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

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 – 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.” 

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern