Hiring activity within Southeast Asia’s Banking and Financial Services Industry (BFSI) did not show any signs of a revival, according to the latest Monster Employment Index (MEI).
The MEI is a monthly gauge of online job hiring activity by Monster.com. The Index tracks industries and occupations with the highest and lowest growth in online recruitment, which also includes data points from the BFSI sector.
Singapore recorded the highest online hiring activity in the BFSI sector in Southeast Asia, at 10% year-on-year in August. This is a slight improvement from 9% year-on-year recorded in July.
The Philippines exhibited a growth of 6% year-on-year, up 2% from 4% year-on-year reported between July 2016 and 2017.
Malaysia, the only market to report a decline in August, reported a 7% year-on-year decrease in online hiring in the BFSI sector. This is a 13% dip from 6% year-on-year reported between July 2016 and 2017.
In spite of the slight increase in hiring within the BFSI space, demand for Finance and Accounts roles continued to dip, as all three markets reported further declines in between August 2016 and 2017.
Hiring decline in Singapore remained unchanged in August, as the market continues its 10% year-on-year decline.
The Philippines saw a 4% year-on-year dip, while Malaysia recorded a 7% year-on-year dip in online hiring.
“The digitization of banking operations remains a key motivation behind hiring activities, as employers continue to ramp up digital offerings,” says Sanjay Modi, Managing Director at Monster.com – APAC and Middle East. “With employers citing the lack of qualified talent as a key challenge to hiring, they’re now going beyond the sector to bring in a suite of new skills and insights to aid problem solving.”