Employment Outlook, Trends and Jobs in Singapore 2022 within Banking, Financial Services & Tech
With the onset of the Great Resignation and the Great Reshuffle of talent, there has been a noticeable wave of people quitting their jobs. Many researchers are delving into this and uncovering the woes of the ongoing coronavirus pandemic, which may have led many to re-think where, how and why we work.
Digging deeper into these trends, we are pleased to share that Joel Foo, Team Manager of Huxley Singapore, was invited to a dialogue hosted by the Institute of Banking and Financial Services Singapore (IBFSG) uncovering ‘Employment Outlook and Trends in 2022’. Led by Adrian Wu, Career Advisor from IBFSG, we were able to discuss what Joel is experiencing – covering jobs in Singapore across tech and financial services, what are the top mid-career switches for 2022, and the impact of the pandemic catalysing a shift in demand for digital job roles.
If you have missed the session, you can read our summarised takeaways below:
What are the specific trends you are seeing over the years in recruitment?
Joel: “Pre pandemic period, there was a surge in demand for retail bankers and compliance specialists. With the pandemic, there is a shift to remote working and physical touchpoints became obsolete. Hence, this brought about an immediate shift towards digital. Cyber security in Singapore for instance grew in huge demand with a significant uptake in scam cases amongst the big banks. Data analytics have also seen an uptake and what remained consistently in demand would be compliance professionals.”
With compliance being a traditional function, are there new compliance requirements and additional upskilling required?
Joel: “Yes and no. Take for instance new and growing spaces like digital assets or crypto funds – there will always be a need for a compliance representative to be involved. However, if a client for example were to request for talent that possess a compliance background with crypto knowledge, this will be very difficult. Clients in this aspect will need to appreciate someone of a different background or field with compliance knowledge and more importantly, be willing to explore new spaces.
What I’ve seen in certain roles that are not as important will include onboarding specialists. The reason is because these roles are becoming obsolete with artificial intelligence bots that can replace them. If you are currently in these jobs, think about upskilling yourself. We are moving towards a digital world, and you need to keep up.”
Does age play a factor for jobs in Singapore and mid career switches?
Joel: “There is no right answer to this, but what I know is that there will always be opportunities out there no matter where you are in your career experience. You might feel demotivated that you might be replaced by someone younger, but there will always be future employers who will value your skills. Roles like risk for instance place a huge emphasis on experience, so think of your unique selling propositions. Stay resilient, focus on what you can bring to the table and amplify your positives.
Another tip is to connect with people on platforms and stay up to date by joining communities. This includes going onto unorthodox platforms like Reddit forums where most tech enthusiasts hang out for example. Connect with someone who is already in the community, pick their brain, tell them your challenges, and be honest as to what you really want to do. Drop that ego to forge a genuine and honest conversation with people in the community, as well as recruiters. We are here to help.
Lastly, upskilling yourself is the most important factor. Not just to certify yourself but also think about what you want to do with that new credential you have. This is equally important for those who may be thinking of a mid career switch.”
What are some winning traits of underdogs who successfully get jobs in Singapore?
Joel: “I speak from an actual experience of a placement I made just last December in 2021. I was in touch with a candidate based overseas, overseeing coverage banking. Unfortunately, it was difficult to get into jobs in Singapore within this space due to the lack of employment pass sponsorship.
What she did on her end – she upskilled herself and joined a tech firm instead to gain new experience. What I did was keep her in mind, and reached out to her consistently which was how I knew that she still felt like banking was her niche.
With this information, I managed to pitch her to a client who saw her positive traits and what her winning trait was – her honesty, transparency and genuine approach in not just knowing what she wants but articulating that to me as well as her future employer.
Recruiters always seem to ghost me – is there a reason why? How to do I make a good impression with recruiters?
Joel: “I’ll be honest that this can happen and at times things can slip your mind when many people reach out to you daily. There will be times where recruiters might not reply and because recruiters are human, we too can forget. However, what you as a candidate could think about is if you have made a good lasting impression with the recruiter for him or her to remember you.
A tip from me would be to prepare your elevated pitch that lasts no longer than 30 seconds. Whenever a new recruiter does reach out to you, have that pitch in mind, be sincere and make it a two-way conversation.
As recruiters, we talk to different people from all walks of life every day. What would stand out to me will be the honesty and transparency about what you want. There is a stigma to recruiters where candidates often think – oh he is just using me to canvass for a job he needs to chase. Yes, that might happen with some recruiters, but not all recruiters are the same.”
What are some jobs in Singapore that candidates should be looking out for in 2022?
Joel: “Demand for roles in cyber security and data scientist jobs will continue to be the center of hiring for 2022. If you think about the pandemic and what has happened, Hong Kong used to be the banking and financial hub for Asia. Now, what I’m hearing on the ground is that a lot of clients are thinking of Singapore as the new hub, and this is especially so amongst wealth and private bankers.
“The Great Resignation and the Great Reshuffle is happening and more than 50% see themselves leaving, therefore there is more job roles available for me since everyone is quitting.” – Is this true?
Joel: “No. The Great Resignation might mean that there will be jobs out there, but there is more to it. Think of it this way – in the past, there would only be three to four candidates in one interview process. Now, it might be around five to eight in a group interview.
The competition for a vacancy is a lot higher. If you already decided to move on and make that mid career switch, start early before everyone gets on that boat. Float your profiles out there, make your application, and get ahead of the curve.”
Thinking of handing in your resignation letter? We have resignation letter templates, samples and tips for you here, as well as cover letter templates and samples here if you need them.
Final words of advice from Joel
Joel: “Before you do anything, strategise your plan first, and be flexible. If Plan A doesn’t work, have a Plan B. Don’t give up and stay resilient, there will be job or upskilling opportunities out there. If you’re looking for upskilling, don’t just get a new certification, but think of what you are doing with it. Try to diversify and look at applying for jobs in Singapore not just amongst large companies, but also start ups, and even contract jobs in Singapore.”
We hope you found the above insights useful. If you've missed any of our past webinars, you can watch the recorded sessions here or read our summarised insights here.
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