From today newspaper:
Costs a big turn-off for finance talent
Joseph Yadao
[email protected]
SINGAPORE may lose its appeal for financial professionals, both
locally and abroad, because of the Republic's rising living costs,
according to a poll conducted by eFinancialCareers.com.
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Of the 508 bankers based in Singapore and Hong Kong who took the
poll on the company's financial career website last month, 72 per
cent considered Singapore's rising cost of living a problem, with
almost all classifying it as a "big problem".
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Eighteen per cent of the respondents agreed that it was expected,
while only 6 per cent did not consider it a problem at all.
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"The relentless rise of costs associated with living in Singapore
is clearly a concern for many finance professionals and locals
are not the only ones who think so," said Ms Sarah Butcher, global
editor of eFinancialCareers.com.
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A worldwide survey conducted by Mercer Human Resource Consulting in
March ranked Hong Kong as the world's fifth most expensive city,
while Singapore climbed three places to 14th spot.
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"With Hong Kong ranked the world's fifth most expensive city, it is
common for local bankers to be lured by career opportunities in
less expensive financial hubs in the region, including
Singapore.
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"But rising accommodation, public transport and food costs have
lessened the gap between the two cities and could impact on
Singapore's thriving finance sector," said Ms Butcher.
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The poll results could prompt employers to come up with more
attractive packages to attract and retain talent, she added. "It
will be interesting to see if there is any effect on the movement
of finance talent between the two markets.
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"As life in Singapore becomes more costly, candidates will
naturally consider pursuing their careers in less expensive
financial hubs in the region, placing upward pressure on salary and
incentive packages."
