The survey found mixed perceptions among employees on the effects of Singapore's Fair Consideration Framework (FCF), which aims to increase hiring of local candidates. Some key findings: - 70% of management consulting employees and 61% of financial services employees believe their employers are now hiring more locals due to the FCF. - Over two-thirds of respondents expect it will be harder for foreign nationals to find roles in Singapore in the coming year. - Perceptions on pay increases are mixed with more management consulting employees expecting rises compared to financial services. - Views on competitiveness are also mixed but more management consulting employees believe the FCF will adversely affect Singapore's competitiveness.

1. 1
Report 02
The FCFLife Working Series 2015

2. 2
1. Introduction
A detailed investigation into the effects of the FCF on
people working in Singapore.
As Singapore grows as a global financial
centre, so too does the breadth of skills
required from it’s workforce. The Fair
Consideration Framework (FCF) was
introduced last August, to ensure that
businesses consider local Singaporeans fairly
for both vacancies and promotions. But
what have the effects been? This report looks
at the impact of the FCF on hiring, pay and
the competitive landscape. The results show
some successes.
The findings contained in this report are
derived from data collected in a survey
conducted between 14th May and 15th June
2015. The survey was distributed to a total
of 8,134 current and former candidates and
clients working in Singapore. The audience
polled are predominately middle to senior
ranking staff working across a range of
financial sectors.
We’d like to say a huge ‘thank you’ to the
710 people who freely gave their time to
share some very personal information about
themselves and their views. Please consider
that the answers given are based on the
respondents interpretation of the question
and options and all results exclude those who
did not respond.
It should be noted that the data shows
a reflection of the breakdown of our
respondents as opposed to Singapore as a
whole.
If you have questions regarding the survey or
the report please contact:
Mark O’Reilly
65 6709 5151
mo@astburymarsden.com
The information and data contained in this report are for information purposes only and are not
intended, nor implied to be a substitute for professional advice. In no event will Astbury Marsden be
liable to you or any third party for any decision made or action taken in reliance of the results obtained
through the use of the information and/or data contained or provided herein.

3. 3
2. Summaryof
findingsHow employees really see the Fair Consideration
Framework.
There is no denying the increasing popularity
of Singapore as a place to live, but with
this, comes fierce competition for jobs
and talented workers. The government
introduced the FCF last year to encourage
businesses to reasonably consider local
Singaporeans for roles and promotions,
whilst still encouraging foreign investment in
the economy. The question is, has it worked?
We asked the market.
We found opinions vary by sector, function
and job level when looking at the effects of
the FCF now, and in the future.
• 61% of financial services staff believe
their employer is now hiring more locals
as a result of the FCF. In addition, over
two thirds (68%) believe it will become
harder for foreign nationals to find a role
over the next year.
• Management consulting respondents
are more decisive about the impact of
the FCF with 70% who believe their
employer is hiring more local candidates
and 82% who think it will be harder for
foreign candidates to find a role in the
next year.
• One third of regulatory control
candidates believe that there will be an
increase in hiring locals, with none who
envisage an impact on hiring foreign
candidates. This could be due to a lack
of experience in the region forcing
employers to look outside of local talent.
• HR and change management staff see
the FCF already having an impact on
increased hiring of locals and reducing
foreign hires over the coming year.
• Generally, as the respondents become
more senior, the greater the effect they
envisage the FCF will have.
With roles paying over $12,000 per month
exempt from the ruling, businesses could
conceivably increase salaries to attract the
candidate they want, rather than being
constrained by the rules. We investigated
how the effect on pay varies based on sector
and function.
• Management consulting respondents are
the most decisive, with 36% expecting an
increase in salaries as a result of the FCF.
Just 19% of financial services employees
feel the same.

4. 4
• Opinions vary quite considerably
when looking at sector. Internal audit
respondents do not expect to see an
increase in salary as a result of the FCF
whilst half of front office trading staff do!
And finally, what impact will the FCF have
on Singapore remaining competitive in the
global economy?
• For financial services respondents the
results were mixed, with 56% predicting
an adverse effect on the competitiveness
of Singapore and 44% predicting
little impact. Management consulting
respondents were far more certain about
the effects, with over two thirds (67%)
who felt the FCF would have an adverse
effect.
• Strategy, compliance and consulting
employees thought the FCF would
have the least adverse effect on
competitiveness, whilst internal audit
and technology felt competitiveness
would be most affected.
Whilst the FCF attempts to ensure that
businesses provide a fair assessment of the
skills available locally, in isolation, it does
not address the issue of how to develop
missing skillsets. It will be interesting to see
how the private sector responds to tighter
employment controls.
I hope that you find the report helpful.
Mark O’Reilly
Managing Director - Asia Pacific

5. 5
3. Hiring
When looking on a sector basis, we found that 70% of management consulting staff believe
employers are now hiring more local candidates as a result of the FCF. In addition, 82%
of management consulting employees believe that the framework will make it harder for
overseas talent to find a role over the next year. This suggests the FCF is already having the
desired effect within the management consulting sector.
By comparison, 61% of financial services respondents believe more local candidates are being
hired, and 68% believe it will become more difficult for foreign candidates to find a role over
the next year. This is compared to 58% of non financial services staff who think it will have
an effect on foreign job hunters. Perhaps the FCF still has some way to go to influence hiring
sentiment in the banking industry.
Looking at the perceived effects of the FCF on hiring
locals and foreign candidates in Singapore.
Sector
Fig 3.1
3.1.2 Percentage of respondents who believe the FCF will make it harder for foreign
nationals to find a new role in Singapore over the next year
3.1.1 Percentage of respondents who believe their employer is now hiring a greater
proportion of local candidates as a direct result of the FCF
We asked employees about their perceived effects of the FCF on hiring within Singapore -
more specifically, whether they thought there had been an increase in hiring local talent and
also whether the framework will hinder foreign candidates efforts to find a role in Singapore.

6. 6
Function
Fig 3.2
When looking on a functional basis, the results are mixed. Just one third of regulatory
control respondents believe the FCF will lead to an increase in hiring locals, perhaps due to
the relative candidate shortage in that skillset group. No respondents in this function believe
that the FCF will have an impact on foreign candidates finding a job in the next year, again
attributable to a lack of local regulatory control experience in the Singapore market forcing
businesses to look outside of the region for the required skills.
In comparison, three quarters of change management and 82% of HR employees believe their
employer is now hiring more local candidates, and 84% and 64% respectively believe the FCF
will make it harder for foreigners to find a role in Singapore.
3.2.1 Percentage of respondents who believe their employer is now hiring a greater
proportion of local candidates as a direct result of the FCF

7. 7
3.2.2 Percentage of respondents who believe the FCF will make it harder for foreign
nationals to find a new role in Singapore over the next year

8. 8
Joblevel
Fig 3.3
It would seem that the most senior level employees feel that the FCF will have a greater
impact over the course of the next year than it is having now. The survey found that only
40% of Managing Director/Partner level staff believe their employer is now hiring more local
candidates. Looking ahead to the impact the FCF will have on foreign nationals in the new
year, the research found that 80% of Managing Director/Partner level employees believe that
it will become harder for foreign candidates to find a role.
A greater proportion (68%) at the level below - Director/Executive Director level believe that
their employer is now hiring more local candidates as a result of the FCF. Over half (58%)
believe that the framework will make it harder for foreign nationals to find a role over the
coming year.
3.3.2 Percentage of respondents who believe the FCF will make it harder for foreign
nationals to find a new role in Singapore over the next year
3.3.1 Percentage of respondents who believe their employer is now hiring a greater
proportion of local candidates as a direct result of the FCF

9. 9
4. Pay
In the main, employee perceptions remain relatively neutral on salary movement. When
looking on a sector basis, more than a third (36%) of management consulting staff believe that
the FCF will increase base pay, compared to just 19% of financial services employees. Over one
quarter of financial services staff (27%) believe that the FCF will have a negative impact on
pay. Over half of both financial services (54%) and non financial services (52%) respondents
believe that pay will remain the same.
Expectations around the changes in pay following
the legislation.
Sector
Fig 4.1
4.1.1 The perceived impact of the FCF on pay
With jobs paying more than $12,000 a month exempt from the FCF ruling, one conceivable
side effect maybe that employers are tempted to offer candidates a higher salary to circumvent
FCF limitations. E.g. For an urgent role with niche skills, companies could increase the
salaries to make their talent acquisition process run more smoothly.
There is also the possibility of inflationary pressure for salaries for local candidates with in
demand skillsets. But what is the perception from employees?

10. 10
Function
Fig 4.2
Functional differences in employee perception can be linked to candidate demand versus
availability in that market. Half of trading employees believe that the FCF will increase base
salaries, compared to 43% of sales and distribution and internal audit staff who believe it
will decrease. Nearly half of HR and one third of regulatory control functions also believe
there will be an increase in base salary as a result of the FCF. These expected increases could
be due to a shortage of skills within the region.
In contrast, 43% of internal audit and sales & distribution staff expect to see a decrease in
pay.
4.2.1 The perceived impact of the FCF on pay

11. 11
5. Competition
Many companies in Singapore rely on foreign workers for specific skills. With the introduction
of the FCF, is there a concern that overseas talent will be discouraged from seeking
employment here, exacerbating skills shortages and putting Singapore businesses at a
disadvantage? Will Singapore’s competitive edge suffer as a result of the FCF?
Looking at the adverse affects of the FCF on the
competitiveness of the country.
Sector
Fig 5.1
44% of financial services respondents did not think that the FCF would have an adverse
affect on the competitiveness of Singapore. By contrast, 67% of management consulting
respondents felt it would have an adverse affect. This may be a result of the fast growing
management consulting sector already having to look outside of Singapore for suitably
experienced talent.

12. 12
Function
Fig 5.2
The highest proportion of respondents who felt the FCF would have an adverse affect on
competitiveness were found in internal audit, technology and change management. There is a
shortage of candidates in these areas, and consequently businesses may need to look outside
of Singapore for suitable talent.

13. 13
AboutAstbury
Marsden
We specialise in recruiting uniquely talented people in business technology,
business transformation, governance functions and specialist technical skills.
We intimately understand the dynamics of the financial services, energy and
professional services markets; making sure we know the people our clients
need to occupy critical roles throughout their business. We help clients
determine the people they need and then we find the best of them.
We have a global perspective and we are territory-neutral. We look
for market identifiers that we recognise, and apply our experience and
intelligence to solve the challenges they face. Our regional hubs established
in Singapore and London allow us to serve our clients across Asia and
Europe.
You can find more out at www.astburymarsden.com
Singapore
Mark O’Reilly
65 Chulia Street,
OCBC Centre, #43-01
Singapore 049513
+65 6709 5151
London
Adam Jackson
33 Cannon Street,
London
EC4M 5SB
+44 (0)20 7065 1222