Southeast Asia’s Finance Sector Reports a Positive Yet Slow Recruitment Growth Rate

Southeast Asia’s Banking and Financial Services Industry (BFSI) continues to display a cautious hiring outlook, as Singapore, Malaysia and the Philippines all report a positive yet slow recruitment growth rate, according to the latest Monster Employment Index (MEI), a monthly gauge of online job hiring activity by Monster.com.

Singapore recorded the highest online hiring activity in the BFSI sector in Southeast Asia, at 9% year-on-year in July. This is down 2% from the 11% recorded between June 2016 and 2017.

Malaysia reported a 6% growth year-on-year, a 5% improvement from the 1% recorded between June 2016 and 2017.

The Philippines witnessed a growth of 4% year-on-year, a decrease from the 8% recorded between June 2016 and 2017.

Demand for Finance and Accounts roles plunged in July, with Singapore and the Philippines reporting a decline in hiring activity, while Malaysia showed no growth.

Singapore reported a 10% year-on-year decline – an 8% drop from the -2% recorded between June 2016 and 2017.

The Philippines saw a 3% year-on-year decline, while Malaysia recorded no annual growth between July 2016 and 2017.

“This sector remains the most in-demand amongst employers and job-seekers, which means finding and retaining the best talent will always be critical. This is especially true in a dynamic market like Singapore, which is heavily restructuring to rely less on foreign labour, bringing the local jobs market under a lot of pressure,” said Sanjay Modi, Managing Director at Monster.com – APAC and Middle East.

“With the rise of the Fintech wave, a degree in engineering or computer science might not be enough for aspiring candidates. Rather they must be able to comprehend and utilise large amounts data, aligned with a strong sense of commercial acumen. This will be the differentiating factor helping profitability and productivity of businesses.” 

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