Although retrenchment and unemployment figures are starting to inch up, we expect it to be business-as-usual in Singapore. We also anticipate a stronger demand for accounting & finance talent in growing sectors such as technology (including fintech and insurtech), life sciences, and professional services.
Accounting & finance professionals who choose to stay with their existing employers in 2020 may expect a salary increment of between 2% and 4%. This is in line with the 3% inflation-adjusted salary increase as reported by ECA International.
Companies across all sectors are increasingly shifting away from flat-rate salary increments for operations staff to performance-based calculations, and this change is particularly evident in MNCs. Moving forward, annual salary increments are likely to be determined by both individual and business performances.
In 2019, contract roles made up for approximately 15% of the accounting & finance jobs in the market - a 10% jump from just three years ago.
This boost in demand for accounting and finance professionals on contract terms could be due to tighter budgets. In addition, there is also an increasing appetite for professionals equipped with niche and specialised skills.
the 2020 accounting and finance market outlook report covers the latest talent demands and trends in:
- information technology and communications
- professional services
- consumer (FMCG & retail)