Guest Comment: Sorry, but candidate salary expectations are just way too high in banking IT
We have seen IT vacancies in the banking sector in Singapore increase steadily in the past few months as the Asian economic outlook continues to improve. Areas that are seeing particularly strong demand are FX and equities.
This is great for the industry, but as a result we are finding that the supply of candidates is becoming an issue again, especially for highly specialised roles that require specific skills which are rare in the Singaporean market.
The result of this shortage is that pay demands are becoming highly inflated in finance technology. But salaries are not rising at the pace at which candidates expect them to, so people moving within the local market (and those entering the market from overseas) are finding that their expectations are being dashed.
Compounding the problem are a few employers which offer over and above the "going rate" just to secure those rare skills. Unfortunately for the job seeker, not all employers do this, leading to disappointment and frustration from both sides.
It is the responsibility of recruiters to manage the expectations of banks and candidates. This can be difficult when certain firms pay 30 per cent above the market rate, and candidates expect expat packages, which are now pretty much non-existent in IT.
You will find that most recruiters, and employers, are interested in the motives people have to move from their current employer and join another. Those who want a new role purely to increase their salary are increasingly looked upon unfavourably. With that in mind, here are some points to consider before you jump ship:
Be upfront about your motivations
Think about why you want to leave your current employer and what is most appealing about the new opportunity. Don't just look at the dollar signs. If salary is still one of your key motivators, then be honest about it. Make sure your recruiter knows that it will be a deciding factor when it comes to being offered a position, so that he or she can approach that with the client early on in the process.
Don't always believe the hype
By all means keep abreast of current salaries in the market, but beware of where you are getting your information from. Most employers won't pay the highest salary in the range for a specific role. Trust your recruiter to guide you on what they have seen going on in your area.
Look at what else is on offer
A salary package is not everything. How about having a great career path and challenging projects, and working with cutting-edge technologies? Also consider the range of benefits on offer. For example, some firms offer private healthcare, while others provide short-term or long-term incentives as part of the package.
Don't be blinded by the money
Even if you are offered a salary way above the market average, make sure you also consider the organisation that you would be working for. Does it have the culture, values and environment that you would thrive in? If not, then think twice about being blinded by the money. If you decide you don't like it after a few months, you will probably have to take a salary cut at your next job.
Above all, remember to be realistic and keep your expectations in check, while at the same time achieving what you think you are worth.
Justin Reid, associate director SE Asia, Aurec
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