Singapore - Salary & Employment Outlook

Singapore - Salary & Employment Outlook

Singapore - Salary & Employment Outlook

Singapore Salary & Employment Outlook 2017 Worldwide leaders in specialist recruitment www.michaelpage.com.sg will increase headcount 36% FIND OUT WHAT YOU’RE WORTH IN THIS REPORT Page 06 Page 05 salary increase expected 1-5% Effective employer branding Tech growth to boost Asia’s job market

Singapore - Salary & Employment Outlook

2 | 2017 Singapore Salary & Employment Outlook Seizing New Opportunities Key Trends Made in Asia: Rise of Domestic Brands Tech Growth to Boost Asia’s Job Market Strong Employer Branding: A Key to Success Continued Growth of Contract Employment Numbers at a Glance Singapore Overview Insights & Salary Benchmarks Engineering & Manufacturing Finance & Accounting Financial Services Healthcare & Life Sciences Human Resources Legal Marketing Procurement & Supply Chain Property & Construction Sales Technology 03 04 05 06 07 08 10 38 43 46 48 52 Contents 11 14 18 31 34 36

Singapore - Salary & Employment Outlook

2017 Singapore Salary & Employment Outlook | 3 Seizing new opportunities Healthcare, technology and digital sectors earmarked for growth in Asia Companies in Asia are ramping up efforts to seize growth opportunities in the region, despite slightly weaker global economic sentiment. By investing heavily in mobile-technology start-ups and other innovations, including financial technology (fintech) services, employers are creating new positions with an emphasis on digital skills. Hiring is expected to continue to grow in the next 12 months across the technology sector. Likewise, the healthcare sector is expected to be a bright spot in 2017, due largely to ageing populations as well as a higher demand for quality services.

Countries across Asia are expected to continue building up their healthcare systems, resulting in an increase in hiring demand for qualified professionals across the board.

Digital also shows no signs of slowing down, as companies continue to build up their online platforms and e-commerce capabilities. In terms of hiring intentions, 44% of employers surveyed across China, Hong Kong, Taiwan, Indonesia, Malaysia, and Singapore said they would be increasing their company headcount; while 49% said they would maintain their current headcount. Mid-level employees appear to be the most sought-after by companies (60%). Contracting appears to have risen in popularity as a talent solution. In Hong Kong and Singapore, more than half (60%) of companies surveyed currently use contractors, primarily to overcome challenges in permanent headcount approvals.

Currently, most contractors are in operations, technology, financial services (reflecting the tightening sector) and business support/administration positions.

Overall, salary increases in Asia are expected to remain modest – almost half surveyed (48%) indicated that the average increment within their companies in the next 12 months will be between 1 and 5%. While employers have agreed that salaries are an important retention tool, other popular employee engagement initiatives include opportunities for career progression and learning and development. Throughout the region, diversity and inclusion (D&I) continues to play an important part in company programmes. D&I’s popularity in Asia has been on the rise as companies become more aware of the benefits in having different perspectives and skills in their teams.

Forty-four per cent of employers in China, Hong Kong, Taiwan, Indonesia, Malaysia and Singapore said they were strongly committed to D&I initiatives. The breadth of D&I coverage in Asia is slowly beginning to evolve as well, developing from an emphasis on purely gender to cover other less-represented groups. Currently, over half (53%) of D&I programmes in the region are primarily focused on gender, followed by age (42%) and minority ethnic groups (34%).

Singapore - Salary & Employment Outlook

4 | 2017 Singapore Salary & Employment Outlook Made in Asia: Rise of domestic brands Asian-headquartered companies have become increasingly competitive with their employee value propositions Across most of Asia’s diverse markets, competition for talent is more intense than ever as domestic brands — historically seen as second place to overseas multinationals, as far as candidate preferences are concerned — compete with their foreign counterparts for top candidates. The only exception, it appears, is Japan, where working in a wellestablished domestic firm, like the Toyotas and Panasonics of the country, is seen as more prestigious and stable than top foreign multinationals.

Professionals who hope to gain international experience would rather choose to join a local firm and opt for an overseas transfer than join a foreign company.

Outside of Japan, the rise and globalisation of domestic brands in other parts of Asia have caught the eye of many employees, who now see the potential and advantages of joining a local firm. China, in particular, has seen the meteoric rise of various local brands, now multinationals in their own right and visible to the world. Of these organisations, 21, including Internet giant Alibaba and online travel agency Ctrip, have been listed in Forbes’ Asia’s Fab 50 Companies list. The list also includes companies in Hong Kong, Taiwan, Thailand, Indonesia and Malaysia.

Successes and challenges For many domestic companies, success usually comes from ensuring compatibility between products/services offered and market demands as well as localising their talent pool to leverage employees’ market knowledge, among other reasons.

However, many face the perennial challenge of finding candidates who have an international perspective, strong knowledge of local markets and the requisite language skills. As they find success within their home countries and look to expand overseas or execute successful IPOs (initial public offerings), the search for talent would have to be taken a step further — this means acquiring true Asian knowledge plus experience in other markets.

In the past, domestic brands have had to work hard at making themselves more attractive to prospective hires, be it through creating a more international corporate culture, introducing better pay/benefits, and ensuring clearer project and performance management processes. This is working in China where 44% of domestic employers surveyed said they would provide increments of 6-10%, almost on par with foreign multinationals (46%). Those who are highly successful at hiring have two secrets to success: they simply hire the right people for the job — those who have the right skill sets and share company values — and they figure out the most effective platforms to engage their target audiences.

3 WAYS TO HIRE THE RIGHT PEOPLE 1. PROMOTE YOUR COMPANY VALUES. Does your culture reward teamwork or competitiveness? Or do you value customer service, creativity or innovation? Promoting your company values will help attract like-minded individuals and increase the likelihood of finding the perfect match. 2. HAVE A COMPELLING EMPLOYEE VALUE PROPOSITION (EVP). Top performers want to know what sets your company apart. What does it stand for? How is achievement recognised and rewarded? Aim to promote these attributes through your online platforms, public relations or even word-of-mouth. Remember to separate your employment brand from your consumer brand.

3. BE OPEN-MINDED. Often, the best candidates exist outside of your industry. A high-potential candidate with strong transferable skills will often do well even in another industry, when given the right training. They may also bring with them new and innovative perspectives that will help move your business forward.

Singapore - Salary & Employment Outlook

2017 Singapore Salary & Employment Outlook | 5 Tech growth to boost Asia’s job market The race to secure top talent is heating up as companies move to build up technology capabilities Technological innovation in Asia is set to gather further pace in 2017, led by sizeable investments from established companies and startups looking to grow and streamline costs, and stay ahead of their competition. Fuelled by a myriad of factors, including Asia’s rapid smartphone adoption, the rise of e-commerce and the rush for productivity/ automation, almost every company in Asia is investing more in technology and making their business more mobile/tablet-friendly.

Within mainland China especially, large amounts of investment are moving towards Shenzhen, where there is an established infrastructure for technology-led manufacturing.

In other markets such as Taiwan and Malaysia, a greater concentration of digital innovation will likely be observed in areas like mobile and software development, Internet of Things (IoT), and cloud-computing. Japan too, is expected to explore ways of further building up an ecosystem that would help leverage its status as a technological giant, reported the Wall Street Journal. This includes building bridges between large, established companies and less risk-averse start-ups. Fintech’s growth With the rise of financial technology services, also known as fintech, and governmental support in this area, start-ups as well as established global and regional financial institutions are investing heavily to develop their own technological capabilities in-house.

In markets where mobile and online payment systems remain under-developed, such as in Indonesia and Thailand, fintech services are an opportunity for new players to enter the market.

Already, Indonesia has granted new banking licenses to conglomerates, allowing them to launch digital banks. Hong Kong’s push for the movement has culminated in several notable outcomes, including the annual Finnovasia conference, which regularly brings together hundreds of attendees from different countries to chart fintech’s future in Asia. In Singapore, the country’s monetary authority has also committed to invest S$225 million in fintech over five years. On an international level, more foreign companies are setting up regional headquarters in Asia, drawn by the region’s lower operating costs, excellent infrastructure and strategic location that make it easier to expand into new markets.

As a relatively young industry, the technology market is expected to face a considerable shortage of talent in this space. Employee recruitment and retention will become increasingly competitive, as the rate of technological growth outpaces talent development. Adding to such challenges is the tendency of candidates moving around more frequently than in other sectors, attracted by better opportunities and remuneration packages. To overcome this shortage, companies are beginning to recruit beyond their industries and national borders. Talent flow is likely to be technology-focused rather than business-focused.

Salaries are likely to increase as well.

5 TIPS TO RETAIN TOP TECHNOLOGY TALENT 1. KEEP ON TOP OF MARKET SALARY RATES. Specialists can command material increases, so the first step in retaining your technology talent is to frequently review the market rates on offer. It is essential that you communicate to internal stakeholders the vital importance of at least matching – if not exceeding – the going rate, and getting budget allocation accordingly. The laws of supply and demand apply. 2. LOOK TO THE START-UP WORLD. With Silicon Valley setting the standard for technology employment, it may be wise to look to start-up culture and try to replicate some aspects of what makes technology start-ups so attractive.

For example, technology specialists thrive on challenges and new experiences.

3. FLEXIBILITY. If budget is still difficult to find, there may be an opportunity to make up for it with perks like flexible working options. Bearing in mind that a technology specialist may work best uninterrupted at home, or even at night, a lenient work schedule can also be a way to get the most out of your team. 4. INVEST IN TRAINING. Training is an investment to maximise your team’s capacity and improve your employee retention rate. Hence, this should be an important piece of the budget puzzle – not an afterthought. Technology employees typically enjoy learning new skills. The opportunity to earn CV-enhancing qualifications like CCNA, MCP, PRINCE2 or Certified ScrumMaster, is valued.

5. DISCUSS CAREER PATHS. To prevent technology staff becoming dissatisfied or restless with their job, it is worthwhile at annual review time and throughout the year to ask what each employee is looking for in their career – whether it is the opportunity to try new things, new roles or to transfer to another location.

Singapore - Salary & Employment Outlook

6 | 2017 Singapore Salary & Employment Outlook Strong employer branding: A key to success Companies that are able to effectively communicate their culture and values to employees are staying ahead More companies in Asia are paying attention to employer branding as a way to stand out in the increasingly competitive field of talent acquisition and retention.

Already, 56% of employers surveyed said that their organisations practise employer branding actively. Traditional incentives such as salary increases remain one of the top considerations for candidates, especially in mainland China and emerging markets like Thailand and Indonesia. But other factors, such as career progression, training, work-life balance, and corporate values, are also rapidly becoming more of a “pull” factor for an increasing number of employees, particularly the millennials. This is especially true in Taiwan where salaries tend to stay relatively flat.

Companies that succeed in employer branding are those that can communicate clearly to employees what they stand for, and the culture and values the organisation promotes. Often, such companies have multi-channel digital strategies to promote their brand internally and externally. Almost two-thirds (55%) of the companies that practise employer branding engage with potential and current employees using internal and external social media platforms. In Indonesia, for example — a relatively young market that is among the world’s most active users of Facebook and Twitter — 50% of employers use social media to reach talent under the age of 30.

Start-ups that do not have enough resources to build their employer branding also often turn to social media to communicate their corporate journey and mission as part of their attraction and retention strategy. Diversity and inclusion Increasingly, more companies are ramping up their efforts in diversity and inclusion (D&I) to build their employer brand. International firms are typically at the head of the curve with D&I, often because they have policies mandated by regional or head offices, and many of them are seeking to localise their workforces to become more representative in the markets they operate in.

While D&I efforts can be better encouraged on the domestic front, local companies that are taking the biggest strides in this area are typically those looking to expand abroad: for example, several Chinese banks opening in Hong Kong and technology businesses expanding across the globe have made determined efforts to look more attractive to international talent, and this has included having clear policies on D&I. The good news is that majority of employers across Asia (93%), comprising local firms and foreign multinationals, have said that they are committed, in varying levels, to supporting their D&I efforts.

Among all, Singapore stood out, with 91% of employers affirming their commitment to D&I, as the local government continues to champion such efforts. Throughout Asia, gender appears to be the top focus of most companies’ D&I programmes, with slightly over half (53%) of companies making a clear push for recruiting and promoting women in organisations. Beyond gender, companies are also focusing programmes on age (42%) and minority ethnic groups (34%).

5 WAYS TO PUSH D&I IN YOUR ORGANISATION 1. HAVE RELEVANT PROGRAMMES. To support a diversified workforce, companies should ideally have programmes that retain talent from different backgrounds. Some initiatives that have worked among our clients included leadership development schemes for women and fair performance reviews, with processes that neutralise bias. 2. MAKE IT A GENUINE PRIORITY. For diversity and inclusion (D&I) programmes to truly make a difference, senior leaders will need to support the cause whole-heartedly and make it a point to personally practice D&I.

3. CREATE AN ENVIRONMENT THAT SHOWS SUPPORT.

For example, if your company has a work-from-home policy, ensure that leaders are supporting this initiative 100% and that the employees have the tools, like laptops and remote access permissions, to telecommute productively. Otherwise, employees might feel that the policies are just for show. 4. AVOID UNCONSCIOUS BIAS. Train managers to be more aware of their hidden biases. People tend to recruit talent who are most similar to their backgrounds and personality. However, such an approach reduces diversity and in the long run, new ideas and perspectives.

5. DO NOT FORGET INCLUSION. Once a diverse workplace is set in place, companies should follow up by introducing programmes that foster collaboration among the different groups. This can be done through organisation-wide projects, like corporate social responsibility initiatives, which allow employees of all levels to work with different groups.

Singapore - Salary & Employment Outlook

2017 Singapore Salary & Employment Outlook | 7 More employers in the region offering better salaries and benefits to attract top talent While contracting has been a popular talent solution in more mature employment markets like Australia and the United Kingdom for years, its acceptance in Asia, including Hong Kong and Singapore, has only started gaining speed in recent years.

In mature contracting markets, contract work is seen as a way to achieve better work-life balance, pick up new skill sets, or as a means for moving into full-time employment. On the employer front, contracting allows companies to adjust their workforces with the ebb and flow of the economy.

This flexibility associated with contract work, both for employers and employees, has been one of the key reasons for the boost in Singapore’s and Hong Kong’s contracting market. In fact, 85% of employers surveyed across the two cities said that they were planning to increase or keep to the same number of contractors over the next 12 months. While contracting has been popular across the financial services sector, primarily within the functions of operations, technology, administration and project management, we are now seeing a notable increase in demand for contracting resources within the human resources and marketing functions.

Companies in these two cities now have a ready pool of candidates, including experienced and qualified mid to senior-level managers, to choose from as more professionals warm to the idea of contract work. On the remuneration front, more forward-looking organisations are rewarding high-calibre talent with attractive pay and benefits, in addition to the possibility of being offered a permanent job. Some companies are even engaging senior executives on a contract basis for the unique skills they bring to specific projects.

Interestingly, smaller financial institutions have been quick to offer good remuneration and benefits packages compared with more established companies in a bid to woo top contracting talent.

Still, a key challenge in both Singapore and Hong Kong is making contract staff feel motivated and included. More can be done by way of training opportunities, bonuses and other job perks, which are widely offered to contract staff in more mature contract employment markets. Continued growth of contract employment 5 WAYS TO MAINTAIN COMPANY CULTURE WHEN HIRING CONTRACTORS 1. HAVE STRONG INDUCTION AND ONBOARDING PROCESSES. Share the company’s aims, values and culture as well as its code of conduct and allocated payday. Give contractors a chance to ask questions as well. 2. PROVIDE ADEQUATE TRAINING.

Many employees take on contract work to acquire new skills. By taking the time to train them, they can jump straight into projects — and be motivated to add those skills to their CVs.

3. HAVE STRONG TEAM BUILDING PRACTICES. This will help contractors build rapport with permanent team members, who might otherwise stick together. Try consistent lowkey team building activities like weekly lunches or informal brainstorming sessions. 4. AVOID SUBTLE DIFFERENTIATORS. Eliminate elements, like different-coloured ID badges or introducing contract workers as a temporary employee as these can make contractors feel like outsiders. 5. REMEMBER YOUR PERMANENT STAFF. Clarify with both contractors and permanent employees what their role allocations and project aims are and make sure there is no potential for conflict.

Ensure that managers are the ones who bring contractors up to speed on the office culture so that other team members are not left having to do this extra job each time a new contractor comes on board.

Singapore - Salary & Employment Outlook

8 | 2017 Singapore Salary & Employment Outlook Numbers at a glance Singapore has experienced a challenging 2016, with bright spots observed in the fast-expanding healthcare, fintech and digital sectors. What are employers’ hiring intentions for 2017? HEADCOUNT INCREASES of employers surveyed are expected to recruit new hires 36% who plan to increase headcount say they are actively seeking mid-level employees 61% HIRING ACTIVITY of Singapore employers expect to increase salaries by ≤5% in the next 12 months for management to senior-level employees 58% SALARY INCREASES

Singapore - Salary & Employment Outlook

2017 Singapore Salary & Employment Outlook | 9 TOP 3 FOCUS POINTS FOR DIVERSITY AND INCLUSION PROGRAMMES TALENT ATTRACTION & RETENTION INITIATIVES Salary increases 55% 1 Learning and development 46% 2 Workplace flexibility 40% 3 Minority ethnic groups 64% 1 Gender 59% 2 Age 44% 3 say their organisations support diversity and inclusion 97% DIVERSITY & INCLUSION

Singapore - Salary & Employment Outlook

10 | 2017 Singapore Salary & Employment Outlook Singapore overview The outlook for Singapore is expected to remain largely unchanged from 2016. Recruitment activity levels are expected to be comparable with last year. Hiring patterns will be consistent with the region — 93% of the Singapore companies surveyed have said that they will be increasing or maintaining headcount. Digital, technology and healthcare are likely to be the country’s fastestgrowing sectors, with the Singapore government pledging to boost investment in these sectors. Recently, for example, a funding scheme was put into place to support locally-based fintech (financial technology) trials, setting the path for the sector’s growth.

Employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles.

Against this backdrop, contracting continues to increase in popularity among Singapore-based employers with nearly 70% of companies surveyed already using contractors, especially in the areas of operations, technology and business support. Contracting offers employers flexibility in terms of headcount and budget. Through contracting, companies are also able to select from a larger pool of potential candidates than would otherwise be available to them. Unsurprisingly, searching for the perfect candidate to fill in-demand roles will still be an uphill battle for many companies, who require candidates with specific skills, including broad geographical knowledge and clearly determined levels of experience.

Employers might not be willing to compromise, displaying a strong preference to recruit only the perfect candidate.

While this raised talent bar is logical from a business perspective, such an approach may not be sustainable in the long run. Not only do longer hiring processes leave potential employees frustrated, positions that are left open for extended periods may compromise business growth. Employers may need to adopt a more open-minded approach, hiring a candidate with most – not all – the required skills and invest in his/ her training and development instead. Employers also need to be aware that candidates may be more risk averse in a cautious environment and potentially reluctant to make a job change.

Such an approach not only builds up the talent pool, but also sets the stage for employee retention and employer branding.

2017 Singapore Salary & Employment Outlook | 11 Insights Engineering & Manufacturing R&D engineering roles, roles and positions in application engineering for power electronics (such as inverters/drives and power systems). Singapore’s aerospace industry and the power electronics, smart energy and smart consumer product sectors will experience strong growth in 2017. In the aerospace industry in particular, new sites and facilities are being built, and several companies are looking to expand. Data centres are also poised for growth as Singapore retains its status as a regional hub.

Over the next 12 months, candidates are likely to adopt a cautious approach to job searching, favouring jobs that offer long-term stability and career advancement.

Employers will also be more cautious when hiring, screening candidates more thoroughly to ensure they have the requisite skills and are culturally the right fit for a position. The recruitment process might consequently become more lengthy. Candidates looking to switch jobs are likely to command increments of 10 to 15%. In this market, candidates with technical experience in aerospace, power electronics and research and development (R&D) across various industry sectors will continue to be sought after.

Hot jobs

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 12 | 2017 Singapore Salary & Employment Outlook Engineering & Manufacturing R&D Engineering/R&D Operations Quality Control/Assurance Field Service/Service Engineering SALARY RANGE (SGD’000) ROLE 2-5 YEARS 5-10 YEARS 8+ YEARS 15+ YEARS Design Engineer 45 – 75 70 – 100 100 – 150 150 – 160+ Application Engineer 60 – 90 70 – 100 100 – 150 150 – 160+ Engineering Manager N/A N/A 100 – 150 N/A Engineering Director N/A N/A N/A 150 – 250 SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS 15+ YEARS Manufacturing 50 – 70 70 – 90 100 – 160 200+ Process Engineering 60 – 80 90 – 120 120 – 150 180+ Mechanical Engineering 60 – 80 90 – 120 120 – 150 180+ Electrical Engineering 60 – 80 90 – 120 120 – 150 180+ Controls/Automation 60 – 80 90 – 120 120 – 150 180+ EHS 60 – 80 90 – 120 120 – 150 180+ SALARY RANGE (SGD’000) ROLE 2-5 YEARS 5-10 YEARS 10+ YEARS 15+ YEARS Quality Engineer 40 – 75 70 – 100 N/A N/A Quality Manager N/A N/A 80 – 120 N/A Quality Director N/A N/A N/A 150 – 250 SALARY RANGE (SGD’000) ROLE 2-5 YEARS 5-8 YEARS 8+ YEARS Field Service Engineer 40 – 65 65 – 90 N/A Service Manager N/A 80 – 100 N/A Service Director N/A N/A 120+ Sales Engineer 40 – 80 70 – 100 N/A Sales Engineering Manager N/A N/A 100 – 150 ENGINEERING & MANUFACTURING

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 13 Engineering & Manufacturing Project/Programme Management SALARY RANGE (SGD’000) ROLE 2-5 YEARS 5-10 YEARS 10+ YEARS Project Manager 70 – 110 100 – 120 N/A Project/Programme Director N/A N/A 150 – 230 ENGINEERING & MANUFACTURING

14 | 2017 Singapore Salary & Employment Outlook Insights Commercial finance business partners, business analysts and roles in hybrid finance operations and analysis. Recruitment activity for finance and accounting professionals is likely to pick up in manufacturing, pharmaceutical, healthcare and technology. In particular, these sectors will be open to hiring contract workers to support their expanding operations. Over the next 12 months, hiring will remain relatively flat in finance and accounting functions at the middle-management level. There will be opportunities for senior-strategic hiring and at the more junior levels (for operational finance roles).

Most employers are also seeking candidates with strong business partnering experience.

Both challenges and opportunities exist in the market for contract work. With the market expected to see limited growth, contracting will be a popular talent solution as more high-quality candidates are warming to the idea of working on a contract basis. However, some employers may not be well-informed about the benefits of contract employment. Candidates who change jobs can expect to receive between 8 and 10% in increments, with contract workers usually commanding between 5 and 7%. Employers are likely to favour candidates with experience in areas such as commercial business partnering, shared services, hybrid finance operations, analysis and tax.

On the contracting front, employers will favour candidates with formal qualifications, who have experience with SAP and have worked for multinationals. Candidates with a real breadth of experience, as well as exposure to different industries, will be in demand. Hot jobs Finance & Accounting

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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.

2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 15 Finance General SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS Accounts Payable Accountant 45 – 60 60 – 80 N/A Financial Accountant 50 – 65 65 – 100 N/A Cost Accountant 50 – 65 65 – 100 N/A Credit Analyst 50 – 65 65 – 90 N/A Group Accountant – Consolidation 60 – 80 80 – 100 N/A Financial/Business Analyst 50 – 80 80 – 120 100 – 150 Accounts Payable Manager 70 – 90 90 – 140 110 – 150 Finance Manager (Small/Medium Organisation) 80 – 100 90 – 120 120+ Finance Manager (Shared Services Centre) 80 – 100 100 – 120 120+ Finance Manager (Large Organisation) N/A 100 – 150 150+ Group Finance Manager N/A 80 – 130 100 – 150 Financial & Planning Analysis Manager N/A 110 – 150 160+ Financial Controller (Small/Medium Organisation) N/A 120 – 160 160+ Financial Controller (Large Organisation) N/A 140 – 180 180+ Finance Director (Shared Services Centre) N/A 160 – 200 200+ CFO/Finance Director (Large Organisation) N/A 250 – 300 300 – 350 FINANCE

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 16 | 2017 Singapore Salary & Employment Outlook Finance Specialist Professional Services & Public Accounting SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS Pricing Analyst 60 – 80 80 – 100 100 – 140 Treasury Analyst 60 – 80 80 – 120 N/A Tax Analyst 60 – 80 80 – 110 N/A Internal Auditor 65 – 90 90 – 130 120+ Pricing Manager 100 – 120 120 – 150 150+ Revenue Controller 80 – 120 120 – 180 130+ Corporate Finance Manager 90 – 120 120 – 180 180+ Treasury Manager 100 – 120 120 – 180 180+ Internal Audit Manager 100 – 130 130 – 150 150 – 200 Tax Manager 100 – 150 130 – 180 180+ Credit Manager N/A 100 – 130 130 – 150 Costing Manager N/A 100 – 150 150+ Corporate Finance Director N/A 220 – 250 250 – 300 Treasury Director N/A 220 – 250 250 – 300 Internal Audit Director N/A 220 – 250 250 – 300 Tax Director N/A 240 – 280 280+ SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS External Audit 50 – 70 70 – 150 120+ Tax 50 – 70 70 – 150 130+ Management Consultancy 60 – 100 100 – 150 140+ Corporate Finance 60 – 100 100 – 150 140+ Risk & Compliance 65 – 90 90 – 130 150+ FINANCE

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 17 Finance – Contracting General Specialist SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS Accounts Payable Accountant 42 – 58 58 – 78 N/A Financial Accountant 48 – 66 66 – 96 N/A Cost Accountant 48 – 66 66 – 96 N/A Credit Analyst 46 – 66 66 – 96 N/A Group Accountant – Consolidation 60 – 78 78 – 102 N/A Financial/Business Analyst 60 – 84 84 – 120 N/A Accounts Payable Manager 70 – 90 84 – 120 N/A Finance Manager (Small/Medium Organisation) 72 – 96 96 – 120 120+ Finance Manager (Shared Services Centre) 84 – 102 102 – 120 120+ Finance Manager (Large Organisation) 90 – 120 120 – 168 168+ Group Finance Manager N/A 84 – 120 120+ Financial & Planning Analysis Manager 90 – 120 120 – 150 150 – 216 Financial Controller (Small/Medium Organisation) 120 – 150 150 – 180 180 – 216 Financial Controller (Large Organisation) 132 – 156 156 – 192 192+ Finance Director (Shared Services Centre) 132 – 156 156 – 192 192+ CFO/Finance Director (Large Organisation) 192 – 216 216 – 240 240+ SALARY RANGE (SGD’000) ROLE 3-5 YEARS 5-10 YEARS 10-15 YEARS Treasury Analyst 60 – 78 78 – 96 N/A Tax Analyst 60 – 78 78 – 96 N/A Treasury Manager 96 – 120 120 – 168 168+ Tax Manager 96 – 120 120 – 168 168+ Credit Manager 72 – 96 96 – 120 120 – 144 Costing Manager N/A 102 – 144 144+ FINANCE – CONTRACTING

18 | 2017 Singapore Salary & Employment Outlook Insights Financial Services Roles in change management, risk analytics and big data as well as jobs involving cost savings and efficiency gains. For contractors: business analysts in operational risk and functional business analysts. The financial services and corporate governance sectors are expected to face some challenges in 2017. Most banks are consolidating and funds are performing below expectations. Insurance and commodities firms, as well as private equity and asset management, are expected to maintain status quo, with only some pursuing growth.

However, there will be opportunities in the financial technology (fintech) space as banks move into system automation for trading processes. There will also likely be a growing demand for contractors in corporate and private banking. We also see a new trend with Asian origin banks focusing on international expansion and growing their market share/penetration with Asia, resulting in opportunities across the board. With looming uncertainty in the next 12 months, many firms are investing in data analytics, market trend analysis and risk functions. These roles are perceived to be crucial to identify cost efficiencies, new market opportunities and business threats.

In the current market, permanent employees who change jobs can expect between 8 and 10% in increments. However, those who are unemployed before starting a new role may receive pay that is on par with their previous salary. Contractors who switch jobs can expect between 8 and 12% in increments. Candidates with experience in risk, regulatory compliance, analytical skills and who are proficient in business Mandarin are likely to be sought after. Hot jobs

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 19 Finance Financial Control – Investment Banking Management Reporting/FP&A Regulatory Finance Product Control BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 96 5 15 30 Associate/Assistant Vice President 3-6 years 100 – 150 5 15 30 Vice President 6-10 years 150 – 200 5 15 30 Senior Vice President/Director 10+ years 200 – 300 5 15 40 Country Chief Financial Officer 12+ years 300+ 5 20 50 Regional Chief Financial Officer 15+ years 400+ 5 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 100 5 15 25 Associate/Assistant Vice President 3-6 years 100 – 150 5 15 30 Vice President 6-10 years 160 – 240 5 15 30 Executive Director 10+ years 240 – 300 5 15 40 Managing Director/Head 15+ years 300+ 5 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 100 5 15 25 Associate/Assistant Vice President 3-6 years 100 – 150 5 15 30 Vice President 6-10 years 160 – 240 5 15 30 Executive Director 10+ years 240 – 300 5 15 40 Managing Director/Head 15+ years 300+ 5 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 100 5 15 25 Associate/Assistant Vice President 3-6 years 100 – 190 5 15 30 Vice President 6-10 years 190 – 260 5 15 30 Executive Director 10+ years 260 – 320 5 20 50 Manging Director/Head 15+ years 320+ 10 25 60 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 20 | 2017 Singapore Salary & Employment Outlook Finance Valuations Tax Treasury Project Accounting BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 100 5 15 25 Associate/Assistant Vice President 3-6 years 100 – 190 5 15 30 Vice President 6-10 years 190 – 260 10 15 30 Executive Director 10+ years 260 – 320 10 20 50 Managing Director/Head 15+ years 320+ 10 20 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 120 5 10 25 Associate/Assistant Vice President 3-6 years 120 – 180 5 15 30 Vice President 6-10 years 180 – 260 5 20 30 Executive Director 10+ years 260 – 300 5 20 50 Managing Director/Head 15+ years 300+ 5 20 50 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 120 5 10 25 Associate/Assistant Vice President 3-6 years 120 – 180 5 15 50 Vice President 6-10 years 180 – 260 5 20 50 Executive Director 10+ years 260 – 300 5 20 60 Managing Director/Head 15+ years 300+ 5 20 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 40 – 90 5 15 25 Associate/Assistant Vice President 3-6 years 90 – 140 5 15 30 Vice President 6-10 years 140 – 220 5 15 30 Executive Director 10+ years 220 – 280 5 15 50 Head 15+ years 280+ 5 20 50 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 21 Finance Fund Accounting – Investment Management Corporate Accounting – Investment Management Financial Control – Insurance BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 36 – 60 5 10 25 Associate/Assistant Manager 3-5 years 60 – 100 5 10 30 Manager 5-7 years 100 – 160 5 10 30 Senior Manager 7-10 years 160 – 240 5 15 50 Director/Head 10+ years 240+ 5 15 50 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 36 – 60 5 10 25 Associate/Assistant Manager 3-5 years 60 – 120 5 10 30 Manager 5-7 years 120 – 160 5 10 30 Senior Manager 7-10 years 160 – 200 5 25 60 Director 10+ years 200 – 360 10 25 60 Country Chief Financial Officer 12+ years 360 – 500 10 30 50 Regional Chief Financial Officer 15+ years 500+ 10 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 96 5 15 30 Assistant Manager 3-5 years 100 – 150 5 15 30 Manager 5-7 years 150 – 200 5 15 30 Senior Manager 7-10 years 180 – 240 5 15 40 Financial Controller 10+ years 200+ 10 20 40 Country Chief Financial Officer 12+ years 240+ 10 20 50 Regional Chief Financial Officer 15+ years 400+ 5 25 50 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 22 | 2017 Singapore Salary & Employment Outlook Internal Audit Investment Banking Investment Management Insurance BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 84 5 15 25 Associate/Assistant Vice President 3-6 years 90 – 180 10 20 30 Vice President 6-10 years 180 – 280 15 20 30 Executive Director 10+ years 280 – 380 30 30 50 Managing Director/Head 15+ years 380+ 40 40 50 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 64 – 80 0 15 30 Associate/Assistant Manager 3-5 years 80 – 130 0 15 40 Manager 5-7 years 130 – 200 10 25 60 Senior Manager 7-10 years 200 – 280 10 25 60 Director/Head of Audit 10+ years 280+ 10 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Auditor 1-3 years 64 – 80 5 10 25 Assistant Manager 3-5 years 80 – 130 5 10 30 Manager 5-7 years 130 – 200 10 25 40 Senior Manager 7-10 years 200 – 280 15 25 50 Director/Head of Audit 10+ years 280+ 20 25 50 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 23 Risk Management Operational Risk Market Risk Credit Risk Quantitative Analysis BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 96 5 15 25 Associate/Assistant Vice President 3-6 years 100 – 170 5 15 30 Vice President 6-10 years 170 – 300 5 15 35 Executive Director 10+ years 300 – 400 5 20 40 Managing Director/Head 15+ years 400+ 5 20 50 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 96 5 15 30 Associate/Assistant Vice President 3-6 years 100 – 180 10 15 30 Vice President 6-10 years 180 – 300 10 20 35 Executive Director 10+ years 300 – 400 10 20 40 Managing Director/Head 15+ years 400+ 10 20 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 48 – 96 5 15 30 Associate/Assistant Vice President 3-6 years 100 – 180 10 15 30 Vice President 6-10 years 180 – 300 10 20 35 Executive Director 10+ years 300 – 400 10 20 40 Managing Director/Head 15+ years 400+ 10 20 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 50 – 96 10 15 30 Associate/Assistant Vice President 3-6 years 100 – 180 5 10 30 Vice President 6-10 years 180 – 280 5 15 35 Executive Director 10+ years 280 – 400 10 20 40 Managing Director/Head 15+ years 400+ 10 20 60 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 24 | 2017 Singapore Salary & Employment Outlook Compliance Investment Banking Investment Management Insurance Anti-Money Laundering BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 100 5 15 30 Associate/Assistant Vice President 3-6 years 100 – 180 10 20 40 Vice President 6-10 years 190 – 280 10 20 40 Executive Director 10+ years 280 – 400 15 25 50 Managing Director/Head 15+ years 400+ 20 30 70 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 64 – 90 0 15 30 Associate/Assistant Manager 3-5 years 90 – 140 0 15 40 Manager 5-7 years 140 – 220 10 25 60 Senior Manager 7-10 years 220 – 320 10 25 60 Director/Head 10+ years 320+ 10 25 60 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Assistant 1-3 years 60 – 100 5 15 30 Assistant Manager 3-5 years 100 – 180 10 20 40 Manager 5-7 years 190 – 280 10 20 40 Senior Manager 7-10 years 280 – 400 15 25 50 Director/Head 10+ years 360+ 20 30 70 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 100 10 20 30 Associate/Assistant Vice President 3-6 years 100 – 180 10 20 40 Vice President 6-10 years 200 – 320 10 20 40 Executive Director 10+ years 320 – 440 15 25 50 Managing Director/Head 15+ years 360+ 20 30 70 FINANCIAL SERVICES

Salary Benchmarks Please note: 1. Market rates are becoming much less homogeneous; 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. 2. These figures are generally the total remuneration (i.e. cash), excluding bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures. 2017 Singapore Salary & Employment Outlook | 25 Operations Settlements & Corporate Actions Trade & Sales Support Client Services & Onboarding Project Operations BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 36 – 60 5 10 25 Associate/Assistant Vice President 3-8 years 60 – 120 5 10 25 Vice President 8-12 years 120 – 168 5 15 30 Executive Director 12+ years 168 – 240 5 15 30 Managing Director/Head 15+ years 240+ 5 15 30 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 90 5 10 25 Associate/Assistant Vice President 3-8 years 90 – 160 5 15 25 Vice President 8-12 years 160 – 260 5 20 30 Executive Director 12+ years 260 – 320 5 20 30 Managing Director/Head 15+ years 320+ 5 25 40 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 36 – 72 5 15 25 Associate/Assistant Vice President 3-8 years 72 – 160 5 15 25 Vice President 8-12 years 160 – 200 5 15 30 Executive Director 12+ years 200 – 300 5 15 30 Managing Director/Head 15+ years 300+ 5 20 40 BONUS ROLE EXPERIENCE SALARY (SGD'000) LOW (%) MEDIUM (%) HIGH (%) Analyst 1-3 years 60 – 90 5 10 25 Associate/Assistant Vice President 3-8 years 90 – 160 5 15 25 Vice President 6-10 years 160 – 260 5 20 30 Executive Director 10+ years 260 – 320 5 20 30 Managing Director/Head 15+ years 320+ 5 25 40 FINANCIAL SERVICES