Singapore - Global marketing, design and digital staffing leader, Aquent, has just released the Aquent Market Eye, a report containing insights into staff salaries, hiring trends and predictions relating to the use of both permanent and freelance/contract staff in Malaysia and Singapore.
Designed to supplement data contained within The Aquent Orange Book, the 2009 Aquent Market Eye suggests, encouragingly, the turmoil sparked by the near catastrophic collapse of world financial markets in late 2008 has now dissipated.
Consequently, businesses across the design, marketing and digital industries are growing in confidence and are set to take advantage of improved market conditions in 2010.
Aquent’s Regional Director for Asia, Steven Pang, said confidence within the Singapore market was now on the rise after widespread hiring and salary freezes brought about by depressed business conditions in the first half of 2009.
“Employers across Singapore are largely in agreement that the next six months will definitely be better than the last six months,” he said.
In Singapore, over 86 per cent of employers predict that business sentiment will not decline over the next six months; 66 per cent of employers are predicting an improvement in economic conditions.
Branding and design agencies are particularly optimistic, with 82 per cent predicting improved business conditions, while 65 per cent of PR agencies hold similar bullish sentiments. For consumer and corporate marketing, the overall outlook is positive while not expecting a V shaped recovery, with growth coming from emerging markets like Vietnam, China, India and fast recovering markets like Indonesia.
70 per cent of digital agencies and 50 per cent of PR agencies are expecting to raise salaries. Furthermore, 70 per cent of branding/design agencies and 50 per cent of both media and digital agencies are planning on increasing their permanent head counts. Most employers in consumer and corporate marketing are not planning to make major changes to headcount with 38% of respondents planning to use salary increases as a HR tool to reward high performers as a retention strategy.
Furthermore, the use of temporary/contract staff - an increasingly popular solution for employers across South East Asia – is also on the rise, despite budgets remaining tight. 50 per cent of both PR and digital agencies and 40 percent of branding/design agencies are expected to build on their use of temporary staff in the coming six months.
“Overall the Aquent Market Eye points to a business sector on the cusp of a recovery,” Pang said.
“No boom is in sight, the key phrase from employers is “cautious optimism for 2010”. All indicators show increasing hiring and slowly increasing salaries in Singapore.”
Surveying for the Aquent Market Eye was carried out via face-to-face and telephone interviews by Aquent agents over a one-month period, commencing Monday 10 August 2009 and concluding on Friday 4 September 2009. A total of 206 businesses across Singapore and Kuala Lumpur were surveyed.
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Aquent is the only global staffing company dedicated to marketing and design. With 73 offices in 18 countries, they have an unmatched network of professionals that enables them to deliver the right solution for any client need and provide exceptional career opportunities for their talent. Today Aquent has over 11,000 professionals working at over 3,000 companies. Over the course of its history, Aquent has made over half a million matches of professionals to our clients on an individual, team or through an onsite or offsite managed service basis. The company’s Asia-Pacific headquarters are in Sydney.