The first quarter of 2017 saw a steady increase in Finance & Accounting recruitment, both within Corporate and Shared Services settings. We saw that Malaysia continued to benefit from the offshoring of functions from higher cost locations, resulting in an accompanying demand for professionals to support these functions.
Corporates sought business partnership in Finance
In Q1 2017, we saw Corporates having an increased demand for Finance Business Partners, Commercial Accountants and Finance Planning Analysts, as companies looked for more rigorous support across commercial functions when it comes to decision-making. For these professionals, demand has been outstripping supply and we expect this trend to continue into the months ahead.
We witnessed companies growing manufacturing and supply chain operations in Malaysia, leading to an increased demand for Finance & Accounting professionals with strong experience partnering with these operational business functions. Such talent will continue to see an acute shortage in the market, and job seekers with relevant experience will be in an advantageous position when looking for jobs.
Shared Services in need of talent boost
Within the Shared Services area, we observed an active hiring trend for Finance & Accounting professionals partly due to attrition and replacement hiring. We also saw, in Shared Services operations, an average attrition rate of circa 20% which is unlikely to see a dramatic reduction in the next few months. As we move ahead into 2017, we expect the talent demand in this area to continue.
This robust hiring demand in Shared Services was also a spillover effect of multinationals and financial institutions migrating regional and global functions to Malaysia. While this has been fuelling demand for Finance & Accounting professionals experienced in running these functions, we saw organisations challenged to embark on regional to global searches to find qualified professionals for these functions, many of which were still at the infancy stage in Malaysia.
Bright days ahead for Finance & Accounting professionals
We expect to see a continually optimistic hiring outlook for Finance & Accounting talent as we move into Q2 2017. With ongoing trends such as migration of regional and global functions to Malaysia, as well as the continuing need for Finance business partnership, professionals who can meet these emerging organisational needs will be attractive to employers.
Finance & Accounting
Salary Report for Q2 2017*
*Notes about salary table:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15– 20% of the base salary for senior executives.
by Paul Endacott