Have you reached vice president (VP) level at a bank in Singapore? Are you expecting regular bumper pay rises now that you’re a (relatively) senior employee who’s supposedly making or saving your bank more money than your younger colleagues are?
You may want to rethink your expectations. We’ve looked through the new Singapore salary survey from recruiters Robert Walters to find out how 2017 base salaries (averaged out between the low and high pay marks) for VPs compare with last year.
The results, displayed on the table below, reveal that 18 (non-technology) job functions received year-on-year increases at VP level.
That may sound like a lot, but the recruitment firm surveyed nearly 70 financial services positions in the Republic – average pay in most VP roles has stagnated.
Moreover, 12 of the 18 job sectors to land pay rises were in…operations.
While global banks continue to offshore junior back-office jobs away from Singapore, they are still hiring locally-based operations managers to lead regional teams and liaise directly with the Singapore front-office.
“Front-office hiring is depressed and so are pay rises,” says a recruiter in Singapore. “But there’s always some replacement hiring in the back-office here at the mid to senior levels, hence a bit more pressure on pay as banks try to recruit and retain people.”
Still, back-office VP salary increases are far from spectacular. Only collateral management operations – a niche risk-related function which is short of experienced candidates – enjoyed a double-digit rise between 2016 and 2017, according to the Robert Walters report.
Image credit: tuk69tuk, Getty