Employment Outlook In Southeast Asia’s BFSI Sector Remains Cautious

 Southeast Asia’s Banking and Financial Services sector is still displaying a cautious hiring outlook, despite seeing slight improvement in online hiring in Singapore and the Philippines, according to the latest Monster Employment Index (MEI).

This April, the Philippines recorded the highest online hiring activity in the Banking and Financial Services Industry in Southeast Asia, at 12% year-on-year. However, this is a 9% year-on-year slump from the 21% annual growth recorded in March.

Singapore witnessed a growth of 4% year-on-year between March and April 2017, reporting 2% year-on-year in April.

Malaysia – the only market to report a decline in online hiring – saw a 9% dip between April 2016 and 2017.

Domestic demand for Finance and Accounts roles also remained subdued in April, as none of the markets monitored by the Index registered growth.

Malaysia saw the steepest drop in demand for these professionals in April, at -10% year-on-year, while the Philippines saw the least decline at -1% year-on-year.

Singapore recorded a 7% decline in the online hiring of the Finance and Accounts professionals. Despite the decline, this is a 4% improvement from -11% year-on-year recorded in March.

“As the banking sector continues to transform into one that becomes more reliant on technology, employers have been setting their sights on talent abroad to cope with demands, amidst the widening industry skill gaps,” says Sanjay Modi, Managing Director at Monster.com – APAC and Middle East.

“Employers have also been rolling out strategic cost-cutting plans to cope with the ever-evolving banking landscape. As the big banks continue to eye this region for investment banking roles, we can expect to see some traction in the hiring for private banks for the private equity professionals.”

 

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