Asia-focused finance recruitment Q&A
We caught up with finance recruitment experts at Hays in Singapore, China and Malaysia to see what they had to say about the outlook for finance careers this year.
But first some stats from the Hays Asia Salary Guide, which covers China, Hong Kong, Singapore, Malaysia and Japan and surveyed nearly 10,000 professionals.
- 52% of organisations intend to add to their workforce in 2022
- 80% of organisations plan on increasing salaries this year
- 80% of professionals expect a salary increase
- 74% of professionals do not expect or are unsure of receiving a promotion this year
- 81% are either actively seeking a new role or are open to a new challenge
- 87% of professionals in China have a preference to work for Western MNCs and SMEs
- 73% said their reason for leaving a role was for better salary packages
- 67% expect their organisations’ activities to increase in 2022
- Salary increases will likely remain within the 3-6% range
- 45% of employer are not confident of finding skilled talent
- Communication, problem solving and teamwork are the top three soft skills desired by employers
Kelly Wee, Senior Manager, Hays Singapore
What's the outlook for finance and accounting recruitment in 2022?
The outlook for finance and accounting recruitment in 2022 is looking very positive. We’re seeing a resurgence of numerous roles that were made redundant during the pandemic, though some of these roles have been revamped as a response to the pandemic. This is resulting in fierce competition for talent and it’s not uncommon for candidates to have multiple offers on hand, with companies fighting hard for top tier talent.
Which roles and specialisms will see the most demand and movement? Which sectors and industries will be the biggest hires?
We’re seeing a rise in activity for general accounting and FP&A roles, as well as a noticeably higher demand for middle to senior level roles as more companies look to build up their regional headquarters here in Singapore.
Companies that have plans to expand into the China market also tend to pick Singapore for their regional headquarters due to the bilingual capabilities (English and Mandarin) of local talent. Industries where we see accelerated hiring activity are technology, cryptocurrency and FMCG.
Which will be the most in demand a) technical/specialist skills and b) soft skills?
Data-driven analytical skills are highly valued by employers and candidates who have proven expertise in this area will have an advantage. When it comes to soft skills, analytical skills, the ability to work with and manage stakeholders across different cultural backgrounds, and business acumen are increasingly critical, especially if operational roles are set to be outsourced or replaced by robotics accounting.
What can candidates do to stand out and get hired in a (nearly) post-pandemic remote world? Will remote/hybrid working mean people can apply for jobs from anywhere in the world?
Candidates will need to demonstrate the ability to be flexible, adaptable, and resilient. Crisis management is key. Employers are certainly more open when it comes to hiring candidates from different locations, but this is not yet a norm. There is still a strong preference for locally based candidates.
Has the pandemic changed the demand profile of candidates?
In general, employers are tending towards candidates who demonstrate flexibility and those who bring a wider range of skills to the table. With the heightened focus on productivity and efficiency, finance candidates with the ability to drive productivity, improve work processes and increase efficiency will be in high demand. These candidates will be expected to fill the role of business partners who simultaneously drive revenue and help to reduce costs.
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Echo Wang, Senior Manager, Hays China
What's the outlook for finance and accounting recruitment in 2022?
We foresee that the demand for multilingual candidates will increase, as more foreign companies who moved their HQs back to their home country will be coming back to China post pandemic. In addition, with many companies undergoing restructuring and mergers, candidates who are familiar with M&A, lead changes and transformations will be highly sought after. With more and more companies entering hyper growth in China, demand for talent with internal audit/control as well as in the tax function will remain high.
Which roles and specialisms will see the most demand and movement? Which sectors and industries will be the biggest hires?
Sectors: Internal Audit, Internal Control, Tax function
Industry: Life Science and Technology
Which will be the most in demand a) technical/specialist skills and b) soft skills?
Candidates with a deep understanding of business, a sharp commercial sense and solid stakeholder management skills are valued by employers. Difficult to hire candidates are those who can balance multiple stakeholders and collaborate with sales and marketing departments.
What can candidates do to stand out and get hired in the (nearly) post-pandemic remote world? Will remote/hybrid working mean people can apply for jobs from anywhere in the world?
Candidates who can easily adapt to the new environment and lead change and transformation at an organisation will definitely stand out and get hired. A vast majority of employers still prefer locally based candidates.
Has the pandemic changed the demand profile of candidates?
In some ways, yes. During the pandemic period, some multinational companies have needed more staff to be the bridge between their local branches and HQ, hence candidates with an international background are in high(er) demand against the backdrop of the pandemic. Employers also have higher expectations for commercial finance candidates.
Vishalane Devi, Team Manager, Hays Malaysia
What's the outlook for finance and accounting recruitment in 2022?
There will be a lot of recruitment activity across finance and accounting. With the after effect of the pandemic and all economic sectors fully resuming, there are a lot opportunities in the local market.
Which roles and specialisms will see the most demand and movement? Which sectors and industries will be the biggest hires?
There has been demand in the retail and consumer sector. Shared services and foreign language roles are also in demand.
Which will be the most in demand a) technical/specialist skills and b) soft skills?
Technical/specialist skills: Automation and system experience. FP&A experience
Soft skills: communication and leadership
What can candidates do to stand out and get hired in the (nearly) post-pandemic remote world?
A candidate’s CV needs to be strong and to be able to articulate relevant experience clearly during a virtual interview is crucial.
Will remote/hybrid working mean people can apply for jobs from anywhere in the world?
Yes and no: some roles require candidates to have market experience or to be able to attend meetings on a weekly basis.
Has the pandemic changed the demand profile of candidates?
Yes, to a certain extent. Finance and accounting roles remain the same, however, the need to be agile has increased. To be able to work from home, adapt to changes and the use of systems. People are more reliant on cloud-based systems in order to be able to work from home and still have all the data/information updated immediately.
More information on Hays Asia Salary Guide