Philippines exhibited the strongest growth in the online hiring for BFSI professionals between April 2015 and 2016, while its Southeast Asian counterparts continue to struggle to keep up, according to the latest Monster Employment Index (MEI).
The MEI measures online job hiring activity monthly, recording the industries and occupations that show the highest and lowest growth in recruitment activity across Singapore, Malaysia and Philippines.
Online recruitment activity within the BFSI sectors in Singapore and Malaysia saw annual decline of -3% and -22% respectively.
Philippines on the other hand, reported 19% growth in online hiring in the sector between April 2015 and 2016. The sector registered positive annual growth for the fifth consecutive month, thereby ranking amongst the top growth industries in the country.
Finance & Accounts Roles
When looking at the online job postings for Finance and Accounts roles, Philippines once again reported the strongest year-over-year growth among the three markets, at 3%. This is also the group’s first positive annual growth reported this year. Between March and April 2016,the job role witnessed a 4% growth in hiring activities.
The Finance and Account roles in Singapore exhibited a decline of -12% year-over-year in online hiring activities, while Malaysia reported a -20% year-over-year decline.
“The weaker hiring activities in Q1 are in part due to the volatile markets, which have impacted banks’ earnings,” says Sanjay Modi, Managing Director, Monster.com (India, Middle East, Southeast Asia, Hong Kong).
“As economies become more digitised, employers are looking to streamline internal and external processes with technology, reducing the need for additional manpower. That said, employers are still actively seeking the best candidates to fill the critical roles that can drive businesses forward.”