admin

LOOKING TO THE FUTURE

2021 has brought a whirlwind of changes as the world comes to terms with the COVID pandemic’s transition into an endemic. In contrast to the lackluster hiring market in 2020, the banking and finance sector in Singapore is seeing an increase in hiring activity, with the creation and refinement of different roles in order to meet developing technology needs.

With Singapore’s push to become a globally recognized hub for the FinTech industry, an increasing number of talents from the traditional banking sector are being approached to taken on roles in this up-and-coming space, in corporate functions such as HR, IT, Finance, Customer Service, BD Sales, After Business Support, and Operations. Digital banks have been spearheading the hiring in areas like product sales, data, risk, finance and compliance.

HIRING ADVICE FOR EMPLOYERS

With the availability of the vaccine and the need for front-end staff to interact with a large number of people each day, companies have assumed the responsibility of sending front line staff for COVID vaccinations, providing transport and assistance to ensure the safety of their employees. It is recommended that companies adopt a similar stance in order to increase the welfare of staff.

Embracing the changes brought on by the COVID pandemic, most institutions implement an alternate workday or work week structure for staff. While keeping in mind government regulations, the past year of experimentation has shown that employees function best when they are able to both enjoy the flexibilities that working from home bring together with the face-to-face interaction they experience in the office. Creating WFH flexibilities for roles, from traders to banking operations executives, shows the employee that you are keeping up-to-date with HR practices.

ON RETENTION & ATTRACTION

Possible career advancements, the opportunity to learn transferrable skillsets, and the company’s stance on adapting to the “New Normal” are some factors professionals will consider when accepting a job offer. Meal and transport reimbursements for front-end workers is one way of increasing the welfare of employees, which in turn creates a favourable image of the company.

The emphasis on job stability has led many, especially fresh graduates, to prefer a higher, steady base salary over high bonuses and benefits. On the contrary, a competitive bonus package is necessary to retain seasoned banking and finance executives, as they are now in high-demand from FinTech, asset management firms, or fund houses. To retain the expertise of senior-level workers, provide constant training and workshops to ensure that they can keep up with the company’s digital advancements.

CAREER CONSIDERATIONS OF BANKING & FINANCE PROFESSIONALS

• Possibility of career advancement
• Competitive remuneration package, with a base salary and bonus that suits their needs
• Opportunity to learn new, transferrable skillsets
• Company’s stance on adapting to the new normal

WORK WITH A RECRUITER

Despite recent challenges, it is hard to deny that the job market is shifting to become one where job seekers now have a wealth of information and choices at their fingertips. Companies need to ensure that they stand out from competitors so as to attract the best talent.

A disciplined hiring process, as well as constant contact with other thought leaders, headhunters and prominent figures in the Human Resource field will help you stay abreast of trends in your industry. The past few years have taught us to embrace change, and we must continue to do so in order to build a team of highly skilled professionals who can work together to achieve organisational goals.

SALARY GUIDE

Click HERE to download a copy.

Industry Insights

Already at the forefront of change, the ITT sector has risen to assume the role of pioneer when it comes to addressing the pain points brought on by the COVID pandemic. The industry has developed rapidly, and we see IT creep into other functions due to the nature of digitalisation as organisations realise the need to upgrade their processes.

Automation-related roles that aim to improve business workflow, reduce manpower, and improve cost savings are largely popular and projected to remain crucial even in a post-COVID world.  In the era of Big Data, data analysts and scientists are also needed to make sense of the human behaviour patterns that can be gleaned from collected data.

Flexibility and change are two keywords that are increasingly relevant in today’s market. This is seen in the way new roles are created to cater to the shifts in global and local IT needs, as well as in the structure of roles offered.

While companies and job seekers have come to realise the benefit of contract, project-based, and temporary assignment, these roles are still not easily filled, due to the traditional preference for permanent positions, which were the norm until a few years ago. However, the pros to contractual work cannot be ignored: they provide job scope and payroll flexibility to the organization, and give the job seeker opportunities to explore different functions and responsibilities in short stints so that they can build on their skills and network.

Attracting the Talent You Need

It’s very much a job seeker’s world, in that IT skills are prized, and companies are willing to pay for these skills. Demand for local talent has increased due to the tightening of foreign talent hiring and the urgency with which companies are jumping on board the digitalisation bandwagon. This explosion in demand for local talent has brought about an increase in the starting salaries of fresh graduates. While entry-level applicants once expected a salary in the $3,500 range, this number has increased to become as high as $5,000 per month.

However, top candidates gravitate towards the same few companies, who are able to offer prestige on top of competitive salaries and benefits. This makes it hard for smaller companies who require the talent but might not have as much to offer. Such organisations must turn to different ways of attracting talent, such as making use of government programs, or committing to training new hires so that they become proficient in their specialised field.

Relooking the criteria on which hiring is based will help to expand the pool of candidates. It would be helpful to not only shortlist fresh graduates from the standard list of tertiary schools, but also look at the unique selling points of all applicants, such as whether they took on external courses, engaged in IT-related activities outside of the school or internship setting, or if they participated in the creation of their own IT software or applications. It would also benefit companies to expand the search to encompass not only recent graduates but also qualified mid-career candidates looking to switch industries and who have obtained the necessary skills and certifications to be an asset to the organisation.

Talent Attraction Strategies

1. Speed: Fast feedback and shortened interview process to express interest in candidate
2. Salary: Providing competitive starting salaries, along with steady and significant increment
3. Skills: Willingness to hire candidates with no experience but who have the prerequisite skill sets and are willing to learn
4. Sense: A strong organizational mission and purpose helps attract talent as they want to be part of something bigger

Talent Retention Strategies

1. Belief: Employees want to be trusted that they can do their work without being constantly supervised. They favour flexible working hours
2. Benefits: Unlimited leave, free food, stock options
3. Backing: Sponsorships for courses, further studies

The Future of Work

The development of technology has seen the eradication of roles due to automation. It has also resulted in the creation of new roles and skills that capitalise on this new technology. Hybrid roles, in which technology is paired with another operational function, are prevalent in today’s world, as seen in how many roles have come to encompass data analytics. HR, Marketing and Finance-related roles, although not strictly IT-related, have begun to include analytics in their job descriptions. It is imperative that companies train their existing staff in these areas while looking to bring on board new employees who are willing to expand their knowledge beyond their original job scopes.

With the remote or hybrid work model, employees must pay close attention and be proactive in the understanding of workplace dynamics. A refined sixth sense has to be developed in order to discern if potential candidates are really suited to the job and to the company.

Contractual positions have seen a rise in popularity, due to the flexibility they award employers in terms of work duration and job scope. These will become the norm, especially for start-ups or new departments, in order to manage long-term risk exposure. It is important to address concerns from employees regarding the company’s intention when hiring contract staff, as well as the plans that the company has for the role. If these questions are answered right from the outset, outstanding job candidates who would have initially preferred a full-time role can be persuaded to take on contract positions.

Work with a Recruiter

Hiring in the ITT sector is an exciting process that requires up-to-date industry knowledge, a keen sixth sense, and the resolve to scour the market for the best-suited talents. With a finger on the pulse of market and socioeconomic changes, recruiters are able to consult with clients once they sense a shift in the scene and help put in place measures that will help organizations brave through change.

Salary

Click here to download this report.