Dyson opens S$587m R&D centre at Singapore Science Park
By Nicole Tan Posted 13 Feb 2017 14:59 Updated 13 Feb 2017 15:10
The new facility will focus on developing new technologies for the future including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems. (Photo: Nicole Tan)
SINGAPORE: British technology firm Dyson, known for its vacuum cleaners and bladeless fans, opened a new £330 million (S$587 million) research and development centre at the Singapore's Science Park on Monday (Feb 13).
The facility will focus on developing new technologies for the future, including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems.
It will house the Global Technology Centre of Excellence, which will lead downstream research and development for new product categories and Internet of Things technologies to support the firm's move into the smart homes market.
Dyson's founder and chief engineer James Dyson said engineers at the new facility will work on bringing hardware, electronics and software together.
"The software is propelling hardware companies at a faster rate than software is propelling software companies. The power comes from the two working together,” he said. “Dyson is focusing on developing intelligent technology and making products which know and anticipate what you want before you do. Machine learning gives our products the intelligence to understand and react to the environment."
Speaking at the launch, Trade and Industry (Industry) Minister S Iswaran said Singapore will continue to work with industry partners to support innovation and internationalisation.
"These efforts will better position our enterprises to seize opportunities in growth sectors such as advanced manufacturing and the digital economy, as well as create good job opportunities for our people,” said Mr Iswaran.
Dyson, which currently employs 1,100 people in Singapore, said it plans to grow its Singapore-based engineering team by 50 per cent. It is seeking talent across a broad range of engineering disciplines, including connectivity, motors, sensors, robotics and software. The new centre will create an additional 190 jobs over the next five years.
- CNA/xk
- wong chee tat :)
Showing posts with label employability. Show all posts
Showing posts with label employability. Show all posts
Monday, February 13, 2017
Thursday, December 22, 2016
SMEs pessimistic about first half of 2017: Survey
SMEs pessimistic about first half of 2017: Survey
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Wednesday, December 21, 2016
Fewer Singapore employers plan to increase headcount next year: Survey
Fewer Singapore employers plan to increase headcount next year: Survey
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
Sunday, December 18, 2016
Retrenchment On The Rise But Vacancies Still Exists?
Published on Nov 18, 2016
While job redundancies have been on the increase, many sectors – from sales to engineering and accounting and finance – are struggling to fill vacancies. Ascent Solutions chief executive Lim Chee Kean explains why recruiting Singaporean engineers is an uphill task for small and medium enterprises, while mechanical engineering undergraduate Siang Xuan Yu shares why he is not confining his career options to what he studied in school. Accounting veteran Gerard Ee also talks about the leakage of professionals in the field who venture into other areas, such as entrepreneurship, and how smaller firms can woo accountants.
What are your thoughts?
- wong chee tat :)
Friday, December 16, 2016
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Wednesday, April 27, 2016
Expect lower wage growth in 2016: MAS
Expect lower wage growth in 2016: MAS
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Tuesday, March 22, 2016
FundedHere commences operations in Singapore
FundedHere commences operations in Singapore
The equity and debt crowdfunding platform says it will connect start-ups in Southeast Asia and China with accredited investors in Singapore, with investment amounts starting from S$5,000.
By Akshobh Giridharadas, Channel NewsAsia
Posted 21 Mar 2016 22:51 Updated 21 Mar 2016 23:15
SINGAPORE: An equity-based and lending crowdfunding platform on Monday (Mar 21) commenced operations in Singapore, following its receipt of a Capital Markets Services licence from the Monetary Authority of Singapore (MAS).
FundedHere said it will connect start-ups in Southeast Asia and China with accredited investors in Singapore, with investment amounts starting from S$5,000.
Under Singapore law, accredited investors must have at least S$2 million in net personal assets, excluding the primary residence. Alternatively, they must have an annual income of at least S$300,000.
FundedHere said it has reviewed more than 100 start-ups, mostly from Singapore. Of these, about 10 have the potential to be crowdfunded. It also hopes to register at least 1,000 accredited investors by the end of this year.
Crowdfunding is a multi-billion dollar industry in the West. The concept has also taken off in Asia, although most platforms in the region tend to be reward-based, whereby donors receive a gift or a prototype in exchange for donations.
- CNA/dl
- wong chee tat :)
The equity and debt crowdfunding platform says it will connect start-ups in Southeast Asia and China with accredited investors in Singapore, with investment amounts starting from S$5,000.
By Akshobh Giridharadas, Channel NewsAsia
Posted 21 Mar 2016 22:51 Updated 21 Mar 2016 23:15
SINGAPORE: An equity-based and lending crowdfunding platform on Monday (Mar 21) commenced operations in Singapore, following its receipt of a Capital Markets Services licence from the Monetary Authority of Singapore (MAS).
FundedHere said it will connect start-ups in Southeast Asia and China with accredited investors in Singapore, with investment amounts starting from S$5,000.
Under Singapore law, accredited investors must have at least S$2 million in net personal assets, excluding the primary residence. Alternatively, they must have an annual income of at least S$300,000.
FundedHere said it has reviewed more than 100 start-ups, mostly from Singapore. Of these, about 10 have the potential to be crowdfunded. It also hopes to register at least 1,000 accredited investors by the end of this year.
Crowdfunding is a multi-billion dollar industry in the West. The concept has also taken off in Asia, although most platforms in the region tend to be reward-based, whereby donors receive a gift or a prototype in exchange for donations.
- CNA/dl
- wong chee tat :)
Sunday, March 13, 2016
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
Monday, November 16, 2015
59% of Singaporeans believe in job loyalty: Survey
59% of Singaporeans believe in job loyalty: Survey
According to a survey by Hays, 59 per cent of Singaporeans believe in job loyalty, and are prepared to stay more than five years. 30 per cent of them said they will stay up to five years.
POSTED: 16 Nov 2015 10:35 UPDATED: 16 Nov 2015 10:39
SINGAPORE: Close to 60 per cent of Singaporeans want to stay with an employer for more than five years, according to a survey by recruiting company Hays.
In a press release issued on Monday (Nov 16), Hays said that 59 per cent of Singaporeans believe in job loyalty and are prepared to stay more than five years, and 30 per cent of them said they will stay up to five years. The final 11 per cent of them like to change employers every one to two years.
“Most Singaporeans at heart do believe in job loyalty,” said Lynne Roeder, Managing Director of Hays in Singapore. “The job for life mentality is long gone, but so too is the mindset of job hopping regularly. Today almost 60 per cent of us want to stay with our employer for five years or more suggesting that, for most of us at least, stability, security and loyalty are important.
“Given this, it’s up to employers to ensure they create the environment in which employees can remain. After all, people want to stay with their employer long term, but they also want their careers to continue to develop and thrive."
Ms Roeder said that this means employers need to provide all staff with ongoing training and development, reviews, and promotional opportunities. They also need to deliver what they promised in the recruitment process so that the reality of working at their organisation matches what they promoted when they were attracting top talent.
However, Ms Roeder added that it is important to "recognise when it's time to move on".
"Loyalty is a noble quality, but it should not be at the expense of your own career advancement. Employers need to make sure the two go hand in hand."
1,183 Singaporeans were surveyed in the poll that was conducted between August and October 2015.
- CNA/wl
- wong chee tat :)
According to a survey by Hays, 59 per cent of Singaporeans believe in job loyalty, and are prepared to stay more than five years. 30 per cent of them said they will stay up to five years.
POSTED: 16 Nov 2015 10:35 UPDATED: 16 Nov 2015 10:39
SINGAPORE: Close to 60 per cent of Singaporeans want to stay with an employer for more than five years, according to a survey by recruiting company Hays.
In a press release issued on Monday (Nov 16), Hays said that 59 per cent of Singaporeans believe in job loyalty and are prepared to stay more than five years, and 30 per cent of them said they will stay up to five years. The final 11 per cent of them like to change employers every one to two years.
“Most Singaporeans at heart do believe in job loyalty,” said Lynne Roeder, Managing Director of Hays in Singapore. “The job for life mentality is long gone, but so too is the mindset of job hopping regularly. Today almost 60 per cent of us want to stay with our employer for five years or more suggesting that, for most of us at least, stability, security and loyalty are important.
“Given this, it’s up to employers to ensure they create the environment in which employees can remain. After all, people want to stay with their employer long term, but they also want their careers to continue to develop and thrive."
Ms Roeder said that this means employers need to provide all staff with ongoing training and development, reviews, and promotional opportunities. They also need to deliver what they promised in the recruitment process so that the reality of working at their organisation matches what they promoted when they were attracting top talent.
However, Ms Roeder added that it is important to "recognise when it's time to move on".
"Loyalty is a noble quality, but it should not be at the expense of your own career advancement. Employers need to make sure the two go hand in hand."
1,183 Singaporeans were surveyed in the poll that was conducted between August and October 2015.
- CNA/wl
- wong chee tat :)
Saturday, November 7, 2015
Standard Chartered job cuts to hit Singapore: Source
Standard Chartered job cuts to hit Singapore: Source
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Thursday, November 5, 2015
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
Wednesday, October 14, 2015
CapitaLand confirms talks to buy Asia Square Tower 1
CapitaLand confirms talks to buy Asia Square Tower 1
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
Thursday, January 29, 2015
Nurses, sales assistants toughest vacancies to fill by locals: MOM statistics
Nurses, sales assistants toughest vacancies to fill by locals: MOM statistics
Registered nurse was identified as the top PMET position to fill, while shop sales assistants took the position for non-PMET occupations, according to latest data from the Manpower Ministry.
SINGAPORE: The number of job vacancies rose to 67,400 as of September 2014 - an 8.9 per cent increase from 61,900 in 2013. Registered nurses and shop sales assistants were the toughest positions to fill by locals, according to latest data released by the Manpower Ministry (MOM) on Tuesday (Jan 27).
Of the vacancies, service and sales workers were in keen demand, representing 25 per cent of total vacancies, or 15,330 specifically. The positions included shop sales assistants, security guards and waiters, according to the press release.
In September 2014 itself, four in five of all vacancies were from the services industry. The bulk of vacancies came from community, social and personal services, healthcare and tertiary institutes, it added.
HARD TO HIRE LOCALS FOR SOME JOBS
In terms of professionals, managers, executives and technicians (PMETs), the data showed that registered nurse was in top spot for occupations hard to fill by locals. There were 720 vacancies as at September, with the top reason cited being too much competition from other employers.
Enrolled/assistant nurse - with 650 vacancies - and software, web and multimedia developer were in second and third spot respectively. Major reasons for these positions being difficult to fill were unattractive pay, a preference for a shorter work week and a reluctance to do shift work for the former, and lacking necessary work experience for the latter, according to the data.
As for non-PMET positions, shop sales assistants, security guards and waiters were the top three occupations that were hard to fill by locals, MOM stated.
A human resource expert said companies need to offer more competitive pay packages to attract and retain local employees.
Mr Ian Grundy, marketing and communications head for Asia at Adecco, said: “Some companies are struggling to fill vacancies because they are not paying a competitive salary. In a tight labour market like Singapore, you have got to be paying a competitive salary, you have got to be giving good bonus, and you have got to be giving good vacation allowance.
“This is because job seekers have got lots of choice, and if a company is not giving them something that is really attractive, they are going to go somewhere else. And what is happening from that as a result is that we are seeing a lot of jobs left open over a long period time."
The proportion of vacancies unfilled for at least six months (41 per cent) and those hard to fill by locals (67 per cent) were broadly unchanged from a year ago, as the labour market remained tight, the ministry added. Mr Grundy expects job vacancies to continue to rise this year.
- CNA/kk/ms
- wong chee tat :)
Registered nurse was identified as the top PMET position to fill, while shop sales assistants took the position for non-PMET occupations, according to latest data from the Manpower Ministry.
SINGAPORE: The number of job vacancies rose to 67,400 as of September 2014 - an 8.9 per cent increase from 61,900 in 2013. Registered nurses and shop sales assistants were the toughest positions to fill by locals, according to latest data released by the Manpower Ministry (MOM) on Tuesday (Jan 27).
Of the vacancies, service and sales workers were in keen demand, representing 25 per cent of total vacancies, or 15,330 specifically. The positions included shop sales assistants, security guards and waiters, according to the press release.
In September 2014 itself, four in five of all vacancies were from the services industry. The bulk of vacancies came from community, social and personal services, healthcare and tertiary institutes, it added.
HARD TO HIRE LOCALS FOR SOME JOBS
In terms of professionals, managers, executives and technicians (PMETs), the data showed that registered nurse was in top spot for occupations hard to fill by locals. There were 720 vacancies as at September, with the top reason cited being too much competition from other employers.
Enrolled/assistant nurse - with 650 vacancies - and software, web and multimedia developer were in second and third spot respectively. Major reasons for these positions being difficult to fill were unattractive pay, a preference for a shorter work week and a reluctance to do shift work for the former, and lacking necessary work experience for the latter, according to the data.
As for non-PMET positions, shop sales assistants, security guards and waiters were the top three occupations that were hard to fill by locals, MOM stated.
A human resource expert said companies need to offer more competitive pay packages to attract and retain local employees.
Mr Ian Grundy, marketing and communications head for Asia at Adecco, said: “Some companies are struggling to fill vacancies because they are not paying a competitive salary. In a tight labour market like Singapore, you have got to be paying a competitive salary, you have got to be giving good bonus, and you have got to be giving good vacation allowance.
“This is because job seekers have got lots of choice, and if a company is not giving them something that is really attractive, they are going to go somewhere else. And what is happening from that as a result is that we are seeing a lot of jobs left open over a long period time."
The proportion of vacancies unfilled for at least six months (41 per cent) and those hard to fill by locals (67 per cent) were broadly unchanged from a year ago, as the labour market remained tight, the ministry added. Mr Grundy expects job vacancies to continue to rise this year.
- CNA/kk/ms
- wong chee tat :)
Friday, January 23, 2015
Rental data to be released on quarterly basis
Rental data to be released on quarterly basis
The move comes on the back of calls from businesses for greater transparency in the rental market. This has led to the Singapore Business Federation introducing the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
SINGAPORE: Businesses will get greater clarity on trends in Singapore's rental market. Starting on Thursday (Jan 22), more detailed data on rents for retail, office and industrial space will be released by the Government every quarter.
The move comes on the back of calls from businesses for greater transparency in the rental market. Earlier this week, the Singapore Business Federation (SBF) introduced the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
Many businesses have complained of soaring rental rates imposed by landlords, which threaten to heighten operating costs. With the new move, the public can now view rental data at the 25th, 50th, and 75th percentile by floor level and area.
For instance, if one wants to find out the monthly unit rent for retail space at the 25th percentile in District 9, which includes the Orchard area, one can now look at what trends are like for basement units that are 30 square metres and below. Previously, rental data was only released at the 50th percentile and by street name, excluding information by floor level and area.
Ms Cynthia Phua, chairman of the rental practices working group at SBF, said: ”Having the 25th percentile and the 75th percentile - that part in itself will give a very good range for a tenant who is assessing the rental for that unit itself, whether they are transacting at the upper range of the rental range, or the lower range."
The new data can be accessed on the websites of the Urban Redevelopment Authority (URA) and industrial landlord JTC Corporation.
The Ministry of Trade and Industry said the additional details covering floor level and unit size will help businesses make more informed decisions before signing a contract.
Minister of State for Trade and Industry Teo Ser Luck said: "Feedback from businesses is that we have to be a little bit more specific. Then the question is: How specific we want to go?
"If we want to be too specific, say, for example by every single building, we have a few considerations. Where do you get the data? And whether in obtaining the source of data, whether you actually intrude into the privacy or even ... contravene the data privacy law."
Depending on the response to the new set of data, further adjustments or additional information may be included in the future.
- CNA/ac/dl
- wong chee tat :)
The move comes on the back of calls from businesses for greater transparency in the rental market. This has led to the Singapore Business Federation introducing the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
SINGAPORE: Businesses will get greater clarity on trends in Singapore's rental market. Starting on Thursday (Jan 22), more detailed data on rents for retail, office and industrial space will be released by the Government every quarter.
The move comes on the back of calls from businesses for greater transparency in the rental market. Earlier this week, the Singapore Business Federation (SBF) introduced the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
Many businesses have complained of soaring rental rates imposed by landlords, which threaten to heighten operating costs. With the new move, the public can now view rental data at the 25th, 50th, and 75th percentile by floor level and area.
For instance, if one wants to find out the monthly unit rent for retail space at the 25th percentile in District 9, which includes the Orchard area, one can now look at what trends are like for basement units that are 30 square metres and below. Previously, rental data was only released at the 50th percentile and by street name, excluding information by floor level and area.
Ms Cynthia Phua, chairman of the rental practices working group at SBF, said: ”Having the 25th percentile and the 75th percentile - that part in itself will give a very good range for a tenant who is assessing the rental for that unit itself, whether they are transacting at the upper range of the rental range, or the lower range."
The new data can be accessed on the websites of the Urban Redevelopment Authority (URA) and industrial landlord JTC Corporation.
The Ministry of Trade and Industry said the additional details covering floor level and unit size will help businesses make more informed decisions before signing a contract.
Minister of State for Trade and Industry Teo Ser Luck said: "Feedback from businesses is that we have to be a little bit more specific. Then the question is: How specific we want to go?
"If we want to be too specific, say, for example by every single building, we have a few considerations. Where do you get the data? And whether in obtaining the source of data, whether you actually intrude into the privacy or even ... contravene the data privacy law."
Depending on the response to the new set of data, further adjustments or additional information may be included in the future.
- CNA/ac/dl
- wong chee tat :)
Work injury compensation limits under review: MOM
Work injury compensation limits under review: MOM
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded in 2008, said Manpower Minister Tan Chuan-Jin.
SINGAPORE: Compensation limits under the Work Injury Compensation Act (WICA) are currently being reviewed, said Manpower Minister Tan Chuan-Jin.
The Ministry of Manpower conducts regular three-yearly reviews on the compensation limits to ensure pay-outs under the scheme remain relevant and to account for changes in nominal median wages and healthcare costs, he said on Tuesday (Jan 20) in response to a Parliamentary question by MP K Karthikeyan.
"We are in the midst of our three-yearly review of the compensation limits and will announce more details once the review is completed," he said.
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded to all employees in 2008. The last increment was made in 2012, added Mr Tan.
- CNA/ek
- wong chee tat :)
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded in 2008, said Manpower Minister Tan Chuan-Jin.
SINGAPORE: Compensation limits under the Work Injury Compensation Act (WICA) are currently being reviewed, said Manpower Minister Tan Chuan-Jin.
The Ministry of Manpower conducts regular three-yearly reviews on the compensation limits to ensure pay-outs under the scheme remain relevant and to account for changes in nominal median wages and healthcare costs, he said on Tuesday (Jan 20) in response to a Parliamentary question by MP K Karthikeyan.
"We are in the midst of our three-yearly review of the compensation limits and will announce more details once the review is completed," he said.
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded to all employees in 2008. The last increment was made in 2012, added Mr Tan.
- CNA/ek
- wong chee tat :)
Wednesday, October 15, 2014
SingPost to develop eCommerce Logistics Hub in Tampines
SingPost to develop eCommerce Logistics Hub in Tampines
SingPost will invest about S$182 million into the project, which will help to facilitate its expanding e-commerce logistics business.
SINGAPORE: To cater to its expanding e-commerce logistics business and the growing market, Singapore Post (SingPost) is investing about S$182 million to develop a three-storey eCommerce Logistics Hub in Tampines LogisPark.
The company said in a statement on Tuesday (Oct 14) that the e-commerce logistics market in Asia Pacific is estimated to grow to more than US$175.24 billion by 2016, and the new logistics hub will have a fully-automated parcel sorting facility and two modern warehousing floors.
It will also include an adjoining eight-storey office block to house SingPost's local and regional logistics operations - Quantium Solutions, Singapore Parcel and Lock+Store. SingPost says the development will be built on a 3.25-hectare plot of land leased from JTC Corporation for 30 years.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost said: "I expect our new facility will, in turn, further boost Singapore's aspiration to be the region's e-commerce hub. It will also enable SingPost to offer very cost-efficient fully integrated e-fulfilment solutions to our customers in a scalable manner."
Construction of the 553,000 square feet eCommerce Logistics Hub is expected to be completed by end January 2016 and fully operational in the second half of 2016.
- CNA/xy
- wong chee tat :)
SingPost will invest about S$182 million into the project, which will help to facilitate its expanding e-commerce logistics business.
SINGAPORE: To cater to its expanding e-commerce logistics business and the growing market, Singapore Post (SingPost) is investing about S$182 million to develop a three-storey eCommerce Logistics Hub in Tampines LogisPark.
The company said in a statement on Tuesday (Oct 14) that the e-commerce logistics market in Asia Pacific is estimated to grow to more than US$175.24 billion by 2016, and the new logistics hub will have a fully-automated parcel sorting facility and two modern warehousing floors.
It will also include an adjoining eight-storey office block to house SingPost's local and regional logistics operations - Quantium Solutions, Singapore Parcel and Lock+Store. SingPost says the development will be built on a 3.25-hectare plot of land leased from JTC Corporation for 30 years.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost said: "I expect our new facility will, in turn, further boost Singapore's aspiration to be the region's e-commerce hub. It will also enable SingPost to offer very cost-efficient fully integrated e-fulfilment solutions to our customers in a scalable manner."
Construction of the 553,000 square feet eCommerce Logistics Hub is expected to be completed by end January 2016 and fully operational in the second half of 2016.
- CNA/xy
- wong chee tat :)
Tuesday, June 17, 2014
Almost half of Singaporeans are dissatisfied with their jobs: Survey
Almost half of Singaporeans are dissatisfied with their jobs: Survey
Three-quarters of employees here say their jobs are only a way to make a living and nothing more, according to the Q2 Randstad Workmonitor survey.
SINGAPORE: Employees in Singapore ranked second from bottom in the Asia-Pacific in a global quarterly survey measuring job satisfaction.
Almost half (46 per cent) of employees in Singapore say they are not satisfied in their current job, only behind Japan (56 per cent), according to the Q2 Randstad Workmonitor survey released on Tuesday (June 17). Employees in India ranked the highest, with 80 per cent saying they are happy where they are.
Highest proportion of satisfied employees (Asia-Pacific):
India
Malaysia
Hong Kong
China
New Zealand
Australia
Singapore
Japan
Of the 5,670 employees surveyed in Singapore, 75 per cent say they view their job only as a way to make a living and nothing more. The majority also said they would not hesitate to change jobs if they could make more money (80 per cent), improve their career opportunities (78 per cent) or if they found a job that better matched their educational backgrounds (71 per cent).
The study was conducted between April 16 and May 6 via an online questionnaire of respondents aged 18-65, working a minimum of 24 hours a week in a paid job, who are not self-employed. The minimal sample size is 400 interviews per country, using Survey Sampling International.
- CNA/es
- wong chee tat :)
Three-quarters of employees here say their jobs are only a way to make a living and nothing more, according to the Q2 Randstad Workmonitor survey.
SINGAPORE: Employees in Singapore ranked second from bottom in the Asia-Pacific in a global quarterly survey measuring job satisfaction.
Almost half (46 per cent) of employees in Singapore say they are not satisfied in their current job, only behind Japan (56 per cent), according to the Q2 Randstad Workmonitor survey released on Tuesday (June 17). Employees in India ranked the highest, with 80 per cent saying they are happy where they are.
Highest proportion of satisfied employees (Asia-Pacific):
India
Malaysia
Hong Kong
China
New Zealand
Australia
Singapore
Japan
Of the 5,670 employees surveyed in Singapore, 75 per cent say they view their job only as a way to make a living and nothing more. The majority also said they would not hesitate to change jobs if they could make more money (80 per cent), improve their career opportunities (78 per cent) or if they found a job that better matched their educational backgrounds (71 per cent).
The study was conducted between April 16 and May 6 via an online questionnaire of respondents aged 18-65, working a minimum of 24 hours a week in a paid job, who are not self-employed. The minimal sample size is 400 interviews per country, using Survey Sampling International.
- CNA/es
- wong chee tat :)
Hiring outlook: More short-term contracts on the cards
Hiring outlook: More short-term contracts on the cards
Labour market watchers say companies in Singapore may increase headcount in the coming months, as economic activity picks up towards the year-end. However, they expect that some of the hiring will lean towards short-term contracts.
SINGAPORE: With economic growth seen picking up, after a weaker than expected start to the year, firms may be more willing to hire towards the year-end. Human Capital Singapore, the national human resource training centre, says vacancies may open up in banking and finance, among other sectors.
"If you look at some statistics that were released in the market, it has indicated that at least about 53 per cent have indicated that they will hire more. And out of this 53 per cent, 33 per cent of them are saying that, they are looking at, at least hiring another 10 additional headcounts," said Chief Executive of Human Capital Singapore, Ms Ho Geok Choo.
With foreign worker limits in place, service-oriented industries like food and beverage may feel the squeeze. And so, to cope during busy festive seasons, more firms may look at stop-gap solutions.
"What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis - that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months," Ms Ho said.
However, one sector with a tepid hiring outlook may be manufacturing, with growth relatively sluggish as firms restructure.
"There is drag coming from the electronics cluster in the overall manufacturing sector. On the other hand, we are seeing some upside surprise coming from the pharmaceutical cluster, as well as the marine, offshore marine engineering cluster," said Mr Irvin Seah, a senior economist at DBS Bank. "But that being said, these two clusters tend to be quite volatile."
Economists expect the unemployment rate to be 1.9 per cent at the end of 2014. This, they say, is pretty much a situation of full employment, which means there'll be no letup in the tightness of the labour market.
- CNA/ly
- wong chee tat :)
Labour market watchers say companies in Singapore may increase headcount in the coming months, as economic activity picks up towards the year-end. However, they expect that some of the hiring will lean towards short-term contracts.
SINGAPORE: With economic growth seen picking up, after a weaker than expected start to the year, firms may be more willing to hire towards the year-end. Human Capital Singapore, the national human resource training centre, says vacancies may open up in banking and finance, among other sectors.
"If you look at some statistics that were released in the market, it has indicated that at least about 53 per cent have indicated that they will hire more. And out of this 53 per cent, 33 per cent of them are saying that, they are looking at, at least hiring another 10 additional headcounts," said Chief Executive of Human Capital Singapore, Ms Ho Geok Choo.
With foreign worker limits in place, service-oriented industries like food and beverage may feel the squeeze. And so, to cope during busy festive seasons, more firms may look at stop-gap solutions.
"What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis - that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months," Ms Ho said.
However, one sector with a tepid hiring outlook may be manufacturing, with growth relatively sluggish as firms restructure.
"There is drag coming from the electronics cluster in the overall manufacturing sector. On the other hand, we are seeing some upside surprise coming from the pharmaceutical cluster, as well as the marine, offshore marine engineering cluster," said Mr Irvin Seah, a senior economist at DBS Bank. "But that being said, these two clusters tend to be quite volatile."
Economists expect the unemployment rate to be 1.9 per cent at the end of 2014. This, they say, is pretty much a situation of full employment, which means there'll be no letup in the tightness of the labour market.
- CNA/ly
- wong chee tat :)
Thursday, June 12, 2014
Ex-NUS law professor Tey seeks reinstatement of academic position
Ex-NUS law professor Tey seeks reinstatement of academic position
High Court order filed to reverse former NUS law professor Tey Tsun Hang's ‘wrongful’ dismissal following his subsequently-overturned corruption conviction.
Ex-NUS Professor Tey Tsun Hang (Photo: TODAY)
SINGAPORE: Former National University of Singapore (NUS) law professor Tey Tsun Hang has applied to the High Court to have his dismissal from duty quashed and to be reinstated.
Mr Tey is alleging that NUS did not carry out any disciplinary proceedings against him and had based the decision to dismiss him on the trial court conviction.
In his affidavit tendered to the court last week, Mr Tey said NUS had “jumped the gun” in its decision.
“The NUS cannot dismiss a tenured law professor based on conviction declared by the High Court to be misconceived and mistake, a conviction based on evidence misconstrued and its significance misunderstood,” he said.
In response to this, NUS said on Wednesday (June 11) that under the terms and conditions of Mr Tey's appointment, termination may be effected without prior notice and without any payment of compensation should he be convicted by a court of law of any crime that is likely to bring the university into disrepute.
The university can also exercise its rights of summary dismissal should Mr Tey be guilty of misconduct or impropriety, a spokesman added. "NUS takes a very strong stand against faculty who behave in a grossly inappropriate manner in their interactions with our students. Under our Code of Conduct, University staff are expected to conduct themselves with honesty and propriety, and perform their duties in a professional and conscientious manner."
Mr Tey was suspended from his post on July 27, 2012 after he was charged for alleged misconduct with his then-student Darinne Ko.
He was officially dismissed on May 28, 2013 upon the oral delivery judgment of his conviction which was later overturned in February this year.
Mr Tey is currently unemployed and is living in Malaysia, with his lawyer M Ravi adding that Tey feels “aggrieved” about the situation.
-TODAY/ek
- wong chee tat :)
High Court order filed to reverse former NUS law professor Tey Tsun Hang's ‘wrongful’ dismissal following his subsequently-overturned corruption conviction.
Ex-NUS Professor Tey Tsun Hang (Photo: TODAY)
SINGAPORE: Former National University of Singapore (NUS) law professor Tey Tsun Hang has applied to the High Court to have his dismissal from duty quashed and to be reinstated.
Mr Tey is alleging that NUS did not carry out any disciplinary proceedings against him and had based the decision to dismiss him on the trial court conviction.
In his affidavit tendered to the court last week, Mr Tey said NUS had “jumped the gun” in its decision.
“The NUS cannot dismiss a tenured law professor based on conviction declared by the High Court to be misconceived and mistake, a conviction based on evidence misconstrued and its significance misunderstood,” he said.
In response to this, NUS said on Wednesday (June 11) that under the terms and conditions of Mr Tey's appointment, termination may be effected without prior notice and without any payment of compensation should he be convicted by a court of law of any crime that is likely to bring the university into disrepute.
The university can also exercise its rights of summary dismissal should Mr Tey be guilty of misconduct or impropriety, a spokesman added. "NUS takes a very strong stand against faculty who behave in a grossly inappropriate manner in their interactions with our students. Under our Code of Conduct, University staff are expected to conduct themselves with honesty and propriety, and perform their duties in a professional and conscientious manner."
Mr Tey was suspended from his post on July 27, 2012 after he was charged for alleged misconduct with his then-student Darinne Ko.
He was officially dismissed on May 28, 2013 upon the oral delivery judgment of his conviction which was later overturned in February this year.
Mr Tey is currently unemployed and is living in Malaysia, with his lawyer M Ravi adding that Tey feels “aggrieved” about the situation.
-TODAY/ek
- wong chee tat :)
Sunday, March 2, 2014
The most (and least) stressful jobs in banking and finance
The most (and least) stressful jobs in banking and finance
by Beecher Tuttle
9 January 2014
If you work in banking or other sectors in financial services, you likely spend a healthy part of your day dealing with career-related stress. The hours, the responsibilities, the external pressures to deliver consistent compelling results – they all add up. But who has it worse?
We decided to conduct an informal survey to find out, creating a list of a dozen sectors and roles. We then asked a host of recruiters and other experts in the field to rank them based on the stress levels employees tend to face, leaving it up to each voter to qualify “work stress” as they see it. Below are the composite results, along with some notes from those who chose to go on the record and explain their thought process. Do you agree?
1. Investment Banker: The runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot. The main reason is that investment bankers are confronted with the two main triggers for career stress: the difficulty of the work coupled with the sheer amount of it, particularly for associates and analysts.
“The life of a junior banker is one of the last forms of legalized slavery,” said Roy Cohen, a career coach and author of The Wall Street Professional’s Survival Guide. “It is a gruelling survival of the fittest existence defined by all-nighters, no time to eat well or to exercise, and compensation that has remained flat for a number of years.”
Within investment banking, the highest levels of stress exist in M&A, said Richard Lipstein, managing director at Wall Street search firm Gilbert Tweed International. “The most stressful job is one where revenue takes longest to be generated,” he said. “In M&A, you need to know the people, get the meeting, bring in the business, convince them to sell and then go out and get it done.”
2. Trader: Most traders don’t hold the hours of investment bankers, but they may have a sharper, more acute level of stress. “Trader stress is in real time and can happen instantaneously,” said Sal Khan, managing director at Dynamics Associates.
Obviously the lives of some traders are easier than others. Sell-side traders live and die daily, said Cohen. Eyeing the current moment, fixed income traders are likely more stressed than ever, simply due to the conditions, Lipstein said. “Their business is shrinking – there will be triage, and they know it.”
3. Risk management & compliance: Likely positions that wouldn’t finish this high years ago, risk and compliance personnel don’t get paid as highly as traders and investment bankers but they’re in a pressure cooker just the same. One reason risk and compliance didn’t finish higher is the dearth of qualified professionals able to fill all the openings (i.e. job security).
“New regulatory requirements are constantly rolling in and regulators and those on the business side are always on you, breathing down your neck,” said Lisa Mogilner, executive recruiter at Dynamics Associates. Sitting in a non-revenue generating seats, risk and compliance staffers are often viewed as the enemy by colleagues who are desperate to get a transaction approved, said Cohen. But they also have skeletons like the London Whale, Libor and the credit crisis feeding their stress levels on the other side. Market risk and credit risk management roles are particularly stressful, said Khan.
4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: they eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.
It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.
5. Institutional sales: Any role that focuses on sales causes stress. Couple this with the fact that the job security and the ceiling on salary aren’t what they used to be, and institutional sales can be a grind. “As technology automates much of the function, there is simply no need for a human interface,” said Cohen. “Since the products are now not much more than commodities, sales people are seeing shrinking spreads and fewer opportunities to generate rich commissions.”
6. Management consulting: It’s all about hours, engagement and travel. Simply put, consultants always have to be “on.” And in between they are in airports and juggling complex business problems.
“And the more senior you are, there are pressures to generate new business while continuing to execute,” said Anne Crowley, managing director at Jay Gaines and Company. “Some people are wired for this, and are motivated by the fast pace and variety of challenge.”
7. Private equity: You must be smart, hard-working and well-rounded, but the lifestyle doesn’t compare to investment bankers and the pay if often much better, particularly at the senior level.
8. Industrial coverage/research analyst: Very rich, very passionate and very explosive fund managers and traders rely on research analysts, who will often get more blame than praise, particularly on the buy side. “You agonize over every decision, then you agonize once the decision is made,” Lipstein said.
9. Fund manager: Finishing just behind research analyst, fund managers push the final button – a highly stressful role – but they have seniority, don’t have to do as much grunt work and likely have the bank account to relax, just a bit.
10. Technology: Like risk and compliance, tech pros get yelled at – a lot. “They take plenty of blame, even when things are out of their hands, and they constantly have to re-educate themselves and take courses,” said Mogilner. And, with operational budget constraints, there is a “continuing pressure to do more with less,” said Crowley.
11. Accounting: Finishing last on every ballot, accounting is “virtually stress-free as long as you like routine and are willing to work long hours on a seasonal basis,” said Cohen. There’s also minimal client-facing and you’re never on an island. “There is always someone in the assembly line with you,” according to Mogilner. Not much else to say.
- wong chee tat :)
by Beecher Tuttle
9 January 2014
If you work in banking or other sectors in financial services, you likely spend a healthy part of your day dealing with career-related stress. The hours, the responsibilities, the external pressures to deliver consistent compelling results – they all add up. But who has it worse?
We decided to conduct an informal survey to find out, creating a list of a dozen sectors and roles. We then asked a host of recruiters and other experts in the field to rank them based on the stress levels employees tend to face, leaving it up to each voter to qualify “work stress” as they see it. Below are the composite results, along with some notes from those who chose to go on the record and explain their thought process. Do you agree?
1. Investment Banker: The runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot. The main reason is that investment bankers are confronted with the two main triggers for career stress: the difficulty of the work coupled with the sheer amount of it, particularly for associates and analysts.
“The life of a junior banker is one of the last forms of legalized slavery,” said Roy Cohen, a career coach and author of The Wall Street Professional’s Survival Guide. “It is a gruelling survival of the fittest existence defined by all-nighters, no time to eat well or to exercise, and compensation that has remained flat for a number of years.”
Within investment banking, the highest levels of stress exist in M&A, said Richard Lipstein, managing director at Wall Street search firm Gilbert Tweed International. “The most stressful job is one where revenue takes longest to be generated,” he said. “In M&A, you need to know the people, get the meeting, bring in the business, convince them to sell and then go out and get it done.”
2. Trader: Most traders don’t hold the hours of investment bankers, but they may have a sharper, more acute level of stress. “Trader stress is in real time and can happen instantaneously,” said Sal Khan, managing director at Dynamics Associates.
Obviously the lives of some traders are easier than others. Sell-side traders live and die daily, said Cohen. Eyeing the current moment, fixed income traders are likely more stressed than ever, simply due to the conditions, Lipstein said. “Their business is shrinking – there will be triage, and they know it.”
3. Risk management & compliance: Likely positions that wouldn’t finish this high years ago, risk and compliance personnel don’t get paid as highly as traders and investment bankers but they’re in a pressure cooker just the same. One reason risk and compliance didn’t finish higher is the dearth of qualified professionals able to fill all the openings (i.e. job security).
“New regulatory requirements are constantly rolling in and regulators and those on the business side are always on you, breathing down your neck,” said Lisa Mogilner, executive recruiter at Dynamics Associates. Sitting in a non-revenue generating seats, risk and compliance staffers are often viewed as the enemy by colleagues who are desperate to get a transaction approved, said Cohen. But they also have skeletons like the London Whale, Libor and the credit crisis feeding their stress levels on the other side. Market risk and credit risk management roles are particularly stressful, said Khan.
4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: they eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.
It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.
5. Institutional sales: Any role that focuses on sales causes stress. Couple this with the fact that the job security and the ceiling on salary aren’t what they used to be, and institutional sales can be a grind. “As technology automates much of the function, there is simply no need for a human interface,” said Cohen. “Since the products are now not much more than commodities, sales people are seeing shrinking spreads and fewer opportunities to generate rich commissions.”
6. Management consulting: It’s all about hours, engagement and travel. Simply put, consultants always have to be “on.” And in between they are in airports and juggling complex business problems.
“And the more senior you are, there are pressures to generate new business while continuing to execute,” said Anne Crowley, managing director at Jay Gaines and Company. “Some people are wired for this, and are motivated by the fast pace and variety of challenge.”
7. Private equity: You must be smart, hard-working and well-rounded, but the lifestyle doesn’t compare to investment bankers and the pay if often much better, particularly at the senior level.
8. Industrial coverage/research analyst: Very rich, very passionate and very explosive fund managers and traders rely on research analysts, who will often get more blame than praise, particularly on the buy side. “You agonize over every decision, then you agonize once the decision is made,” Lipstein said.
9. Fund manager: Finishing just behind research analyst, fund managers push the final button – a highly stressful role – but they have seniority, don’t have to do as much grunt work and likely have the bank account to relax, just a bit.
10. Technology: Like risk and compliance, tech pros get yelled at – a lot. “They take plenty of blame, even when things are out of their hands, and they constantly have to re-educate themselves and take courses,” said Mogilner. And, with operational budget constraints, there is a “continuing pressure to do more with less,” said Crowley.
11. Accounting: Finishing last on every ballot, accounting is “virtually stress-free as long as you like routine and are willing to work long hours on a seasonal basis,” said Cohen. There’s also minimal client-facing and you’re never on an island. “There is always someone in the assembly line with you,” according to Mogilner. Not much else to say.
- wong chee tat :)
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