pay for contract jobs

Originally Posted by Caao

It's going to be like that, you can try asking for 3k if possible, but usually for just junior operations they won't budge. These are hire & fire type outsourced operations with high turnover, the agencies are given a cost base which they manage and draw a fee, not really anything to do with the bank.

BTW 3k+ contract in back office is considered quite high, I don't think that's the norm. Considering the whole banking sector is downsizing, I doubt they are throwing out 3k+ contracts everywhere. My own bank is only offering 3k for a perm analyst/associate BO position.

It's true. Alot of companies are downsizing. Focusing on revenue making business and functions that are essential/ need to have proximity to the business.

Originally Posted by Caao

It's going to be like that, you can try asking for 3k if possible, but usually for just junior operations they won't budge. These are hire & fire type outsourced operations with high turnover, the agencies are given a cost base which they manage and draw a fee, not really anything to do with the bank.

BTW 3k+ contract in back office is considered quite high, I don't think that's the norm. Considering the whole banking sector is downsizing, I doubt they are throwing out 3k+ contracts everywhere. My own bank is only offering 3k for a perm analyst/associate BO position.

Aww shucks things look bad. Any advice for local uni degree holder on finding the right job? What's a good way to start and advanced my career

Originally Posted by Caao

That really depends. If you are unemployed right after school, first few months can be explained away by searching in progress. Once it hits 6 months it becomes downhill all the way as employers are usually cautious and wonder why you cannot find anything for so long.

As for contractor it depends on the type of industry. Banking BO and IT industry is quite common, so if you stay within the industry employers tend to be more understanding. It's not fantastic from a CV point of view, but at least acceptable if the first 3-4 years is contractor. Anything beyond 5 years still in contract then I think is not good.

Thank you for the advice. What are the more desirable or less desirable roles inside the finance BO?

Originally Posted by Unregistered

Aww shucks things look bad. Any advice for local uni degree holder on finding the right job? What's a good way to start and advanced my career

I am another poster who posted before. You just got to keep applying the roles and think of how you can value add to the company as a fresh grad. Salary negotiation should be the last priority since you have no power to do so. It really does not matter whether its above 3K or not, which I think a lot people like to use this as a salary benchmark. Contracts should really be the last resort.

I joined a Asian bank 4 years ago as a perm when there are not so many contracts. I have since left the bank. My ex colleagues who stayed have progressed to be team leads etc. They were telling me that there are more contracts now and it's subjected to renewable (not conversion). We are thankful that we joined earlier as a perm staff and progressed from there. So you really got to apply the perm roles.

Originally Posted by Unregistered

I am another poster who posted before. You just got to keep applying the roles and think of how you can value add to the company as a fresh grad. Salary negotiation should be the last priority since you have no power to do so. It really does not matter whether its above 3K or not, which I think a lot people like to use this as a salary benchmark. Contracts should really be the last resort.

I joined a Asian bank 4 years ago as a perm when there are not so many contracts. I have since left the bank. My ex colleagues who stayed have progressed to be team leads etc. They were telling me that there are more contracts now and it's subjected to renewable (not conversion). We are thankful that we joined earlier as a perm staff and progressed from there. So you really got to apply the perm roles.

But given the really poor market now would it be better to take up a contract and wait for 6 months to 1year to convert it to a perm or to delay employment and die die find a perm job?
I understand that contract renewable is subjected to approval by management but it seems based on many experiences of my friends the banks are happy to convert their contracts to perm after 1year or so.

Originally Posted by Unregistered

Thank you for the advice. What are the more desirable or less desirable roles inside the finance BO?

I always encourage fresh grads who have limited marketability to expand their horizons. There is no need to keep obsessing over joining a bank.

You don't sound like you really have passion for any particular banking role and so far your job hunting seems mediocre. Time to broaden the net to other industries and even consider non-finance jobs.

Focusing on an industry where supply far outweighs demand with an average fresh grad CV isn't going to get you anywhere.

Originally Posted by Unregistered

But given the really poor market now would it be better to take up a contract and wait for 6 months to 1year to convert it to a perm or to delay employment and die die find a perm job?
I understand that contract renewable is subjected to approval by management but it seems based on many experiences of my friends the banks are happy to convert their contracts to perm after 1year or so.

I think you need to be realistic about the situation. You seem to have a misguided impression of what's happening in the banking world.

Perm headcount freezes have been happening since early last year across most banks. Even contract renewal is a 50:50 chance now as downsizing and offshoring is happening everywhere. You will be lucky to even secure a renewal after 6 months, banking everything on them offering you a perm position after 6-12 months is just asking for trouble.

Sure, there will always be the top 10% who are really good, lucky to get good connections etc who make it, but this is more strike 4D than anything. Reality is your job search in banking world so far after 3 months has been largely futile, this is the clearest indication of what's happening in many industries in Singapore. The good old days are gone and the new norm is setting in.

Top scholars and ivy-leaguers will always have plenty of opportunities offered by MNCs and banks, but normal people need to be flexible and not limit their options unnecessarily.

Originally Posted by Unregistered

I think you need to be realistic about the situation. You seem to have a misguided impression of what's happening in the banking world.

Perm headcount freezes have been happening since early last year across most banks. Even contract renewal is a 50:50 chance now as downsizing and offshoring is happening everywhere. You will be lucky to even secure a renewal after 6 months, banking everything on them offering you a perm position after 6-12 months is just asking for trouble.

Sure, there will always be the top 10% who are really good, lucky to get good connections etc who make it, but this is more strike 4D than anything. Reality is your job search in banking world so far after 3 months has been largely futile, this is the clearest indication of what's happening in many industries in Singapore. The good old days are gone and the new norm is setting in.


Top scholars and ivy-leaguers will always have plenty of opportunities offered by MNCs and banks, but normal people need to be flexible and not limit their options unnecessarily.

that sounds very worrying lol. I have been trying to apply for perm but to no avail so far

Originally Posted by Unregistered

I think you need to be realistic about the situation. You seem to have a misguided impression of what's happening in the banking world.

Perm headcount freezes have been happening since early last year across most banks. Even contract renewal is a 50:50 chance now as downsizing and offshoring is happening everywhere. You will be lucky to even secure a renewal after 6 months, banking everything on them offering you a perm position after 6-12 months is just asking for trouble.

Sure, there will always be the top 10% who are really good, lucky to get good connections etc who make it, but this is more strike 4D than anything. Reality is your job search in banking world so far after 3 months has been largely futile, this is the clearest indication of what's happening in many industries in Singapore. The good old days are gone and the new norm is setting in.

Top scholars and ivy-leaguers will always have plenty of opportunities offered by MNCs and banks, but normal people need to be flexible and not limit their options unnecessarily.

Agree on this.

Notice many sg grads with average grades only aim for banks or mncs like google, facebook, apple... then blame the school or gov when they cannot get a job.

Originally Posted by Unregistered

I am another poster who posted before. You just got to keep applying the roles and think of how you can value add to the company as a fresh grad. Salary negotiation should be the last priority since you have no power to do so. It really does not matter whether its above 3K or not, which I think a lot people like to use this as a salary benchmark. Contracts should really be the last resort.

I joined a Asian bank 4 years ago as a perm when there are not so many contracts. I have since left the bank. My ex colleagues who stayed have progressed to be team leads etc. They were telling me that there are more contracts now and it's subjected to renewable (not conversion). We are thankful that we joined earlier as a perm staff and progressed from there. So you really got to apply the perm roles.

I am the poster who wrote this. I do agree with what the rest of the posters said. Don't just apply to the banks. Don't be restricted by your books or grades.