Danos Group
25 Mar

As Covid-19 made its way through the global economy in 2020, its effects on the labour market were deeply felt, no one has been unchanged. Like most countries Singapore’s labour market and economic growth has been affected. However, Singapore is working towards recovery, “The Singapore economy is projected to see a gradual recovery in 2021,” reported Gabriel Lim, Permanent Secretary at the Singapore Ministry of Trade and Industry. There are already talent shortages developing in key areas of the Financial Services sector.  

Singapore has dealt with the pandemic extremely well compared to other countries in the region and since June 2020 has been working towards business-as-usual. The demand for talented professionals is rapidly increasing, however the supply is being severely restricted by travel limitations, expat appeal, foreign Work Pass limits, and increased salaries, all of which are making it very difficult for firms to source and secure candidates.

Travel Limitations

The Covid pandemic has significantly reduced and in many cases stopped international travel, which has in turn prevented and completely halted the movement of highly skilled talent.

Expat Workers Returned Home

With the outbreak of Covid many expat workers returned home, and the continued uncertainty around Covid-19 and virus mutations are keeping them at home.

Work Passes For Foreign Employees

Increased level of scrutiny on VISA applications – the Ministry of Manpower (MOM) made changes to the criteria for employers seeking to obtain a Work Pass for foreign employees in Singapore, as they look to the local job market to strengthen the Singaporean core workforce.

Inflated Salaries

In some industries salaries have increased by 25% to 35%, impacted by:

  • Higher minimum qualifying salary for Employment Passes, with a special criteria introduced for the Financial Services sector – from December 2020 the minimum qualifying salary for new applications was increased to S$5,000.
  • Demand for Singaporean and Permanent Resident talent, increased competition and low supply levels are driving up the demand for higher salaries, as candidates negotiate over multiple employment offers.  

The firms that continue to direct source are being held back by job advertising durations, the wrong skilled people applying, and increased competition. Many companies use tools such as LinkedIn to source, but candidates are now receiving so many LinkedIn messages that they simply just do not respond.  If companies are wanting to attract the best talent, they will need to use a headhunter who knows the market very well.

Danos Associates is an experienced headhunting firm, we have been covering the Singapore market for almost 10 years and during that time we have developed exceptional talent networks across Risk and Compliance, enabling us to provide our clients with experienced, talented professionals.

If you are looking to secure the finest talent in a very competitive market, or you would like our advice on the Singapore market, please contact Adnan Maddix today:

Adnan Maddix
Associate Partner, Head of Singapore
Tel: +65 6950 4505
Email: adnanmaddix@danosassociates.com

08 Mar

We are celebrating International Women’s Day and we are striking the #ChooseToChallenge pose, to show our commitment to choose to challenge inequality, call out bias, question stereotypes, and help forge an inclusive world.  

Click Here To View The Video

We realise we have the power as a recruitment company to actively influence the inflow of under-represented groups into the sector we service, thereby helping to advance the Diversity, Inclusion and Equality agenda.

To find out more, please contact us, email: diversity@danosassociates.com

#IWD2021 #ChooseToChallenge #DanosGroup #DanosAssociates # DanosConsulting #Equality #DiversityandInclusion    

22 Feb

The Danos Team have successfully completed “21 Challenges In 21 Days” to raise awareness and funds for Leadership Through Sport & Business (LTSB), a social mobility charity that prepares and supports bright young people from disadvantaged backgrounds into meaningful roles within Business and Finance, and Digital / Technology.

It has been an exhilarating 21 days, view how we got on with the challenges…

Thank you everyone for your support, if you can, please help us reach our fundraising target by donating here – https://www.justgiving.com/fundraising/danos-group

With Thanks

The Danos Team

Any firms interested in employing an LTSB Apprentice please contact careers@leadershipthroughsport.org.

Find out more about LTSB – LTSB “More than an Apprenticeship” Video | LTSB (leadershipthroughsport.org)

17 Feb

Financial Crime is a critical risk to businesses, there are a broad range of new and emerging criminal challenges facing organisations as a direct impact of the pandemic.

  • With limitations on international travel, conventional transnational organised crime schemes have been greatly affected, organised crime has diversified into fraud and cybercrime to respond to the changing environment.
  • Consumer spending patterns have changed, this has affected the ability of institutions to understand whether customer activity and behaviour is different from the normal baseline.
  • Increased number of vulnerable individuals seeking quick cash or means of substituting income. Criminals have capitalised on this, recruiting those experiencing financial hardship to act as money mules to transfer illicit funds.
  • A surge in internet-banking, resulting in additional volumes of online activity has created challenges in identifying suspicious transactions related to money laundering and fraud.
  • It has been reported that permanent working from home set-ups across the globe hinders first-line defence (self-policing) in a business and can limit the ability of compliance functions (second line defence) to act in an oversight and advisory capacity. This increases the risk of potential market manipulation and insider dealing offences.

Global authoritative bodies have published advisory papers outlining the evolving anti-financial crime challenges posed by the Covid-19 pandemic.

Firms should consider the following to strengthen their position:

  • Actively and proactively engage with regulators or authoritative bodies to gain greater understanding of the typologies and trends emerging from the pandemic, and factor these into their transaction monitoring rules and calibrations.
  • Investment in technology to apply sophisticated risk-based scoring and prioritisation to manage spikes and prevent backlogs.
  • Continue to apply rigour and challenge when assessing customer behaviour and activity – data from previous global events (for example the 2007–8 financial crisis) indicate that criminals actively work to find new ways to exploit public uncertainties and fear.

The Danos Group is a leading supplier of Financial Crime and Compliance personnel to the financial services industry globally, we are extremely well-placed to find you the best permanent and interim candidates.

Danos Associates is the leading global search firm. Our unparalleled network of professionals makes us the first choice for the world’s major financial services firms. We use our experience and market knowledge to help you land the best people for your permanent roles.

Please contact Denis Spearman if you would like to discuss your permanent hiring requirements.

Tel: +44 (0) 207 371 8332
Email: dspearman@danosassociates.com

Danos Consulting can support firms from risk assessment to implementation of Anti-Money Laundering (AML) governance structures, staff training and vendor selection, and client screening and monitoring practices.

We have an experienced bench of Financial Crime professionals from more senior MLROs (Money Laundering Reporting Officers) level consultants to more hands-on transaction monitoring, sanctions screening, AML/KYC practitioners. These consultants can be setup remotely at first to be able to assist as soon as possible.

Please contact Bradley Handelaar if you would like to discuss any interim/consultancy requirements you have now or in the future.

Tel: +44 (0) 207 010 1154
Email: bhandelaar@danosconsulting.com

Source: https://www.regulationtomorrow.com/africa/financial-crime-outlook-2021-and-beyond-2/

21 Jan

The Danos Group is pleased to announce an exciting partnership with Leadership Through Sport & Business (LTSB), a social mobility charity that prepares and supports bright young people from disadvantaged backgrounds into meaningful roles within Business and Finance, and Digital / Technology.

Commenting on the announcement, the Danos Group Global Managing Partner Dominic Danos stated, “We realise we have the power as a recruitment company to actively influence the inflow of under-represented groups into the sector we service, thereby helping to advance the diversity and inclusion agenda. As a sector it is important that we address the under-representation of minority groups and ensure a career in the financial services industry is appealing to the next generation of professionals.”

“We admire LTSB for focusing on those young people from underprivileged backgrounds, by delivering them a dedicated program and the support to enable them. As recruitment and market experts, we know we can help support these young people with practical advice and guidance. Our senior managers will be mentoring young people on the LTSB program, and as a group we are committed to fundraising on their behalf. We will also promote the LTSB apprenticeship scheme to our clients and networks to increase the hiring of young people.”

“This is a great opportunity for the Danos Group to be involved in partnering with a charity that gives young professionals great equal opportunities and allows them to fulfil their potential.”

This is the start of a great partnership between the Danos Group and LTSB, a demonstration of how organisations in collaboration can join their experiences and expertise to benefit others.

“We feel truly honoured to have been chosen as a Charity Partner for the Danos Group, who have shown such interest and commitment to helping us achieve our Vision. We connect young people from disadvantaged backgrounds to meaningful careers and wider professional experiences and with the help of the Danos Group we are able to create more of these life changing opportunities. We are inspired by the generosity that the Danos Group has shown to LTSB and are excited about furthering our relationship in the future, which we know will unlock more opportunities for young people to flourish”Paul Evans, CEO at LTSB.

To mark the start of this partnership, on the 21st January 2021, the Danos Group launch the “Danos Group 2021 Challenge for Charity”. For the next 21 days the Danos global team will be taking part in 21 challenges, including 21 mile cycle, 2.1 mile run, 21 mins of meditation, and 21 cake bakes, follow our progress on LinkedIn or Twitter.  

We are raising money for the Leadership Through Sport & Business charity if you would like to donate visit https://www.justgiving.com/fundraising/danos-group.

14 Dec

Danos Associates publish “Singapore Salary Benchmark Report 2020”. This report outlines senior salaries for “Traditional Asset Manager” and “Hedge Fund & Private Equity” roles.

It also includes key market insights:

  • Overall Asset Management salaries have not changed substantially during 2020 although we continue to see a growing variation between fixed and variable compensation between firms.
  • Whilst 2020 has not been a bumper year for hiring, there has still been movement at all levels necessitating replacement hires, with activity increasing in the second half of the year and expected to increase further post bonuses in the New Year.
  • This year has seen a number of International Asset Managers establishing a Singapore entity, to aide expansion in the South East Asia region. So far this has required hiring new headcount locally, rather than relocating headcount from Hong Kong.

For your copy of the report, please contact Mark Moorby | Lead Partner, Head of Asia Pacific | Email: markmoorby@danosassociates.com | Tel: +(852) 2870 3007.