The truth about the employment market in Singapore

15 September 2011

2 minute read

The truth about the employment market in Singapore

If you're fearful about losing your job in London, you may be optimistic about finding a new job in Singapore. But you may be wrong in this. Finding a job in Singapore is not easy.

As a British blogger on our Singapore website has clarified, turning up in Singapore in the hope of unearthing a financial services job may simply lead to a future as a taxi driver. He's been there a month and has had no interviews, despite having relevant experience in the UK.

Nor does this appear unusual. Numerous people have left comments on the article in question saying similar things have happened to them.

For example:

"I'm not trying to make you panic - I came from London last year, I have managed to get just one interview in one year."

Part of the problem seems to be localization. As the Financial Times notes today, Singaporeans have woken up to the notion that their country is awash with foreigners who might be taking their jobs. The country has already tightened immigration rules for mid-ranking workers. Anecdotally, expat bankers seeking re-employment are also being affected.

"The SG job market is going through localization," complains one commentator on our article. "To work in the financial industry, first you need to have permanent residency status."

"You'll be underpaid because Singaporeans are cheap," cautions another.

It may not be as bad as this if you're applying for a skilled role in the front office, but even then you're advised to wait before doing so: like the City, the Singaporean front office job market is now dormant until 2012.

"1st quarter is a much better time to look for a job," advises one Singaporean commentator. "Maybe go back to the UK and pick up a short term contract and try again [next year]?"

AUTHORSarah Butcher

Global Editor

Mo
Moved to Singapore 5 years ago
20 September 2011
At the end of the day, Asia is a market where the financial services industry is no where near as large as the economies due to large govt participation and in South East Asia a current lack of scale. This simply results in a smaller job pool, which was mentioned above. There are great niche roles that pay well and have great prospects but they are not common and are extremely competitive.
Singaporeans in general are well educated and competant due to a education system that emphasizes a high average level but isn't great at identifying late developing exceptional creative talents. The talent level for mid tier support employees is impressive and there is little chance of a mid tier London employee coming out here and being competitive. Singaporeans are cheaper because the govt takes care of housing (or tries), and taxes are lower which leads to a apparently lower gross income to survive. This is of course changing with the rapid appreciation of the SGD vs western currencies.
So no its not a good idea to come out and hope to find a job. Its still possible to get headhunted into the region and that is the best bet.
Reply
Ex
Ex-Singapore
19 September 2011
Anyone who has worked in Singapore (like I have), knows that the jobs "bonanza" in Asia, is and always has been a myth. Compared to London or New York the job market is tiny, and the bulk of business is still routed West when markets open. Additionally, most of the expats I know move back after a couple of years as they find the lifestyle dull and stifling. Those who do like the lifestyle will find something and stay, but with a smaller job pool comes a smaller number of vacancies -- it's basic maths. Even in the depths of the crisis there were more jobs in London and New York.
As for the locals, they grow increasingly bitter (as you can see above) about expats "stealing" their jobs, but the fact of the matter is they still do not have the skills or breadth of knowledge to compete, and confuse rote learning, with the ability to think on their feet and execute.
To get an objective viewpoint, speak to a foreign educated local who has worked in both Asia and the West - ignore the sniping of people without the experience or background to make an informed comment.
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In
Indian in the City
16 September 2011
Old Ivy Boy - I believe the British are arrogant idiots but Oxbridge is not worse than any Ivy League uni, I have seen so many Harvard / Wharton graduates who knew everything about their chosen profession and abolutely nothing outside of it.
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Si
Singaporean
16 September 2011
As a Singaporean, I disagree that we are cheap. Companies pay by the talent they get and not by the skin colour.
It is true that localisation is taking place quietly to sieve out the so-called 'foreign talent' that are really foreign but not a bit of a talent. There are still places for the real talent, regardless of race, language or religion, as we recite in our National Pledge.
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Ol
Old Ivy Boy
16 September 2011
Indian in the city is right.
Worked in the US for a while. I loved watching these Brit grads, especially the Oxbridge types try to break into the market, and be reminded of there place.
Like when a European MBA tries to work on Wall Street, and they say hmm sorry dear chap, we have real MBAs here from Harvard, Wharton, Kellog and such!!
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