             SALARY & EMPLOYMENT FORECAST | SALES & MARKETING
RECRUITMENT CHALLENGES
In addition to attracting sales and marketing
                                                    EMPLOYEES’ MAIN REASON FOR CHANGING JOBS
professionals to support business growth,
                                                    The survey shows that there are similarities between employees’ main reason for changing jobs and employers’
it is important for companies to retain             perceptions about why people leave. Career advancement is the primary motivation for people to change jobs.
their top performers in an uncertain
economic environment. Employers need                        Career advancement                                                                        44
to clearly articulate their business strategy
                                                                    More money                             14
and growth plans. Organisations should
have competitive reward and recognition
                                                              Change of industry                           13
programs in place to ensure that valued
employees feel secure and engaged.                       International relocation                     10




                                                                                                                                                                        SALES & MARKETING
There is a growing trend in which high calibre                   Poor cultural fit                9
candidates are moving to China to broaden
                                                       Redundancy/retrenchment                7
their experience due to the increasing number
of attractive career opportunities on offer.                                              3
                                                                 Maternity leave
As a result, it is particularly important for
employers in Singapore to provide regional                                           0%           10%           20%           30%            40%            50%
career development opportunities to attract
and retain top talent, such as transferring high
performers to growth markets or giving them        surveyed, 44% cited career advancement                        has created a competitive environment
experience across different product groups.        as the main reason for their last job change,                 where candidates have found themselves
                                                   with more money cited at just 14%. As a                       in a strong negotiating position. However,
Companies that take a long-term view and           result, companies that invest in professional                 whilst we saw some evidence of substantial
provide continuous training and career             development and provide a defined                              salary increases for specialist skill sets in
development will be most successful in             career path for staff will be better placed                   2007/08, this is now substantially reduced
attracting and retaining staff. Sales and          to attract and retain quality employees.                      as companies are under increasing
marketing professionals want opportunities                                                                       pressure to contain costs. As a result, we
to learn new skills and progress their careers.    The surge in demand for sales and                             encourage candidates to have realistic
Of the sales and marketing employees               marketing professionals over the past year                    salary expectations in the coming year.



SALARY FORECAST
We expect a greater emphasis on the
variable component of salaries for sales
and marketing professionals in the coming
year as employers remain under pressure
to lift productivity and contain costs.

Sales and marketing professionals
remaining in the same job can generally
expect to receive salary increases in line
with inflation, while for those candidates
moving jobs salary increases will largely
depend on the position and company.




SALES & MARKETING | SALARY & EMPLOYMENT FORECAST                                                                                                                   11
                     SALARY TABLE
                     SALES & MARKETING
                     ROLE                                                        EXPERIENCE                  SG$’000
                     IT & TELECOMMUNICATIONS
                     SALES
                     General Manager                                             15+ years                   180–250+
                     Sales/Business Development Director                         10+ years                   120–220+
                     Business Development/Account Manager                        6+ years                    80–120
                     Channel Sales/Direct Sales Manager                          6+ years                    80–120
                     MARKETING
                     Marketing Director                                          10+ years                   150–250+
                     Senior Marketing Manager                                    8+ years                    120–150
SALES & MARKETING




                     Communications Manager                                      8+ years                    100–150
                     Channel/Direct Marketing Manager                            6+ years                    80–120
                     Product Manager                                             5+ years                    80–100
                     HEALTHCARE
                     SALES
                     Sales Director/Regional Director                            10+ years                   120–220+
                     Country Manager                                             10+ years                   120–200+
                     Sales Manager (Local/Regional)                              8+ years                    80–150
                     Account Manager                                             6+ years                    50–80+
                     MARKETING
                     Marketing Director                                          10+ years                   150–250+
                     Marketing Manager                                           8+ years                    100–150
                     Communications Manager                                      8+ years                    100–150
                     Product Manager                                             6+ years                    75–100
                     CONSUMER GOODS
                     SALES
                     Sales Director/Regional Director                            10+ years                   120–200+
                     General Manager                                             10+ years                   100–200+
                     Sales/Key Account Manager                                   6+ years                    80–120
                     MARKETING
                     Marketing Director                                          10+ years                   120–200+
                     Senior Marketing Manager                                    8+ years                    100–120
                     Senior Brand Manager                                        6+ years                    80–100
                     Brand Manager                                               5+ years                    60–80
                     Please note:
                     1. The above table is based on basic salary, excluding bonus/incentive schemes.
                     2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be
                        approximate guides. Since there are often specific circumstances relating to individual companies, please call us for
                        additional information.




                    12                                                                                                                         SALARY & EMPLOYMENT FORECAST | SALES & MARKETING
13
     HUMAN RESOURCES
                  MARKET OVERVIEW
                  Singapore remains an attractive location           there is a growing emphasis on value-add               and administrative HR positions to more
                  for foreign multinationals to establish their      HR roles. Experienced HR professionals                 strategic roles which require candidates
                  regional operations, despite recent turmoil        in specialist areas such as organisational             with strong business partnering abilities.
                  in global financial markets, because of its         development, compensation and benefits
                  strategic location and accessibility to the        and change management are highly sought                Competition for high calibre talent will
                  rest of Asia Pacific. Locally, companies            after to align with business strategies.               remain strong over the coming months,
                  are cautiously optimistic about business           As HR continues to evolve as a business                with particular emphasis on strategic and
                  growth and realise that they need a ‘talent        critical function, we expect these areas               specialist HR positions. Employers are taking
                  advantage’ to succeed in these challenging         of expertise remain in high demand.                    a longer term view of talent management
                  times. As a result, companies are looking                                                                 and we are seeing continued investment
                  for new ways to attract and retain talent,         In another interesting trend, a growing                in HR to drive strategic initiatives and
                  leading to strong employment opportunities         number of companies are adopting a                     support staff attraction and retention.
                  for experienced HR professionals.                  shared service structure to streamline
                                                                     their HR operations and improve cost
                  The HR function is gaining greater recognition     efficiencies. As a result, we are seeing
                  for its impact on business performance and         a shift in demand from transactional



                  SKILLS IN DEMAND
                  Both domestic and foreign multinational
                  companies are exploring and redefining their         STRATEGIES THAT EMPLOYERS HAVE FOUND MOST EFFECTIVE IN ATTRACTING TALENT
                  attraction and retention strategies in the
HUMAN RESOURCES




                  quest for innovative solutions. This is having a       Competitive remuneration                                                            27
                  direct impact on the demand for specialist HR
                  professionals. There is a general preference                  Global recruitment                                                20
                  from employers to hire candidates with
                  local experience and knowledge although                    Regional recruitment                                            19
                  most companies remain open to employing
                                                                         Targeting other industries                                     17
                  international candidates for certain roles.

                                                                              Workplace flexibility                   9
                  While banks and financial institutions
                  are cautious about hiring new staff, the
                                                                           Mature age recruitment               5
                  underlying business sentiment in Singapore
                  remains positive and companies seeking to               None have been effective         3
                  increase market share in the biotechnology,
                  pharmaceutical and logistics industries                                             0%       5%     10%        15%         20%       25%        30%
                  continue to hire HR professionals. Companies
                  involved in mergers and acquisitions are
                  also actively seeking HR professionals             hub and gateway to South East Asia,                    Talent management has become a
                  with experience in organisational                  driving demand for candidates with regional            strategic business priority and companies
                  development and cultural change to drive           exposure and a strategic focus who can                 are employing HR specialists with strong
                  their talent management programs.                  meet business expectations in terms of hiring          business partnering skills. Organisational
                                                                     objectives and retention rates. While a strong         development is one of the skill sets most
                  Foreign multinational companies with               HR background will always be mandatory,                highly sought after as employers look beyond
                  operations in Asia Pacific continue to              foreign multinationals are increasingly                salary to other key drivers that contribute to
                  establish their regional offices in Singapore       seeking professionals with commercial                  employee motivation and job satisfaction.
                  because of its strategic geographical location.    skills and an international mindset.
                  Singapore is evolving as a regional business




                  14                                                                                                SALARY & EMPLOYMENT FORECAST | HUMAN RESOURCES
RECRUITMENT CHALLENGES
It is a challenging business environment and       a major focus for the year ahead. In addition,       professionals. Of the employees surveyed,
developing a stable team of HR professionals       some companies are actually capitalising on          33% cited career advancement as the
is critical in ensuring business continuity and    current market conditions by targeting high          main reason for their last job change, with
growth. The greatest challenge for employers       calibre candidates from organisations where          more money a long way behind at just
will be attracting and retaining high calibre      job security is under threat. Competition for        11%. Employers need to be creative and
HR professionals to drive talent management        talent from emerging markets like China,             consider non-financial benefits such as
strategies that add value to the bottom line.      India and Dubai is also increasing, putting          regional job rotation, sponsored training
                                                   additional pressure on the already tight labour      and development, mentoring and innovative
Given the current shortage of HR                   market for experienced HR professionals.             reward and recognition programs to retain
professionals with local knowledge and                                                                  top performers in the longer term.
experience, the ability to retain top talent is    While a competitive remuneration package
critical to business success. Of the employers     is important, we encourage companies to
surveyed, 95% of them see staff retention as       look at additional strategies to retain HR



SALARY FORECAST
Despite inflation being at an all time record
                                                    EMPLOYEES’ RESPONSE TO WORK-LIFE BALANCE
high, employers are under pressure to
                                                    While work-life balance is important for 96% of
contain costs in the current uncertain              employees, over two thirds of them work more than
economic climate. As a result, we predict           50 hours on average each week.
moderate salary increases over the next                                       4%

12 months for HR professionals.




                                                                                                                                                       HUMAN RESOURCES
HR professionals remaining in the same
job can generally expect to receive salary
increases in line with inflation while, for those
candidates moving jobs, salary increases will       47%

largely depend on the position and company.                                                       49%




HUMAN RESOURCES | SALARY & EMPLOYMENT FORECAST                                                                                                    15
                   SALARY TABLE
                   HUMAN RESOURCES
                   ROLE                                             EXPERIENCE                 SG$’000
                   HEAD OF HR
                                                                    15+ years                  250+
                                                                    10+ years                  180+
                       HR ADVISOR / RELATIONSHIP MANAGER
                                                                    15+ years                  180+
                                                                    10+ years                  140+
                                                                    7–10 years                 110–160
                                                                    5–7 years                  60–110
                                                                    3–5 years                  40–60
                       COMPENSATION & BENEFITS
                                                                    15+ years                  180+
                                                                    10+ years                  160+
                                                                    7–10 years                 120–160
                                                                    5–7 years                  60–120
                                                                    3–5 years                  40–60
                       LEARNING & DEVELOPMENT
                                                                    15+ years                  170+
                                                                    10+ years                  130+
                                                                    7–10 years                 100–160
                                                                    5–7 years                  60–100
                                                                    3–5 years                  40–60
HUMAN RESOURCES




                       RECRUITMENT
                                                                    15+ years                  180+
                                                                    10+ years                  150+
                                                                    7–10 years                 120–150
                                                                    5–7 years                  80–120
                                                                    3–5 years                  40–80
                       ORGANISATIONAL DEVELOPMENT
                                                                    15+ years                  180+
                                                                    10+ years                  160+
                                                                    7–10 years                 120–160
                                                                    5–7 years                  60–120
                                                                    3–5 years                  40–60
                       HR SERVICES (PAYROLL, HRIS & EXPATRIATE MANAGEMENT)
                                                                    15+ years                  170+
                                                                    10+ years                  130+
                                                                    7–10 years                 100–130
                                                                    5–7 years                  60–100
                                                                    3–5 years                  40–60
                   Please note:
                   1. The above table is based on basic salary, excluding bonus/incentive schemes.
                   2. Market rates are becoming much less uniform. While we have taken great care, these salary
                      ranges can only be approximate guides. Since there are often specifi c circumstances relating
                      to individual companies, please call us for additional information.




                  16                                                                                                 SALARY & EMPLOYMENT FORECAST | HUMAN RESOURCES
17
     PROPERTY & CONSTRUCTION
                          MARKET OVERVIEW
                          Singapore, like many other fast growing           construction professionals with local
                                                                                                                                 AVERAGE WORKING HOURS PER WEEK
                          countries in the world, has been in a             knowledge, networks and experience.
                                                                                                                                 More than two thirds of employees work more than
                          construction boom in recent years, fuelled                                                             50 hours on average each week.
                          by considerable foreign investment. As            Although business confidence has                                             2%
                                                                                                                                                   7%          9%
                          a result, there is consistent demand for          moderated in the residential sector and to
                          property and construction professionals           a lesser extent in the commercial sector
                          despite a slowdown in certain areas which         due to credit concerns, property and
                          have greater exposure to the global financial      construction professionals are required to
                                                                                                                                  24%
                          markets. Our survey results support this          support the volume of projects currently                                                          26%
                          with 75% of employers in the property and         in progress. Real estate investment
                          construction industry planning to increase        managers, project managers and property
                          headcount over the next 12 months.                managers remain highly sought after by
                                                                            companies expanding in the region.
                          An increasing number of foreign developers
                          and private equity firms are setting up            We expect recruitment activity to stabilise                    32%

                          operations in Singapore and investing             in the coming year as some companies
                          in the region to capitalise on Asia’s long        delay projects due to cost pressures
                          term growth. Insurance companies                  and credit concerns. However, should
                          and asset management firms are also                this position continue within the next
                          boosting their investment in the region           12 months, there are enough projects
                          due to continued volatility in the US. This       in the pipeline and confidence in the
                          is leading to demand for property and             region to boost construction activity.




                          SKILLS IN DEMAND
                          Although the overall mix of demand may            a solid understanding of both the commercial       number of asset management firms and
                          change during the next 12 months, we              and operational aspects of running large           insurance companies expanding in the
                          do not envisage a significant decline in           scale projects are highly sought after.            region. These candidates are in high
                          employment opportunities for property and                                                            demand because of their exposure to
PROPERTY & CONSTRUCTION




                          construction professionals in Singapore.          There are an increasing number of insurance        world-class projects and experience in
                          Foreign developers continue to invest             companies, fund managers and private               managing substantial property portfolios.
                          in the region and with plans for the              equity companies establishing operations
                          Sports Hub and Iskandar Development               in Singapore. Investment in the region is          Although some multinational companies will
                          Project well underway, we envisage                driving demand for real estate professionals       hire expatriate candidates from countries
                          consistent demand for experienced                 to identify and evaluate new projects              such as the US, Australia and the UK to
                          candidates with regional exposure.                requiring capital funding. As a result,            manage major development projects, the
                                                                            experienced candidates with a strong track         majority of employers prefer to recruit local
                          Despite recent increases in the cost of capital   record in the Asia region and solid industry       candidates with knowledge of the local
                          having an impact on some new projects,            knowledge are very highly sought after.            market and government regulations.
                          many have already commenced or are in
                          development, which will ensure that demand        There is a growing trend for corporate real
                          for talent continues in the short to medium       estate managers to move into investment
                          term. Development or project managers with        related positions due to the increasing




                          18                                                                                      SALARY & EMPLOYMENT FORECAST | PROPERTY & CONSTRUCTION
RECRUITMENT CHALLENGES
The shortage of property and construction
                                                 EMPLOYEES’ REASONS FOR WORKING OVERSEAS
professionals has intensified over the past
few years. Consequently, a short-term
                                                          Career advancement                                                                   48
dampening in employment growth across
certain sectors will not have a major impact                          Lifestyle                         13
on employment opportunities. As a result,
companies should continue to focus on                    Internally transferred                         13
their attraction and retention strategies to
remain competitive in the current market.                               Family                    11


In terms of employee attraction, it is vital                      More money                  9
for companies to have a professional and
efficient recruitment process in place and aim                           Travel          6

to ensure that promises made about projects
                                                                                  0%          10%            20%       30%         40%          50%
during the interview process are honoured.
Companies that are able to expedite the
recruitment process and act decisively
will create a favourable impression, whilst     progression will be better placed to retain                    professionals want to work on new and
those who act slowly will face the risk of      quality employees. Our survey results                          exciting projects that allow them to be
talented candidates accepting other offers.     support this with 42% of property and                          constantly learning and applying new skills.
                                                construction professionals citing career                       It is therefore critical for employers to provide
In terms of retention, employers who focus      development as the main reason for their                       a structured career path for top performers.
on long-term strategies such as career          last job change. Property and construction




SALARY FORECAST
We expect modest salary increases over
                                                 HOW EMPLOYEES RATE THEIR COMPANIES
the next 12 months as companies face             TRAINING AND CAREER DEVELOPMENT
increasing pressure to contain costs.            Of the employees surveyed, 65% rate their




                                                                                                                                                                   PROPERTY & CONSTRUCTION
Property and construction professionals          company’s training and career development
                                                 as average or below average.
remaining in the same job can generally
expect to receive salary increases in line                                             16%
with inflation while, for those candidates
moving jobs, salary increases will largely
depend on the position and company.                                                               6%
                                                  43%


                                                                                                   6%




                                                                                        29%




PROPERTY & CONSTRUCTION | SALARY & EMPLOYMENT FORECAST                                                                                                        19
                           SALARY TABLE
                           PROPERTY & CONSTRUCTION
                           ROLE                                                        EXPERIENCE                 SG$’000
                           PROJECTS
                           PROJECT DEVELOPMENT
                           Senior Development Manager                                  8+ years                   200+
                           Development Manager                                         6+ years                   120–180
                           CONSTRUCTION & PROJECT MANAGEMENT
                           Project Director                                            12+ years                  180–250
                           Senior Project Manager                                      8+ years                   130–160
                           Project Manager                                             6+ years                   70–120
                           Construction Manager                                        6+ years                   70–150
                           DESIGN MANAGEMENT & OFFICE FIT OUT
                           Director                                                    10+ years                  150+
                           Senior Project Manager                                      8+ years                   100–140
                           Project Manager                                             6+ years                   70–90
                           CORPORATE REAL ESTATE
                           PROPERTY MANAGEMENT
                           Director                                                    10+ years                  130–220+
                           Manager                                                     8+ years                   90–120
                           TRANSACTION & LEASE MANAGEMENT
                           Director                                                    10+ years                  130–220+
                           Manager                                                     8+ years                   90–120
                           FACILITIES MANAGEMENT & CORPORATE SERVICES
                           Director/Vice President                                     10+ years                  130–220+
                           Senior Manager/Assistant Vice President                     8+ years                   90–120
                           Manager                                                     5+ years                   50–80
                           ENVIRONMENT HEALTH & SAFETY
                           Director                                                    10+ years                  140–200
                           Manager                                                     6+ years                   70–120
                           SECURITY & BUSINESS CONTINUITY MANAGEMENT
PROPERTY & CONSTRUCTION




                           Director                                                    10+ years                  120–180
                           Manager                                                     6+ years                   70–100
                           REAL ESTATE INVESTMENTS
                           ASSET MANAGEMENT & PORTFOLIO MANAGEMENT
                           Senior Vice President                                       10+ years                  200+
                           Vice President                                              6+ years                   130–200
                           Associate                                                   4+ years                   90–120
                           Analyst                                                     2+ years                   70–90
                           INVESTMENT/ORIGINATION
                           Senior Vice President                                       10+ years                  200+
                           Vice President                                              6+ years                   130–200
                           Associate                                                   4+ years                   90–120
                           Analyst                                                     2+ years                   70–90
                           VALUATIONS
                           Director                                                    10+ years                  130–200+
                           Manager                                                     5+ years                   80–120
                           Please note:
                           1. The above table is based on basic salary, excluding bonus/incentive schemes.
                           2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only
                              be approximate guides. Since there are often specific circumstances relating to individual companies, please
                              call us for additional information.




                          20                                                                                                                SALARY & EMPLOYMENT FORECAST | PROPERTY & CONSTRUCTION
21
     PROCUREMENT & SUPPLY CHAIN
                             MARKET OVERVIEW
                             Singapore continues to raise its profile            Many multinational companies experiencing
                                                                                                                                     ABILITY TO REPLACE STAFF LEAVING THROUGH
                             as a procurement and supply chain hub              a downturn in the United States or Europe            SUCCESSION PLANNING
                             and is becoming a preferred location for           are responding by shifting their focus to their      The survey results indicate that only 32% of
                             multinational companies with Asia Pacific           Asian operations, which continue to perform          employers believe they could replace senior staff
                                                                                                                                     through succession planning.
                             operations. The procurement and supply             strongly. The oil and gas, pharmaceutical
                             chain sector is also experiencing high levels      and FMCG sectors are particularly active and
                             of investment as organisations focus on            the level of demand for talent has increased
                             cost minimisation as part of a competitive         substantially as companies recognise
                                                                                                                                                                                    32%
                             business environment. As a result, there is an     the importance of the procurement and
                             increased need for experienced professionals       supply chain function in streamlining their
                             to optimise supply chain networks and              operations and improving efficiency.
                             drive strategic business improvements.
                                                                                We expect the employment market for
                             There is a shortage of local candidates at the     procurement and supply chain professionals
                             middle to senior level who can add value to        to remain positive over the next 12 months.
                             the bottom line and manage the regional or         Our survey results reinforce this with 74%
                             global supply chain functions that are being       of employers expecting to increase their                                                     30%

                             established in Singapore. Companies are            staff numbers over the next 12 months,
                             recruiting candidates with the ability to evolve   while only 5% expect a decline. A slowdown
                             existing inventory systems beyond the tactical     in the global economy will drive greater
                             to more strategic forecasting. To satisfy          investment in the procurement function to
                             demand, many companies are widening their          reduce costs and in the supply chain to
                             recruitment search to other Asian markets or       streamline operations and improve efficiency.
                             overseas, although full expatriate packages
                             are the exception rather than the norm.




                             SKILLS IN DEMAND
                             Organisations are increasing their investment      candidates with management experience               Companies in the electronics and
                             in the procurement and supply chain                who can oversee regional operations and             telecommunications sectors are under
                             function and this is driving demand for            improve cost efficiencies. Professionals             pressure to reduce costs due to increased
                             professionals who can add value from               with FMCG experience are also increasingly          competition from lower margin players
                             a strategic perspective. Competition is            sought after to support business growth             in other parts of Asia, such as China.
                             strongest for candidates with a proven             in the consumer goods sector.                       As a result, there has been some
                             background in adding value to the                                                                      consolidation and redundancies across
                             bottom line. Professionals with Six Sigma          Recruitment activity in the oil and gas             these sectors, particularly by employers
                             experience are particularly sought after.          industry is also buoyant as companies               with headquarters in the United States
                                                                                are increasing investment in strategic              and Europe who are also feeling the
PROCUREMENT & SUPPLY CHAIN




                             There is strong employment growth in               procurement to maximise profit margins               impact of global economic uncertainty.
                             the pharmaceutical sector because of               while commodity prices are high. There is
                             attractive government incentives, strong           a continued emphasis on hiring purchasing
                             infrastructure and Asia’s ageing population.       managers, supply chain managers and
                             This is creating demand for procurement            shipping and logistics specialists and the
                             and supply chain specialists, particularly         market for talent in this sector remains tight.




                             22                                                                                     SALARY & EMPLOYMENT FORECAST | PROCUREMENT & SUPPLY CHAIN
RECRUITMENT CHALLENGES
In addition to attracting procurement and
                                                   IMPORTANT FACTORS FOR CANDIDATES CHOOSING AN EMPLOYER
supply chain professionals to support
                                                   In terms of what employees look for in a potential employer, 32% of employees surveyed are seeking competitive
business growth, it is important for               remuneration, followed by a challenging role (20%) and a defined career path (16%). Cultural fit also ranked highly
companies to retain their top performers in        in their decision points at 15%.
an uncertain economic environment. Some
employers see it is an ideal time to capitalise         Competitive remuneration                                                                              32
on current market uncertainty by targeting
                                                                A challenging role                                                  20
high calibre professionals from companies
where their job security is under threat.
                                                               Defined career path                                          16

The labour market for senior talent is tight                            Cultural fit                                      15
and high calibre local candidates often have
multiple job opportunities to choose from.                    Workplace flexibility                         9
With Singapore’s labour market shrinking
                                                                   Employer brand                    6
as mature age employees retire, companies
need to think about how to secure their                Commitment to community              2
leadership pipeline to the future. To attract                  and environment
and retain senior professionals, employers                                             0%       5%        10%        15%         20%        25%        30%         35%
need to provide competitive benefits such
as performance linked bonuses, share
options, bonds and paid education. We
also encourage employers to keep an open          specialist skill sets earlier in 2008, this is now                  survey results support this with 42% of
mind to sourcing talent from overseas.            a rare occurrence as companies are under                            professionals citing career advancement as
                                                  increasing pressure to contain costs. As a                          the main reason for their last job change.
The surge in demand for procurement               result, candidates should remain realistic                          It is therefore critical for employers to
and supply chain professionals over the           about their motivation for changing jobs                            understand and address the career goals
past 18 months has created a competitive          and not move purely for remuneration.                               and development needs of their staff.
environment where candidates have found
themselves holding a significant amount            To retain talent in the longer term, it is
of power. However, whilst we saw some             also essential for employers to invest in
evidence of substantial salary increases for      training and career development. Our



SALARY FORECAST                                    SALARY TABLE
                                                   PROCUREMENT & SUPPLY CHAIN
We expect demand for procurement and               ROLE                                                                        EXPERIENCE                SG$’000
supply chain professionals to remain
                                                   PROCUREMENT/STRATEGIC SOURCING
strong over the next 12 months. Our
                                                   Director/Vice President                                                     15+ years                 220–270
forecast is for average salary increases of
                                                   Senior Manager                                                              12+ years                 140–180
4-6% across the board for professionals
                                                   Manager                                                                     8+ years                  95–140
remaining in the same job, with increases
                                                   Senior Buyer                                                                6+ years                  65–95
of up to 10% for people moving jobs




                                                                                                                                                                                  PROCUREMENT & SUPPLY CHAIN
                                                   SUPPLY CHAIN
depending on the company and sector.
                                                   Director/Vice President                                                     15+ years                 210–250
Employers will need to offer competitive
packages to attract and retain senior talent       Senior Manager                                                              12+ years                 140–180

who will remain highly sought after.               PLANNING
                                                   Manager                                                                     8+ years                  95–140
                                                   Planner                                                                     6+ years                  50–80
                                                   LOGISTICS/WAREHOUSING/DISTRIBUTION
                                                   Director/Vice President                                                     15+ years                 175–240
                                                   Senior Manager                                                              12+ years                 100–150
                                                   Please note:
                                                   1. The above table is based on basic salary, excluding bonus/incentive schemes.
                                                   2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be
                                                      approximate guides. Since there are often specific circumstances relating to individual companies, please call us for
                                                      additional information.




PROCUREMENT & SUPPLY CHAIN | SALARY & EMPLOYMENT FORECAST                                                                                                                    23
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25
FINANCIAL SERVICES
                     MARKET OVERVIEW
                     The Singapore banking and financial                 EMPLOYERS’ SALARY PREDICTIONS NEXT 12 MONTHS VS LAST 12 MONTHS
                     services industry is experiencing a degree         Employers expect salaries to remain relatively flat over the next 12 months compared with the last 12 months.
                     of uncertainty due to volatility in global
                     financial markets. While some global banks
                     and financial institutions are cautious about           Less than 2%                            6
                                                                                                                                            14
                     hiring new staff, the underlying business                      2–3%                            6
                                                                                                                             10
                     sentiment in Singapore remains positive and                    3–4%                                               13
                                                                                                                                                   16
                     companies seeking to increase market share                     4–5%                                                                     18
                                                                                                                                                                         24
                     in Asia continue to actively hire in certain                   5–6%                                                                17
                                                                                                                                                                  19
                     sectors such as private banking, asset                         6–7%                                8
                     management and alternative investments.                        7–8%                    5
                                                                                                                        8
                                                                                  8–10%                                           11
                     We are seeing a general slowdown in                                             2
                                                                                 10–15%                         6
                     recruitment activity by global banks with
                                                                                 15–25%          1
                     headquarters in the United States and
                                                                         Greater than 25%        1
                     Europe. Some employers are facing hiring
                                                                                            0%            5%                10%              15%                   20%   25%           30%
                     freezes imposed by their global headquarters
                     overseas. However, replacement hiring
                     remains strong and certain banks are
                     recruiting new business critical positions.       continues to be a shortage of experienced                            We are also seeing an increase in the number
                     There is also a sense among many                  professionals to satisfy the demand from                             of finance professionals either returning
                     companies in the industry that it is an           private banks looking to increase their                              home or moving to Singapore from the global
                     ideal time to capitalise on current market        assets under management in the region.                               finance hubs of the US and UK, which have
                     uncertainty by targeting candidates from                                                                               been the hardest hit by the credit crunch.
                     firms where their job security is under threat.    Employers in the banking and financial                                The business and employment outlook
                                                                       services industry are being more selective                           in Singapore is viewed more positively
                     At the time of writing, the impact of global      and decision making is generally more                                in contrast and these candidates bring
                     financial market volatility on local banks and     protracted with the approval of job offers                           international experience which is highly
                     financial institutions was moderate. Boutique      under greater scrutiny. Although recruitment                         regarded by local employers. Forward
                     hedge funds and asset management                  activity has slowed in certain sectors,                              thinking employers are engaging global
                     firms continue to set up in Singapore to           demand for good quality candidates                                   recruitment firms with a presence in the US
                     tap into Asia’s growing population of high        remains strong and there continues to                                and UK to secure the return of this talent.
                     net worth individuals, which is creating          be a local skills shortage, especially
                     demand for talent. Furthermore, there             at the middle and senior levels.



                     SKILLS IN DEMAND
                     While recruitment activity has moderated          Within the back and middle office functions,                          The wealth management sector continues
                     and employment growth is expected to              demand for candidates with MAS compliance                            to perform well in Singapore because of
                     slow in certain sectors of the banking and        knowledge or experience in product control                           the increasing number of high net worth
                     financial services industry over the next          or audit remains strong due to increasing                            individuals and the country’s solid regulations
                     12 months, demand for high calibre talent         corporate governance requirements.                                   which make it attractive to investors. This
                     remains strong. There is a skills shortage at     Experienced risk management professionals                            is directly leading to increased demand for
                     the senior end of the market and employers        are also highly sought after due to an                               back and middle office support staff with
                     continue to recruit international candidates to   increased emphasis on strengthening internal                         operations and settlements experience.
                     fill the gaps in the domestic labour market.       controls and risk management frameworks.
FINANCIAL SERVICES




                     26                                                                                                      SALARY & EMPLOYMENT FORECAST | FINANCIAL SERVICES
RECRUITMENT CHALLENGES
Employers continue to face the challenge           in staff development and training and create                       facing companies in the banking and financial
of attracting and retaining high quality staff.    a defined career path for top performers to                         services industry. As a result, employers
Hiring managers need to sell the benefits of        avoid unnecessary staff turnover and the                           continue to be open to sourcing candidates
working for their organisation and companies       loss of valuable resources. Our survey results                     from overseas for roles they are unable to fill
should extend their talent management              support this with 40% of banking and finance                        locally. However, they are less willing to pay
strategies beyond financial incentives if           professionals citing career advancement as                         full expatriate packages due to the increasing
they are to sustain business growth and            the main reason for their last job change.                         pressure to contain costs. Furthermore, the
retain top performers over the long term.                                                                             increasing cost of living and lack of places in
                                                   The shortage of experienced Singaporean                            educational institutions are making expatriate
The ability to retain top talent is critical to    finance professionals, particularly at the                          moves to Singapore increasingly challenging.
business success. Companies need to invest         middle and senior levels, is another challenge



SALARY FORECAST                                     SALARY TABLE
Salary increases in the banking and financial
                                                    OPERATIONS, MIDDLE & BACK OFFICE
services industry over the next 12 months will      ROLE                                                           EXPERIENCE                      SG$’000
not be as high as in 2007/08 and bonuses            INTERNAL AUDIT
are likely to be smaller than in previous years.                                                                   10+ years                        160+
                                                                                                                   7–10 years                       100–160
Banking and finance professionals                                                                                   5–7 years                        80–120
remaining in the same job can generally                                                                            3–5 years                        55–90
expect to receive salary increases in line          TECHNOLOGY INTERNAL AUDIT
with inflation, while for those candidates                                                                          10+ years                        160+
moving jobs, salary increases will largely                                                                         7–10 years                       120–180
depend on the position and company.                                                                                5–7 years                        90–130
                                                                                                                   3–5 years                        65–100
                                                    FINANCIAL & MANAGEMENT REPORTING
                                                                                                                   10+ years                        150+
                                                                                                                   7–10 years                       100–150
                                                                                                                   5–7 years                        80–110
                                                                                                                   3–5 years                        50–80
                                                    PRODUCT CONTROL
                                                                                                                   10+ years                        160+
                                                                                                                   7–10 years                       120–180
                                                                                                                   5–7 years                        90–140
                                                                                                                   3–5 years                        60–90
                                                    OPERATIONS
                                                                                                                   10+ years                        150+
                                                                                                                   7–10 years                       90–160
                                                                                                                   5–7 years                        80–100
                                                                                                                   3–5 years                        50–85
                                                    COMPLIANCE
                                                                                                                   10+ years                        170+
                                                                                                                   7–10 years                       100–160
                                                                                                                   5–7 years                        70–120
                                                                                                                   3–5 years                        60–95
                                                    OPERATIONAL RISK MANAGEMENT
                                                                                                                   10+ years                        170+
                                                                                                                   7–10 years                       120–170
                                                                                                                   5–7 years                        90–130
                                                                                                                   3–5 years                        50–90
                                                    1. The above table is based on basic salary, excluding bonus/incentive schemes.
                                                    2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can
                                                       only be approximate guides. Since there are often specific circumstances relating to individual companies,
                                                       please call us for additional information.
                                                                                                                                                                        FINANCIAL SERVICES




FINANCIAL SERVICES | SALARY & EMPLOYMENT FORECAST                                                                                                                  27
SALARY & EMPLOYMENT FORECAST


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                               SALARY AND EMPLOYMENT FORECAST | FINANCE

				
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