In 2023, companies implemented a range of hiring and talent management strategies, primarily driven by cost saving measures.
Glen Chua, Senior Manager at Robert Walters, notes that there has been an increased emphasis on internal mobility, so employers have been able to retain talents more than before. While some candidates have re-entered the job market due to consolidation and restructuring in large outfits and larger economic uncertainty, candidates who have not been affected have generally been more willing to stay in their organisations. “We have also seen more senior and oversight roles being moved to lower cost locations,” observes Glen.
Nevertheless, there are still opportunities available with the influx of single and multi-family offices set up in Singapore. Over the past year, there has been more demand for private wealth professionals, particularly those with research and portfolio management experience.
Read on to find out more about Glen’s expectations of the labour market and hiring trends for Singapore’s Banking & Financial Services professionals in 2024.
“There is an increasing focus towards diversity and inclusion, especially in the funds management, investment banking and private equity space,” Glen points out. “We can also foresee that there will be continual investment in building ESG frameworks across all organisations in the sector.”
Consequently, candidates with strong end-to-end finance background – covering banking, investments, capital markets and family office – will be in great demand. Those fit for ESG domain roles and FP&A will also be highly sought after.
Demand for talent among hedge funds are expected to be high, with companies keeping an eye out for traders with a good understanding of long/short, or long-only trading strategies.
Lastly, talents with a strong background in MAS reporting will be highly sought after, particularly as there are less candidates on the market with the relevant experience. This comes particularly as companies need candidates who can contend with frequent changes to rules and regulations within the sector.
On the part of candidates, Glen says that companies have experienced more difficulties with attracting and retaining employees with relevant and specific skillsets. This is especially as there is always a supply of candidates looking to transition into more challenging roles. This trend is likely to continue in 2024.
Against this backdrop, Glen also notes that employees are less likely to return to their previous organisation once they have left. “In the event that they do, they tend to approach their companies directly,” he notes.
Salary increment are based on a number of factors such as work performances, industry experiences, industry trends and labour market conditions. Depending on these factors, salaries can be expected to increase by 15% within prominent companies. Nevertheless, financial incentives are not the be all, end all. Other benefits such as work-life balance and job stability are also important factors that candidates are looking out for when contemplating opportunities.
Companies without the reputation or ability to provide work-life balance or job stability will need to offer much larger increments to attract talent.
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Banking & Financial Services industry in Singapore.
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Banking & financial services, Singapore
Glen has over 9 years of recruitment experience in the Banking and Financial services domain in Singapore, and currently heads the Perm and Contracting divison.
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