As both Singapore and Malaysia’s banking and finance sector struggle in the current economic climate, online hiring activity has shrunk and the sector has slowed in its recruitment efforts.
But the Philippines’ BFSI sector is seeing no such struggle, according to the latest Monster Employment Index (MEI) report. In fact, the Philippines reported the strongest growth in the online hiring of BFSI professionals between May 2015 and 2016.
The country registered a 28% year-over-year growth in BFSI online hiring, up 9% from the 19% year-over-year growth recorded in April. The industry is also among the sectors seeing the strongest growth in the country.
On the other hand, Singapore reported an -8% year-over-year decline in online hiring, falling further from the -3% year-over-year recorded in April. The sector is the worst performing sector in the market.
Year-on-year hiring activities remained the same in Malaysia at -22%. While year-on-year online recruitment remained stagnant, month-on-month hiring activities witnessed a 3% dip. This sector is also among the worst performing industries in Malaysia.
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.
Hiring trends are also reflected in the overall demand for Finance and Accounts employees in the Southeast Asia region.
The Philippines reported the steepest growth in demand, at 19% year-over-year. Month-on-month job postings have also seen an improvement of 11% between April and May 2016.
Singapore reported a -16% year-over-year dip in hiring activities, down 4% from -12% year-over-year reported in April.
Malaysia, on the other hand, reported a -17% drop between May 2015 and 2016 – a marginal improvement from -20% year-over-year reported in April. The job role emerged as one of the worst performing groups in both markets.
“The Philippines’ growth in online hiring in the BFSI sector alone is a testament of its resilience towards economic threats. This is further supported by strong remittances from locals working abroad and a well-capitalised banking sector,” said Sanjay Modi, Managing Director, Monster.com – APAC and Middle East.
“Despite weakened hiring outlook across Singapore and Malaysia’s BFSI sectors, the banks are still well-positioned to handle prolonged periods of slow recruitment and financial stress. As banks are also shifting towards the online industry to provide a more holistic customer experience, employers will take time to revise its organisation structure before proceeding with any new hires.”