RegionsSingapore CFOs Lament Skills Shortage

Singapore CFOs Lament Skills Shortage

Singapore-based finance and accounting professionals cite a lack of skills among their team as the biggest problem they face as the end of the financial year approaches, according to Robert Half.

The specialist recruitment company interviewed 150 chief financial officers and finance directors in Singapore and found that 52% specifically mentioned skills shortages. Among large companies with more than 500 employees, the skills shortage is more acute, with 72% lamenting the lack of skills in their permanent staff.

The next most common challenge is the lack of time they have to meet deadlines – a problem faced by 47% of finance leaders, while 29% believe they have a problem with the lack of motivation in their staff.

Robert Half CFO survey

According to the survey, the average work week will expand by 10% to meet the end of fiscal year deadlines, while two per cent of employees can expect a 50% increase in their working hours. These additional hours are compensated for with additional time off (51%), overtime pay (49%) or a bonus (23%).

To overcome the skills shortage, 89% of finance leaders are planning to employ interim staff to boost their team. Interim staff is most favoured by large companies (500+ employees) where 94% will look to make temporary hires.

Stella Tang, director of Robert Half Singapore, said that financial year-ends always result in an increase in hiring activity within the finance and accounting profession. “The end of the fiscal year is always a stressful time for CFOs and their teams. Adding more manpower to get the job done is sometimes the only way to meet deadlines.

“There are plenty of opportunities around for people with financial skills who don’t want to work full-time, to take an interim role to fill a skills gap at a company.”

Related Articles

LATAM economic activity hindered by political uncertainty

Latin America LATAM economic activity hindered by political uncertainty

2w Laura Noble
India-US trade corridor: Accelerating growth with reverse factoring

Deals & Markets India-US trade corridor: Accelerating growth with reverse factoring

3m Vinod Parmar
China’s regulatory changes stimulate international interest

Asia Pacific China’s regulatory changes stimulate international interest

4m Michael McCaw
“Destroy or democratise” – how Open Banking will impact connectivity

Banking “Destroy or democratise” – how Open Banking will impact connectivity

4m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Money market reforms: Navigating LVNAV, CNAV and VNAV

EEA Money market reforms: Navigating LVNAV, CNAV and VNAV

5m Victoria Beckett
The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

5m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

5m BELLIN