MORE new-to-market jobs and opportunities are expected to drive wage inflation in Singapore, according to the latest Robert Walters Asia Job Index Q2 2014 report.
The report - which tracks job advertising volumes for professional posts across major job boards and national newspapers in China, Hong Kong, Japan, Malaysia, Singapore and South Korea - found that job advertisements were up 59 per cent year-on-year in Singapore in Q2.
For Asia, overall job advertisements were up 28 per cent year-on-year, pointing to a more active employment market.
"With the Fair Consideration Framework gathering pace in Singapore, the demand for local talent rose across industries," said Toby Fowlston, managing director (Singapore) for recruitment consultancy firm Robert Walters. "However, it remained a candidate driven market which left positions vacant for extended periods and longer-running job advertisements."
The Fair Consideration Framework aims to ensure that Singaporean professionals are fairly considered for jobs. Employers have to advertise job postings on a new national jobs bank for a certain period before any applications for employment passes for professionals, managers and executive jobs will be accepted.
Job advertising in Singapore rose the highest in the accounting and finance industry, up 91 per cent. This was followed by 80 per cent for human resource professionals, the Robert Walters report said.
In the IT industry, job advertising was up 67 per cent year-on-year in the second quarter of 2014 as firms found it tough to secure talent, especially at the junior levels.
In the sales industry, job advertisements were up 62 per cent and for product & logistics operations, advertisements increased 56 per cent.
Mr Fowlston said Singapore remains a feasible choice for multi-national corporations and small and medium enterprises (SMEs), even with higher operating costs and competition from other regional markets.
"Hence, we are likely to see more new-to-market jobs and opportunities driving wage inflation," he added, singling out the oil and gas as well as manufacturing industries as strong employers.