salary - Morgan McKinley Singapore

SINGAPORE

SALARY GUIDE 2015

1

morganmckinley.com.sg 2

MANAGING DIRECTOR’S LETTER

Almost three-quarters (73%) of permanent employees in Singapore say they have received a pay increase in the last year. However, those who responded indicate that these pay increments are mixed across the board. Whilst the majority of professionals in permanent roles report relatively moderate increases of between 1-8 percent, there is a significant proportion of professionals (19%) who report a salary increment of more than 13 percent. This is indicative of certain sectors performing better than others in the market. For example, the governance area in banking, namely audit, regulatory, risk, and compliance, where professionals in this sector have been in high demand and are limited in supply, have seen larger salary increases. The majority (76%) of Singapore’s professionals have also received or are expecting to receive a bonus for 2014. Equally, bonus pools have varied amongst certain sectors and disciplines. Traditionally, the banking sector has paid high bonuses but following on from trends set in the last few years, most banks have been conservative, paying above market for exceptional professional performances or within high demand disciplines. Early indications are that American banks and local Singaporean houses in the financial services sector are remunerating better than their European counterparts.

temporary workers who responded say their rate of pay or salary has remained the same in the last year. This is indicative of companies being able to manage temporary and contractor costs more efficiently, as these employees are not viewed as headcount on firms’ balance sheets, enabling more flexibility for companies to meet overall cost objectives. Over the last few years we have witnessed an increasing trend toward contracting by both employees and employers. Over half (55%) of the professionals say flexible working options are important to them, yet this is something that only 33 percent are offered as part of their current remuneration package. This was recently cited in Morgan McKinley’s 2014 Working Hours Survey and quoted by the Singapore government as an area to address. I hope you enjoy reading this detailed report. If you have any thoughts on current salary trends for professional occupations in Singapore, we would be very interested to hear from you.

The commerce and industry markets have seen similar variances in bonus payouts, depending on the sector and demand and supply for talent. In line with recent years, bonus payouts have generally increased. Whilst the majority of permanent employees say they have received an annual pay increase over the last twelve months, over half (53%) of contract and

ANDREW Evans Managing Director, Singapore COO, South Asia Tel: +65 6557 4685 | [email protected]

3

CONTENTS

BANKING & FINANCE SERVICES

05

ACCOUNTING & FINANCE

10

IT

13

HUMAN RESOURCES

17

PROJECT MANAGEMENT

20

SALES & MARKETING

22

SALARY SURVEY RESULTS

27

4

BANKING & FINANCIAL SERVICES

TOP 3 MOST IN-DEMAND POSITIONS: 1

Fund Accountant

2 Regulatory Reporting 3 Internal Audit

5


PERMANENT 2015 is likely to be a mixed year for banking pay trends, with demand for professionals varying significantly in each area. Front office corporate and investment banking should see rising salaries, as demand for experienced bankers in these areas is growing. Certain finance related roles, including regulatory reporting, Basel, liquidity management, and treasury management, are also likely to see heightened demand and consequently higher salaries. In operations, client on-boarding, know your client (KYC) and anti-money laundering (AML) roles are areas of high demand and therefore rising pay rates are expected. However, remuneration rates in the more stock standard operations and finance roles are likely to remain under pressure, as many of these functions are still being off-shored to lower cost centres around the region.

Over the last four years, compliance has grown considerably. The majority of job movement has been due to new headcount as regulatory functions build out and become more embedded into businesses. Compliance professionals’ salaries have inflated by an impressive amount over the last few years. This is due to the fact that it is a candidate-short market and professionals have been able to demand significant uplifts when moving jobs. However, there is a relative amount of disparity, as pay rates can be inconsistent in this area.

FRONT OFFICE CORPORATE AND INVESTMENT BANKING SHOULD SEE RISING SALARIES, AS DEMAND FOR EXPERIENCED BANKERS IN THESE AREAS IS GROWING.

CONTRACT Contingency workforce hiring will continue to rise. This is a result of increased offshoring among major market players, who are relocating operational shared services functions to low cost countries, such as India, Malaysia and Philippines. The Fair Consideration Framework, which mandates employers to consider Singaporeans or Singapore Permanent Residents before Employment Pass holders, will continue to bolster local employment rates. Salary levels will stay the same as in 2014. However, job movers can expect increases of 12 - 18 percent, or higher for some niche positions.

Roles that are in demand include: securities settlement, compliance, regulatory and KYC / client on-boarding positions. In addition, candidates with private banking / wealth management experience, UAT experience, high proficiency in Microsoft Excel, VBA, vlookup and pivot table are much sought after.

6


FINANCE & ACCOUNTING - FINANCIAL SERVICES | PERMANENT ROLE

Analyst / NonOfficer

Associate / AVP / Manager

VP / Senior Manager

SVP / Director

Director / Senior

FINANCIAL ACCOUNTING

$45k - $80k

$80k - $120k

$140k - $200k

$180k - $220k

$210k - $330k

MANAGEMENT ACCOUNTING

$50k - $80k

$80k - $120k

$130k - $200k

$180k - $220k

$210k - $330k

SYSTEMS / PROJECT ACCOUNTING

$40k - $75k

$75k - $130k

$145k - $220k

$220k - $250k

$240k - $350k

FUND / TRUST ACCOUNTING

$40k - $75k

$75k - $130k

$145k - $220k

$180k - $220k

$220k - $350k

PRODUCT CONTROL

$50k - $80k

$90k - $145k

$150k - $220k

$220k - $250k

$250k - $400k

INTERNAL AUDIT

$40k - $75k

$75k - $130k

$145k - $220k

$220k - $250k

$250k - $380k

TAX / ADVISORY COMPLIANCE

$50k - $90k

$80k - $140k

$145k - $220k

$220k - $250k

$250k - $350k

BUSINESS ANALYST

$40k - $80k

$80k - $140k

$150k - $220k

$220k - $250k

$250k - $380k

TREASURY

$40k - $70k

$75k - $120k

$130k - $200k

$180k - $220k

$210k - $330k

TECHNICAL ACCOUNTING

$50k - $80k

$90k - $145k

$150k - $200k

$220k - $250k

$250k - $400k

FINANCE & ACCOUNTING - FINANCIAL SERVICES | CONTRACT ROLE

Analyst

AVP

VP

Director

FINANCIAL REPORTING

$48k - $80k

$80k - $120k

$140k - $220k

$200-$220k

REGULATORY REPORTING

$55k - $85k

$95k - $130k

$140k - $200k

$200-$220k

STRATEGY PLANNING & ANALYSIS

$55k - $85k

$90k - $130k

$140k - $200k

$200-$220k

REVENUE & COST REPORTING

$60k - $85k

$90k - $130k

$140k - $200k

$200-$220k

MIS REPORTING

$60k - $85k

$90k - $130k

$140k - $200k

$200-$220k

PRODUCT CONTROL

$50k - $90k

$90k - $145k

$150k - $220k

$220k

7


EQUITY, CREDIT, RATES, FX/MM ROLE



VP / Senior Manager

SVP / Director

Director / Senior Director

SETTLEMENTS

$40k - $65k

$65k - $110k

$140k - $180k

$180k - $220k

$220k+

CLIENT SERVICES

$50k - $75k

$75k - $110k

$140k - $180k

$180k - $220k

$220k+

DOCUMENTATION

$50k - $75k

$75k - $110k

$140k - $180k

$180k - $220k

$220k+

TRADE SUPPORT

$60k - $80k

$80k - $110k

$140k - $180k

$180k - $220k

$220k+

BUSINESS ANALYST / PROJECTS

$60k - $85k

$85k - $130k

$150k - $180k

$180k - $220k

$220k+

ROLE



VP / Senior Manager

SVP / Director


SETTLEMENTS

$40k - $65k

$70k - $125k

$140k - $180k

$180k - $220k

$220k+

CLIENT SERVICES

$50k - $75k

$75k - $130k

$140k - $180k

$180k - $220k

$220k+

DOCUMENTATION

$50k - $75k

$80k - $125k

$140k - $180k

$180k - $220k

$220k+

TRADE SUPPORT

$60k - $80k

$80k - $130k

$140k - $180k

$180k - $220k

$220k+

BUSINESS ANALYST / PROJECTS

$60k - $85k

$85k - $130k

$140k - $180k

$180k - $220k

$220k+

ROLE



VP / Senior Manager

SVP / Director


LOANS ADMINISTRATION

$40k - $50k

$60k - $120k

$140k - $180k

$180k - $220k

$220k+

STATIC DATA ANALYST

$40k - $50k

$60k - $110k

$140k - $180k

$180k - $220k

$220k+

ASSET SERVICING (CORPORATE ACTIONS & DIVIDENDS)

$40k - $50k

$60k - $120k

$140k - $180k

$180k - $220k

$220k+

CONTROL / RECONCILIATIONS

$40k - $60k

$70k - $120k

$140k - $180k

$180k - $220k

$220k+

DERIVATIVES

OTHERS

8


COMPLIANCE – FINANCIAL SERVICES ROLE



VP / Senior Manager

SVP / Director


MONITORING / SURVEILLANCE

$40k - $60k

$60k - $130k

$120k - $160k

$140k - $200k

$200k+

AML

$40k - $65k

$65k - $130k

$130k - $180k

$180k - $250k

$260k+

KYC

$40k - $65k

$55k - $70k

$70k - $120k

$100k - $200k

$180k+

INVESTIGATIONS

n/a

$60k - $120k

$120k - $180k

$180k - $250k

$240k+

CONTROL ROOM / RESEARCH

$50k - $70k

$65k - $160k

$150k - $200k

$180k - $300k

$300k+

COMPLIANCE ADVISORY

$60k - $90k

$90k - $180k

$160k - $210k

$180k - $300k

$280k+

RISK MANAGEMENT – FINANCIAL SERVICES ROLE



VP / Senior Manager

SVP / Director


QUANTITATIVE ANALYSIS

$72k - $100k

$90k - $150k

$130k - $230k

$220k - $280k

$250k+

CREDIT RISK ANALYSIS

$55k - $90k

$72k - $130k

$120k - $210k

$180k - $250k

$240k+

MARKET RISK MANAGEMENT

$60k - $90k

$75k - $140k

$130k - $230k

$200k - $260k

$240k+

MARKET RISK REPORTING

$55k - $90k

$72k - $130k

$120k - $210k

$180k - $250k

$240k+

TRADED CREDIT

$60k - $90k

$75k - $140k

$130k - $230k

$200k - $260k

$240k+

OPS RISK

$40k - $70k

$70k-$150k

$130k -$250k

$220k - $280k

$250k+

FRONT OFFICE – INVESTMENT BANKING / M&A / EQUITY CAPITAL MARKETS ROLE

Analyst

Associate

VP

Director

MD

LOWER BAND

$90k

$160k

$230k

$300k

$500k

UPPER BAND

$150k

$230k

$300k

$400k

$750k

ASSET MANAGEMENT AND SECURITIES SERVICES – FINANCE AND OPERATION Accountant / Operation Analyst

Senior

Team Leader – Accountant / Operation

VP – Accountant / Fund Controller

Director Operation

Managing Director

$48K to $55K

$66K - $84K

$90K - $130k

$140-$180K

$220k-$280K

$300+

9

FINANCE & ACCOUNTING


Internal Auditor

2 Supply Chain Financial Analyst / Manger 3 Financial Accountant / Manager

10


PERMANENT Whilst permanent roles remain steady, the number of senior roles has diminished in recent years. This decrease across all accounting and finance functions is a result of mergers and acquisitions, transformation, offshoring, and the removal of senior staff to align teams and make them leaner. An increasing number of senior professionals are engaging in freelance and management consulting roles whilst waiting for the right opportunity. Given this change in market conditions, we have seen some professionals in this space taking on director roles at the Big 4.

AN INCREASING NUMBER OF SENIOR PROFESSIONALS ARE ENGAGING IN FREELANCE AND MANAGEMENT CONSULTING ROLES WHILST WAITING FOR THE RIGHT OPPORTUNITY.

CONTRACT This area remains vibrant as ongoing change continues to reshape organisations. Difficulty in securing headcount, together with uncertainty and attrition, has created high demand within the contract / temporary market. Generally, we are seeing no change in annual salaries and offers for new roles remaining the same or less attractive.

11


FINANCE & ACCOUNTING (COMMERCE & INDUSTRY) | PERMANENT (Annual salary) ROLE

0 – 7 years

7 – 10 years

10 – 15 years

> 15 years

CHIEF FINANCIAL OFFICER

–

–

$280 - $350k

$330 - $500k

FINANCIAL DIRECTOR

–

–

$200k - $260k

$240k - $350k

FINANCIAL CONTROLLER

–

$120k - $150k

$140k - $200k

$180k - $250k

COMMERCIAL FINANCE MANAGER / DIRECTOR

–

$110k - $150k

$130k - $190k

$180k - $230k

$100k - $150k

$140k - $180k

$170k - $200k+

$150k - $190k

$190k+

BUSINESS CONTROLLER

$85k - $100k

INTERNAL AUDIT DIRECTOR

–

INTERNAL AUDIT MANAGER

–

INTERNAL AUDITOR TAX DIRECTOR

– $90k - $120k

$55k - $85k

–

–

–

ASSET / TAX MANAGER

$85k - $100k

TAX ACCOUNTANT / ANALYST

$58k - $80k

–

–

–

TREASURY DIRECTOR / TREASURER

$105k - $145k

$110k - $150k

–

– $175k - $230k

– $230k+

$140k - $180k

–

–

–

$175k - $230k

$230k+

$120k - $160k

–

ASSET / TREASURY MANAGER

$85k - $100k

TREASURY ACCOUNTANT / ANALYST

$58k - $80k

–

ASST / FINANCE MANAGER (SME / MNC / SSC)

$70k - $90k

$90k - $115k

FINANCIAL ACCOUNTANT

$50k - $85k

$85k - $110k

FINANCIAL PLANNING & ANALYSIS MANAGER

$78k - $95k

$90k - $120k

$110k - $150k

FINANCIAL / BUSINESS ANALYST

$50k - $80k

$75k - $105k

$100k - $135k

CREDIT ANALYST / CONTROLLER / MANAGER

$45k - $60k

$60k- $90k

$90k - $115k

REVENUE ANALYST / MANAGER

$80k - $105k

$105k - $150k

$150k+

–

CORPORATE FINANCE MANAGER

$70k- $90k

$90k - $125k

$120k+

–

PRICING ANALYST / MANAGER

$50k - $80k

$80k - $110k

–

–

AP / AR ASST / MANAGER

$75k - $110k

100 - 130

–

–

AP / AR ACCOUNTANT

$55k - $85k

–

–

–

–

–

SUPPLY CHAIN FINANCE DIRECTOR

$90k - $130k

SUPPLY CHAIN FINANCE MANAGER / CONTROLLER

$90k - $110k

$120k - $155k

COSTING ACCOUNTANT / ANALYST / MANAGER

$50k - $78k

$85k - $110k

– $115k - $140k

– $130k+

–

$150k - $200k $150k+

– $150k+ – $110k+

$200k+ –

–

–

12

IT


Information Security Manager

2 Regional Sales Director 3 Senior Developer

13

IT

PERMANENT Technology hiring in investment banking fluctuated over the course of 2014. Whilst many investment banks have been involved in large scale offshoring projects, other institutions have reversed the offshoring trend and invested in Singapore to create or move jobs here.

THE NEED FOR BUSINESS-MINDED TECHNOLOGISTS, PROGRAM OR PROJECT MANAGERS, AND BUSINESS ANALYSTS HAS BEEN HIGH.

The private banking and wealth management sector has continued to grow this year. This has had a direct impact on technology hires from technical, functional and even digital technology. Corporate and consumer banking remained relatively active throughout 2014, and demand for professionals in the digital consumer, corporate cards and channels technology has been high. Local banks continue to expand and replace headcount in pockets. There have been many large scale projects in technology aligned with growth and demand for greater efficiency. As a result of increased offshoring of technical skills to lower cost centres in Asia, the need for businessminded technologists, program or project managers, and business analysts has been high. These professionals have been able to command higher salaries. In-demand professionals include those with a background in information security, risk, governance, compliance and audit technology. Morgan McKinley expects this trend to continue, in line with the ongoing changes in global and local regulation. The search for this type of talent is often global, which typically increases salaries. In 2014, there was an increase in hiring via external search firms at the vice president, senior vice president and director level, and salaries have been competitive.

The IT and telecommunications space has seen increased demand for sales and pre-sales talent, as companies look to uptake on the cloud and big data technology opportunities. Meeting shareholder expectations means companies need to be innovative when attracting talent, especially where talent is in high demand. However, cost drivers and booming home markets mean some companies are changing location strategies for technology, delivery centric and non-client facing roles.

CONTRACT This past year has seen strong growth in the technology contract business. As it remains difficult to secure approvals for full term employment (FTE), contracting represents a flexible hiring method. With many large scale banks shedding or displacing roles from Singapore, professionals have managed to secure contract placements across banks or via tech vendors. Due to an increased supply of professionals, salaries have been competitive and lower than the market rate.

Digital applications for the technical and program, as well as transformation side, have been in demand, creating a buoyant market. A number of global projects have launched in Singapore within private and corporate banking, as well as on the digital vendor side. Salary increases have been good in this area for digital talent.

14

IT

INFRASTRUCTURE – FINANCIAL SERVICES SKILL



VP / Senior Manager

SVP / Director

Director / Senior

SERVICE DESK

$42k - $54k

$60k - $84k

$90k - $140k

$150k - $180k

$180k - $220k

SERVER (UNIX, LINUX, WINDOWS)

$54k - $66k

$70k - $108k

$110k - $160k

$170k - $220k

$230k - $280k+

NETWORK (DATA / VOICE / FIREWALL)

$48k - $70k

$72k - $108k

$120k - $150k

$180k - $250k

$250k - $300k+

STORAGE

$60k - $72k

$80k - $120k

$130k - $150k

$160k - $200k

$210k - $250k+

DATABASE

$54k - $66

$70k - $108k

$110k - $160k

$170k - $220k

$230k - $280k+

VIRTUALIZATION

$60k - $78k

$78k - $120k

$132k - $180k

$190k - $210k

$210k - $250k+

DATA CENTRE

$42k - $66k

$70k - $100k

$120k - $170k

$180k - $220k

$230k - $280k+

MESSAGING AND COLLABORATION

$54k - $66k

$70k - $108k

$110k - $160k

$170k - $220k

$230k - $280k+

$84k - $120k

$150k - $180k

$180k - $200k

$210k - $250k+

$150k - $180k

$200k - $250k

$250k - $300k+

$300k - $400k

$400k - $500k+

SVP / Director

Director / Senior

INFRASTRUCTURE PROJECT MANAGEMENT

–

TECHNICAL INFRASTRUCTURE ARCHITECTURE

–

–

HEAD OF INFRASTRUCTURE

–

–

–

DEVELOPMENT & TESTING – FINANCIAL SERVICES ROLE



VP / Senior Manager

C++ DEVELOPER

$70k - $90k

$90k - $120k

$120k - $200k

–

–

JAVA DEVELOPER

$80k - $100k

$100k - $140k

$140k - $200k

–

–

C# DEVELOPER

$50k - $90k

$90k - $140k

$150 - $200k

–

–

TECHNICAL LEAD

$60k - $90K

$90k - $140k

$140k - $180K

–

–

DEVELOPMENT MANAGER

–

–

$150k - $200k

$200k - $300K

$300K+

AUTOMATION ENGINEER

$70k - $100k

$100k - $145k

$150k - $180k

–

–

QA TESTER

$70k - $100k

$100k - $145k

$150k - $180k

–

–

PERFORMANCE TESTER

$70k - $100k

$100k - $145k

$150k - $180k

–

–

UAT TESTER

$70k - $100k

$100k - $145k

$150k - $180k

–

–

$90k - $140k

$150k - $200k

$220k - $260k

$300k+

$150k - $200k

$200k -280k

$280k+

TEST MANAGER

–

ARCHITECTURE

–

–

15

IT

APPLICATION SUPPORT & PROJECT MANAGERS / BUSINESS ANALYSTS – FINANCIAL SERVICES

ROLE



VP / Senior Manager

SVP / Director

Director / Senior

IT – BUSINESS ANALYST (BANKING)

$60k - $90k

$90k-$144k

$144k - $200k

$200k-$250k

$250k+

$100k - $150k

$150k - $200k

$200k - $290k

$280k+

PROJECT / PROGRAM MANAGER

–

LEVEL 1 / 2 TECHNICAL SUPPORT

$50-$70k

$70-$90k

$90-$150k

LEVEL 3 TECHNICAL SUPPORT

$70k - $100k

$100k - $130k

$130k - $180k

$180k+

–

APPLICATION SUPPORT (BO / MO)

$60-$90k

$80k - $110k

$110k - $160k

$160k+

–

TRADER SUPPORT (FO) (APPLICATION)

$75-$100k

$100-$150k

$150-$200k

$200-$280k

–

–

$280k+

INFORMATION SECURITY & GRC TECHNOLOGY / IT AUDIT – FINANCIAL SERVICES ROLE



VP / Senior Manager

SVP / Director

Director / Senior

IT SECURITY OPERATION

$60k - $90k

$90k - $130k

$130k - $180k

$180k - $220k

$220k+

IT SECURITY

$60k - $90k

$90k - $140k

$140k - $200k

$200k - $250k

$250k+

INFORMATION SECURITY

$55k - $78k

$78k - $130k

$130k - $240k

$240k - $320k

$320k+

IT AUDIT

$50k - $70k

$70k - $140k

$140k - $240k

$240k - $300k

$300k+

TECHNOLOGY RISK MANAGEMENT

$65k - $100k

$110k - $150k

$150k - $200k

$200k - $280k

$280k+

NETWORK SECURITY

$60k - $90k

$90k - $130k

$130k - $180k

$180k - $250k

$250k+

$100k - $150k

$150k - $200k

$200k - $280k

$280k+

PROJECT / PROGRAM MANAGER

–

IT & TELECOMMUNICATIONS ROLE



VP / Senior Manager

SVP / Director

Director / Senior

IMPLEMENTATION / SUPPORT

$60k - $100k

$90k - $145k

$165k - $250k

$250k - $320k

$350k+

PROJECT MANAGEMENT

$60k - $100k

$90k - $145k

$165k - $250k

$250k - $320k

$350k+

SERVICE DELIVERY

$60k - $100k

$90k - $145k

$165k - $250k

$250k - $320k

$350k+

ARCHITECTURE

$60k - $100k

$90k - $145k

$165k - $250k

$250k - $320k

$350k+

PRE SALES (OTE)

$90k - $145k

$120k - $200k

$220k - $320k

$300k - $420k

$450k+

SALES (OTE)

$90k - $180k

$180k - $300k

$280k - $450k

$380k - $600k

$600k+

BUSINESS DEVELOPMENT (OTE)

$90k - $160k

$160k - $250k

$250k - $380k

$380k - $450k

$450k+

BID MANAGEMENT

$90k - $145k

$120k - $180k

$200k - $260k

$250k - $320k

$350k+

DEAL ANALYST

$90K - $145K

$120K - $180K

$200K - $260K

$250K - $320K

$350k+

SALES OPERATIONS

$60K - $100K

$90K - $145K

$165K - $250K

$250K - $320K

$350k+

16

HUMAN RESOURCES


HR Business Partner

2 Compensation & Benefit Manager 3 Regional Talent Management Manager

17

HUMAN RESOURCES

PERMANENT Human Resource (HR) leaders are seeking highperforming individuals who possess the ability to learn and grow with the company. Professionals with good track records and high potential to be further groomed are in high demand. In 2015, employee retention is a key focus for both local heads of HR and regional HR directors. As a result there is an emphasis on new/expanded positions in talent management, compensation and benefits, and staff engagement. Despite other industries facing an uphill task to increase headcount, the segments enjoying the most expansion appear to be within the pharmaceutical, technology and industrial sectors.

THE SEGMENTS ENJOYING THE MOST EXPANSION APPEAR TO BE WITHIN THE PHARMACEUTICAL, TECHNOLOGY AND INDUSTRIAL SECTORS.

HR generalists are facing a conservative salary increase with most securing only single-digit increments. This is either from annual wage increases or even as they move into a new role within another organisation.

The highest paid HR specialisation seems to remain within compensation and benefits as they are highly sought-after. Salary packages often grow as they take on responsibility for more countries across the region.

CONTRACT For contract recruitment within HR, the market continues to lean on the side of being contingency driven rather than planned hires. Peak period and maternity cover are the two most common reasons for such fixed-term contracts. Interestingly, there is an upward trend for senior level interim hires across both large and small international multi-national corporations, as well as local corporations. This is due to the bout of global restructuring, regional acquisitions and / or business divestitures, taking place in these companies.

In-demand positions include interim HR business partner, interim APAC HR leader, interim ASEAN HR project lead, regional organisational development specialist, and change and transformation manager. Overall, the need for contract staff is expected to increase as companies face conservative headcount growth and have to maintain business flexibility by hiring much needed talent without adding to their permanent employee numbers.

18

HUMAN RESOURCES

HUMAN RESOURCES (COMMERCE & INDUSTRY) | PERMANENT (Annual Salary) ROLE

0 – 7 years

7 – 10 years

10 – 15 years

> 15 years

REGIONAL CHIEF HUMAN RESOURCES OFFICER

–

–

–

$300k+

REGIONAL HEAD OF HR

–

–

–

$200k+

REGIONAL HR MANAGER / EXECUTIVE

–

$70k - $100k

$90k - $120k

$110k - $170k

COUNTRY HR DIRECTOR

–

–

$100k - $150k

$140k+

$65k - $95k

$85k - $115k

$105k - $135k

–

$80k - $110k

$100k - $130k

$150k+

$55k - $85k

$75k - $105k

$95k - $125k

COUNTRY HR MANAGER / EXECUTIVE REGIONAL HR BUSINESS PARTNER HR BUSINESS PARTNER REGIONAL HEAD OF COMPENSATIONS & BENEFITS

$45k - $75k

–

–

–

C&B DIRECTOR / MANAGER

–

C&B EXECUTIVE / ANALYST

$50k - $70k

$60k - $90k

–

–

–

–

L&D DIRECTOR / MANAGER

–

$70k - $90k

L&D EXECUTIVE / ANALYST

$45k - $65k

$65k - $85k

TRAINING MANAGER / TRAINER

$55k - $75k

$65k - $95k

$85k - $105k

–

$55k - $95k

$85k - $115k

REGIONAL HEAD OF TALENT ACQUISITION

–

–

TA DIRECTOR / MANAGER

–

$65k - $95k

TA EXECUTIVE / RECRUITER

$45k - $65k

$65k - $85k

HEAD OF SHARED SERVICES

–

REGIONAL HEAD OF LEARNING & DEVELOPMENT

TALENT & CHANGE MANAGEMENT / ORGANISATIONAL DEVELOPMENT

$70k - $100k

$100k - $150k

$90k - $120k

– $230k+ $170k+ – $200k+ $130k+

–

– $95k - $125k

– – $135k+ $160k+ $125k+

–

–

–

$120k - $180k

$50k - $80k

$70k - $90k

$80k - $120k

REGIONAL HEAD OF PAYROLL

–

–

$100k - $170k

$200k+

PAYROLL DIRECTOR / MANAGER

–

–

$85k - $135k

$145k+

PAYROLL EXECUTIVE / ANALYST

$40k - $60k

$60k - $80k

GLOBAL MOBILITY MANAGER / EXECUTIVE

$50k - $70k

$70k - $120k

$120k+

–

$50k - $70k

$70k - $110k

$110k+

–

$40k - $60k

$60k - $100k

$100k+

SS MANAGER / EXECUTIVE

HR INFORMATION SERVICES MANAGER / EXECUTIVE EMPLOYEE ENGAGEMENT MANAGER / EXECUTIVE

–

$220k+ –

–

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PROJECT MANAGEMENT


Regulatory Project Manager

2 Process Improvement Manager / BA 3 Business Analyst – Financial Services

20

PROJECT MANAGEMENT

PERMANENT In 2015, there is strong demand for both contract and permanent project and change professionals, primarily in the banking, financial and professional services sectors. With a number of large global initiatives starting or ramping up, there is demand for mid management and senior management professionals. These projects are driven by large transformation programs involving off-shoring, on-shoring, regulatory changes, organisational structure changes and business improvement around customer initiatives. Those most in demand are: program managers, project managers, change managers and business analysts with specific domain knowledge in KYC, regulatory, finance and

WITH A NUMBER OF LARGE GLOBAL INITIATIVES STARTING OR RAMPING UP, THERE IS DEMAND FOR MID MANAGEMENT AND SENIOR MANAGEMENT PROFESSIONALS.

compliance that have a proven track record leading global projects. Permanent salaries generally remain the same with some added benefits around annual leave allowance and flexible working conditions.

CONTRACT The contract market is currently buoyant as most companies are still confirming structures and approved project focus for 2015. There is potential where contract headcount is preferred because permanent headcount is lacking approval for Q1 and Q2. The core areas demanding contract professionals within project and change are projects related to regulatory change, specifically knowledge and experience in Volker, Dodd Frank, FACTA and EMIR.

continue its expansion, and demand for project management office (PMO) specialists at the analyst, associate vice-president and vice-president levels to increase. In the contract market, we are seeing improvement in packages including finishing bonuses and increases in monthly pay to compensate for no bonus and benefits.

Business analysts with extensive experience in process mapping, analysis and requirements gathering are in demand. Morgan McKinley expects this sector to

PROJECT & CHANGE MANAGEMENT | PERMANENT (Annual Salary) ROLE

Annual Salary

JUNIOR BUSINESS ANALYST

$50k - $80k

BUSINESS ANALYST

$70k - $100k

SENIOR BUSINESS ANALYST

$80k - $120k

PROJECT MANAGER

$70k - $140k

SENIOR PROJECT MANAGER

$100k - $180k

PROGRAMME MANAGER

$140 k- $220k

SENIOR PROGRAMME MANAGER

$170k - $250k

PROCESS ANALYST

$70k - $130k

BUSINESS PROCESS IMPROVEMENT MANAGER

$90k - $140k

CHANGE ANALYST

$70k - $130k

CHANGE MANAGER

$90k - $140k

21

SALES & MARKETING


Digital Marketing

2 Client Management 3 Business Development/ Sales

22

SALES & MARKETING

PERMANENT We are seeing annual salary review remain similar compared to previous years and offer salary for new roles remain the same or rather less attractive.

Pharmaceutical & Medical Device

Permanent employment will always be more prevalent, when it comes to sales and marketing functions in the medical sector. There was major activity over 2014 in both pharmaceuticals and medical devices companies, and jobseeker movements have been fuelled by strategic restructures, as well as mergers and acquisitions activity. However, there has been decent growth in some sales teams due to new products being introduced into the Asia Pacific market.

Advertising

The advertising industry is seeing a surge in smaller independent firms setting up in Singapore in competition with the bigger agencies. 2015 looks to be the year where social engagement via content will remain top priorities for agencies. The emphasis of social media and the subsequent lack of available professionals with relevant social experience drive the move of public relations professionals with a social (content centric) focus into advertising agencies. Hiring appetite remains high for most advertising agencies as they seek to aggressively win new business in 2015, particularly professionals with social, UX or fast moving consumer goods (FMCG) experience.

Digital Marketing and ecommerce

Morgan McKinley expects increasingly strong demand for digital marketers and business development professionals within ecommerce for 2015, as more businesses look to build their online presence. There is strong demand for junior to middle level professionals with an increase in budget and headcount for the year. Furthermore, with the increasing number of ecommerce start-ups, there is demand for senior level candidates to help build up the business.

WITH THE INCREASING NUMBER OF ECOMMERCE START-UPS, THERE IS DEMAND FOR SENIOR LEVEL CANDIDATES TO HELP BUILD UP THE BUSINESS.

MICE (Meetings, incentives, conferences, and exhibitions)

There is steady demand for good MICE professionals in the market and this trend will continue in 2015. Corporate organisations are cutting down and merging roles internally to stay lean. As a result, more businesses are looking at outsourcing their event marketing activities to agencies. There is a shortage of middle level professionals, which will lead to a high demand of candidates within this area.

23

SALES & MARKETING

SALES – PHARMACEUTICALS AND MEDICAL DEVICES ROLE

Annual Salary

DIRECTOR/GENERAL MANAGER (15+ years)

$190k - $300k

BUSINESS UNIT HEAD – REGIONAL (10+ years)

$120k - $180k

BUSINESS UNIT HEAD – LOCAL (8+ years)

$95k - $135k

SENIOR / GROUP SALES MANAGER (8+ years)

$90k - $120k

SALES MANAGER (5+ years)

$60k - $100k

SENIOR SALES REPRESENTATIVE (3+ years)

$48k - $55k

SALES REPRESENTATIVE (0=3 years)

$30k - $48k

MARKETING – PHARMACEUTICALS AND MEDICAL DEVICES ROLE

Annual Salary

DIRECTOR / SENIOR DIRECTOR (15+ years)

$180k - $280k

ASSOCIATE DIRECTOR (10+ years)

$120k - $180k

BUSINESS UNIT HEAD – REGIONAL (10+ years)

$120k - $180k

MARKETING MANAGER (6+ years)

$90k - $145k

SENIOR PRODUCT MANAGER (6+ years)

$90k - $135k

PRODUCT MANAGER (5+ years)

$80k - $120k

PRODUCT MANAGER (3 – 5 years)

$55k - $85k

PRODUCT SPECIALIST / EXECUTIVE

$45k - $55k

ECOMMERCE ROLE

Annual Salary

SALES DIRECTOR, VP SALES (12+ years)

$150k - $220k

BUSINESS DEVELOPMENT MANAGER (7+ years)

$84k - $100k

SENIOR BUSINESS DEVELOPMENT EXECUTIVE (5+ years)

$60k - $84k

BUSINESS DEVELOPMENT EXECUTIVE (3+ years)

$36k - $60k

24

SALES & MARKETING

DIGITAL ROLE

Annual Salary

DIGITAL MARKETING DIRECTOR (12+ years)

$150k - $220k

SENIOR DIGITAL MARKETING MANAGER

$100k - $145k

DIGITAL MARKETING MANAGER (7+ years)

$84k - $100k

DIGITAL MARKETING EXECUTIVE (3+ years)

$50k - $80k

BANKING & FINANCIAL SERVICES - MARKETING ROLE

Annual Salary

REGIONAL HEAD OF MARKETING – EXECUTIVE DIRECTOR (20+ years)

$350k - $600k

HEAD OF MARKETING – SVP, DIRECTOR (15+ years)

$250k - $300k

SENIOR MARKETING MANAGER – VP (12+ years)

$102k - $180k

MARKETING MANAGER – AVP (8+ years)

$72k - $108k

ASSOCIATE (5 years)

$48k - $60k

ADVERTISING AGENCY (DIGITAL + INTEGRATED) ROLE

Annual Salary

BUSINESS DIRECTOR

$192k - $300k

GROUP ACCOUNT DIRECTOR

$132k - $213k

SENIOR ACCOUNT DIRECTOR (8+ years)

$102k - $144k

ACCOUNT DIRECTOR (7+ years)

$80k - $112k

HEAD OF STRATEGY / PLANNING (15+ years)

$200k - $380k

HEAD OF SOCIAL MEDIA

$132k - $168k

EXECUTIVE CREATIVE DIRECTOR (12+ years)

$180k - $300k

CREATIVE DIRECTOR (10+ years)

$120k - $180k

25

SALES & MARKETING

PUBLIC RELATIONS – PR AGENCY ROLE

Annual Salary

MANAGING DIRECTOR / GENERAL MANAGER (18+ years)

$250k - $300k

PRACTICE HEAD (15+ years)

$145k - $220k

ACCOUNT DIRECTOR (10+ years)

$90k - $160k

ACCOUNT MANAGER (5+ years)

$65k - $90k

DIGITAL PR MANAGER (5+ years)

$75 - $120k

PUBLIC RELATIONS – IN-HOUSE ROLE

Annual Salary

REGIONAL DIRECTOR, CORPORATE COMMUNICATIONS (15+ years)

$240k - $320k

DIRECTOR, CORPORATE COMMUNICATIONS (12+ years)

$150k - $180k

PUBLIC RELATIONS MANAGER (7+ years)

$84k - $130k

MARKETING COMMUNICATIONS DIRECTOR (10+ years)

$120k - $180k

MARKETING COMMUNICATIONS MANAGER (7+ years)

$84k - $130k

EVENT MANAGEMENT ROLE

Annual Salary

OPERATIONS EVENTS DIRECTOR (8+ years)

$96k - $144k

CREATIVE DIRECTOR (7+ years)

$84k - $132k

BUSINESS DEVELOPMENT MANAGER (5+ years)

$60k - $72k

SENIOR EVENTS MANAGER (5+ years)

$72k - $96k

EVENTS MANAGER (3+ years)

$60k - $72k

EVENTS EXECUTIVE (1+ years)

$42k - $60k

HOSPITALITY ROLE

Annual Salary

DIRECTOR OF SALES & MARKETING (10+ years)

$120k - $180k

DIRECTOR OF SALES (8+ years)

$100k - $150k

SENIOR SALES MANAGER (5+ years)

$60k - $95k

SALES / MARKETING MANAGER (3+ years)

$40k - $62k

26


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Demographics Morgan McKinley surveyed professionals in Singapore for the Salary Survey in January 2015. Respondents are all professionals on the Morgan McKinley database and from our website morganmckinley.com.sg, who are engaged in a range of specialist sectors such as Financial Services, Technology, Retail/FMCG, Construction & Engineering, Public Sector, Media, Pharmaceutical, Healthcare and Legal with the majority of respondents from the Banking and Financial Services Sector (39%) followed by the Technology sector (21%). Just under two thirds (63%) of the 422 respondents are male, 35 percent are female, while the remainder (3%) prefer not to say. They ranged in age from 20-51+ years with 17% in the 20-30 bracket, 54% in

the 31-40 bracket, 23% in the 41-50 bracket and 5% in the 51+ the bracket. Forty percent of respondents have over ten years of experience in their current role or one that is similar. Professionals with 6-9 years of experience make up for 31 percent of respondents, 19 percent of respondents account for those with 3-5 years of experience, and 10 percent account for those with between 1-2 years of experience.

NINETY-TWO PERCENT OF THE PROFESSIONALS SURVEYED ARE PERMANENT EMPLOYEES AND THE REMAINDER (8%) ARE CONTRACT OR TEMPORARY WORKERS.

28


Has your salary increased over the past twelve months (permanent employees)? The majority (73%) of professionals surveyed say their salary has increased over the past year. However, almost one quarter (23%) say they have had no pay rise at all. Four percent of professionals who responded say they have experienced a pay reduction over the last year. Thirty-eight percent of respondents who received a pay increase say this was between 1-4 percent. This is followed by 31 percent who say they have received an increase of between 5-8 percent and 12 percent who say they have received an increment of 9-12 percent. Just under one fifth (19%) of respondents say they have received a salary increase of more than 13 percent.

result of meeting their own personal key performance indicators (KPIs). Just over half (52%) of respondents say the increase can be attributed to group or company performance. Twelve percent say the increment is due to exceeding personal sales targets. Other reasons cited for pay rises include promotion, change of job, completing the probationary period, and CPI adjustment.

THIRTY-EIGHT PERCENT OF RESPONDENTS WHO RECEIVED A PAY INCREASE SAY THIS WAS BETWEEN 1-4 PERCENT.

Out of those who received an annual salary increase, the overwhelming majority (76%) say it was as a

29


Have you received or are you expecting an annual bonus from your employer for 2014 (permanent employees)? The vast majority of respondents (76%) say they have received or are expecting to receive an annual bonus for 2014. Almost one fifth (18%) say they have not received or do not expect to receive a bonus this year. Six percent say they do not receive an annual bonus at all. Thirty-six percent of respondents, who received an annual bonus, say it increased between 1-4 percent. This was followed by just under one quarter (24%) of respondents who say their annual bonus increased 5-8 percent. One fifth (20%) say their annual bonus increased 9-12 percent and a further 20 percent say it rose more than 13 percent.

meeting personal KPIs. This is followed by 68 percent, who say they received an annual bonus as a result of group or company performance. Furthermore, exceeding one’s own personal sales target is cited by 12 percent as a reason for receiving their annual bonus. Promotion is another reason listed by respondents.

OF THOSE WHO RECEIVED AN ANNUAL BONUS FOR 2014, A SIGNIFICANT MAJORITY (73%) SAY THIS WAS A RESULT OF MEETING PERSONAL KPIS.

Of those who received an annual bonus for 2014, a significant majority (73%) say this was a result of

30


Has your temporary / contract rate or salary increased over the last twelve months? Just over half (53%) of the temporary and contract workers, who responded, state that their salary or rate remained unchanged over the last year. Forty-four percent say they received an increase in pay and just three percent said that their rate of pay had decreased. This is in contrast to the vast majority (73%) of permanent employees who have seen their rates of pay increase over the past year.

between 1-4 percent. Eight percent of respondents reported an increase of 5-8 percent and a further eight percent say they received an increment of 9-12 percent. Just under one third (30%) say they received a pay rise of more than 13 percent.

For those contract workers that did receive a pay increment last year, over half (54%) say this was

FORTY-FOUR PERCENT SAY THEY RECEIVED AN INCREASE IN PAY AND JUST THREE PERCENT SAID THAT THEIR RATE OF PAY HAD DECREASED.

31


What benefits are included as part of your remuneration package? The majority (72%) of professionals, who responded, list insurance (life and health) as one of the benefits included in their current remuneration package. This is followed by an annual bonus scheme (62%), holidays (49%), laptop or computer (48%), maternity or maternity leave (48%), mobile phone (46%) and training (45%). Other benefits reported by respondents include: flexible working hours, pension and superannuation schemes, paid study leave, gym memberships, transport allowances, leisure discounts, completion bonuses, household services and accommodation. Seven percent of professionals surveyed say they receive no benefits as part of their remuneration package.

OTHER BENEFITS REPORTED BY RESPONDENTS INCLUDE: FLEXIBLE WORKING HOURS, PENSION AND SUPERANNUATION SCHEMES, PAID STUDY LEAVE, GYM MEMBERSHIPS…

32


Which remuneration benefits are most important to you? In terms of the remuneration benefits that are most important to employees, the vast majority (72%) of respondents said that an annual bonus scheme is key. Flexible working hours also featured at the top of the list, with over half (55%) stating this is important to them. However, this is something that just 33 percent of professionals say they are currently offered as part of their package. Insurance (health and life) was also seen as important by a significant proportion (53%), as was holiday leave (39%) and training (37%). Other benefits that respondents see as important include: mobile phone, laptop or computer, pension and superannuation schemes, maternity and paternity leave, paid study leave, gym membership, transport, household services, accommodation and school fees.

THE VAST MAJORITY (72%) OF RESPONDENTS SAID THAT AN ANNUAL BONUS SCHEME IS KEY.

33


Do you think female employees in your company are earning less than male employees in the same role? Over half (52%) of professionals surveyed believe women do not earn less than their male counterparts in the same role. However, 15 percent say they believe this is the case. Approximately one third (33%) of respondents say they are unsure as to whether there is a pay discrepancy between male and female staff in the same role.

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