Overall online recruitment activities in the banking and finance sectors experienced another slump in February 2016, as economic growth remain slow.
This is according to the latest Monster Employment Index (MEI) for February 2016, which measures online job hiring activity monthly, recording the industries and occupations that show the highest and lowest growth in recruitment activity in Singapore, Malaysia and Philippines.
The Philippines was the only market to exhibit positive annual growth in the BFSI sector, reporting 1% year-over-year growth. This is a 12% drop from 13% year-over-year growth reported in January. Despite the dip, month-on-month hiring activities between January and February witnessed a marginal 2% increase, and the sector has emerged the top growth industry sector in the market.
Malaysia on the other hand, continued to fare the worst amongst the three markets monitored by the Index, reporting -38% decline year-over-year. This is a whopping 20% drop from -18% year-
over-year decline registered in January.
Singapore exhibited -4% decline in the online hiring in the BFSI sector, down from 0% reported between January 2015 and 2016. This puts the sector among the lowest growth industries in the market.
Hiring trends in the BFSI sectors were also reflected in the online demand for Finance and Accounts professionals, where all markets experienced a drop in annual demand in February. None of the markets experienced positive growth.
Among the three markets, Singapore reported the least decline in online demand for Finance and Accounts roles, at -13% drop year-over-year. In the same timeframe, demands in Malaysia remain
the weakest at -29% decline year-over-year. Annual demand in the Philippines between February 2015 and 2016 saw -16% year-over-year decline.
“As global economic uncertainty continue to rise, economic growth, in Singapore and Malaysia especially, remains slow. Some employers within businesses in the banking sectors across the board are not in a hurry to hire and have even resorted to laying-off employees to cope with the
challenging business environment,” said Sanjay Modi, Managing Director, Monster.com (India, Middle East, Southeast Asia, Hong Kong).
“Philippines’ demands for the Finance and Accounts professionals may have eased up in February as a result of the slowing economy, the positive annual growth in demand for the Finance professionals is a proof of the strength in itsbanking sector. Demands are likely to be sustained as the country paves way for more banking businesses in the coming months."