Randstad Singapore’s 2023 job market and salary outlook report includes key labour trends and employer insights on salaries, bonuses, hiring outlooks and talent expectations. Download the full report for more information to guide your talent attraction and workforce planning strategy for 2023.
Singapore’s status as a financial hub gained a boost in 2022, with the nation-state leapfrogging Hong Kong SAR to become Asia’s top financial centre in the Global Financial Centres Index. Singapore’s premeditated decisions to open its borders in early 2022 and double down on investments in digital transformation have attracted a steady influx of businesses and talent.
This strong performance is set to continue in 2023. The Monetary Authority of Singapore’s (MAS) Financial Services Industry Transformation Map 2025 laid out five broad strategies to spur Singapore’s growth as an international financial hub.
The threat of a global recession hangs over this bright economic outlook. MAS chief Ravi Menon has warned that the risk of a recession in 2023 for the world’s major economies is “high”. With surging inflation and interest rates, the financial services sector must brace for an impact on revenue growth—and consequently, an increased caution around hiring.
2023 market and talent trends in banking and financial services
1. digital banking set for a boom
2023 promises to be a very exciting year for the banking and financial services industry as companies ramp up their digital efforts in response to the growth of neobanks.
Traditional banks are stepping up their efforts to beat their competition by launching innovative features like online wealth management, as well as making interest rates more attractive.
There will also be a demand for finance professionals with digital transformation experience in automation, process improvement, financial planning and analysis.
At the same time, digital banks may face challenges in winning the trust and confidence of customers who are unwilling to change the way they manage their finances and perform common banking transactions.
2. buy now pay later gaining traction
With growing consumer interest, the industry has stepped up its risk management efforts. One crucial step forward is the newly launched code of conduct by the Singapore FinTech Association and industry players, which lays down best practices to safeguard consumers from debt accumulation.
Looking ahead, we foresee a boost in BNPL payment providers and an increasingly competitive scene in the fintech industry. Too many players would mean thinner margins, and companies may have to implement cost-control measures to safeguard their exposure. To gain a competitive advantage, these providers will urgently need to invest in talent with specialised skills in digital marketing and risk management.
3. family offices from east and west flock to singapore
While American and European family offices are flocking to Singapore to establish a base for their Asian investments, more family offices are coming from Hong Kong SAR and mainland China as well.
For Chinese family offices, Singapore offers a prime location to explore investment opportunities outside Greater China as well as access to the US and European markets.
The sector is seeing growing demand for talent who are not just bilingual but can also connect with clients on a cultural level. Candidates who can converse well in their clients’ native languages and build trust will be in high demand.
4. strong progress in ESG development and investments
We see encouraging growth in banks going beyond financial returns and taking an all-rounded approach to environmental, social, and corporate governance (ESG). Carbon emission reduction for industries and green financing for infrastructure projects like toll roads and plantations are two key areas for investment.
Demand for ESG talent is on the rise as banks move toward responsible lending. Given the relative novelty of ESG financing within Asia, local banks may encounter challenges in filling in-demand ESG roles. This is because such talent would traditionally come from consulting firms or are equipped with environmental engineering degrees, and would seldom have experience in the banking and financial industry.
With the tight labour market, banks should expand their hiring process to tackle the talent shortage by considering non-conventional candidates. Employers need to have a full understanding of the job responsibilities to evaluate if talent with banking and finance or ESG backgrounds would be more beneficial in closing the skills gap in the organisation.
2023 in-demand banking and financial services talent
- wealth managers
- private bankers
- specialised lending bankers
- SME banking professionals
- credit risk managers
- internal auditors
- operational risk managers
family offices and venture capital firms:
- portfolio managers
- investor relations managers
- research analysts
fintechs and digital banks:
- digital product owners
- risk managers
- software engineers and developers
download the randstad singapore’s 2023 talent and salary outlook report
The 2023 Talent and Salary Outlook report looks at talent analysis and new salary benchmarks in the following industries:
- Banking and financial services
- Transportation and infrastructure
- Fast moving consumer goods
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Our specialised recruiters partner closely with employers and talent for the perfect match with our true-fit methodology - a qualitative measurement designed to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest market trends, labour insights and your talent recruitment needs.