Huge Demand for Relationship Managers in Singapore
When it comes to looking for a job in Singapore, it can feel overwhelming. After all, there is a lot of competition and the process of interviewing can be tiring. However, it doesn’t have to be. Luckily, Singapore is experiencing a rise in demand for certain kinds of workers. The beautiful, sunny paradise island is an ideal place to make a great living and raise a family. Here is what you should know about the trend in demands for RMs in the city-state:
Demand For Relationship Managers in Singapore Has Risen
There has been a sharp increase in the need for relationship managers in Singapore. In fact, Citibank just recently announced the other month that they intend to hire over 100 new SME (small to medium sized enterprises) focused bankers in their Asian locations. That’s because these smaller businesses have the potential of growing into something larger and they want to provide them with financial products and capital in the long run.
This might come as a surprise to few, but those watching the rapid growth in Asia will understand that new jobs are a natural by product. Getting in now will allow employees to achieve massive success in the coming years.
Reasons for the Huge Demand
There are several reasons for the spike in demands for relationship managers. The first is that RMs have a unique skillset that is very valuable to companies. Their ability to connect with clients and keep them long term means additional revenue dollars for the businesses they work in.
RMs are also in short supply in Singapore. The fact is, the industries that they are in grow so quickly that they outpace the supply with their demand. But what industries are primarily seeing this growth this year and in the coming years?
Specific Industries
The first major industry to look for in demand for relationship managers is finance. Singapore is a global hub renowned for its financial world. It features high rises, fancy cars, jets, helipads, and luxury getaways for executives. It’s no secret that Singapore rivals London, Hong Kong, and New York as one of the world’s leading financial centers.
The other industry is technology and web. With the increase of the world going to apps, databases, and websites for everything, they need people to manage these technologies. However, customers and clients still need someone to manage the relationships. That’s where RMs come in with their ability to bridge the gap and keep the digital space moving at fast speeds.
How to Find These New Jobs
There a couple of ways to find these new jobs that have been created. They range in difficulty. First, you could simply try the old fashioned and slow way of walking into a building and applying by yourself. This might be a waste of time and energy though.
The other way job seekers can take advantage of this boom is a partnership. They can team up with a recruitment agency that helps them get placed in the ideal situation. This allows them to maximize their potential.
What Skills are Needed?
There are certainly skills that RMs need that others might not have. Businesses like banks are looking for those who have a documented performance in the industry they’re applying for. In addition, they want RMs who can handle new clients with ease.
However, those RMs with a client base in place already will have priority in some industries. Still, it’s important to have some credit analysis skills when it comes to the banking industry, where such proposals are common.
How to Improve Relationship Management Skills
There are a number of ways to improve RM skills. For example, if you are entering banking, you will need to improve credit skills, and if you are in technology, then it’s important to brush up on changes in APIs, web interfaces, IT, and other backend innovations that have occurred.
A great way to do this is to subscribe to industry magazines. This helps you stay up to date on trends. There are also online newsletters, many of which are free, that you can join. Of course, always consider live classes held in your area.
How to Close More Deals as an RM
Once you have brushed up on the basic skills of an RM, you might wish to take things deeper. After all, those who can offer more value can get paid more, hired faster, and stay on longer (which means more bonus options and vesting in your pocket). Here are some ways to close more deals and bump your value in the market:
- Always prospect. Every day you should be building clients. Whether it’s at lunch or after work, simply find the time.
- Make sure to qualify clients. If they don’t have the right credit, they could be time wasters.
- Be a courageous closer. When it comes time to ask for the business, have confidence and believe in your product.
These techniques can help you tremendously in the world of an RM career.
What’s the Pay Like?
Naturally, any job seeker will be wondering about the kind of compensation they can get. The pay for RMs in Singapore is high, and it’s still getting better. This is good news for job seekers. After all, Singapore is a desired place to be and the cost of living can be reflective of that.
For Senior, experienced RMs, they can expect a salary of about USD $145K to $250k in Singapore. This is even higher than competing cities like Hong Kong. What’s more, banks are willing to pay about 20% additional salary to new hires because of the shortage of labor right now.
Key Takeaways for Job Seekers
Relationship managers jobs are in high demand in Singapore. The exploding markets of finance and technology have created a new dynamic in the country. Luckily, if you’re looking to be placed in such a position, it’s the best time for you right now.
The dual effects of high demand and a labor shortage means that you have a few advantages when shopping for the best company to work for. Firstly, you can ask for more money since there is such a need for your skillset. Additionally, you can be flexible with work hours, additional perks, and relocation fees that the company covers for you.
Next Steps
This information can be great news, but you still need to act on it. The market is demanding more talent in the form of relationship managers. If you have these skills and want to move to beautiful, sunny Singapore, then create a profile, upload your CV and Cover Letter to Future Work today to find out how we can help you succeed.
Conclusion
Those looking for jobs in Singapore will be pleased to know that firms are hiring more than ever before. With such an upswing, it spells great things for the economy, the companies, and the workers. If you have the skills of a relationship manager or think you do, don’t hesitate to have a professional company place you in the right position at the right place. It could be the best move of your life.
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Huge Demand for Relationship Managers in Singapore
