Singapore: The employment outlook for the finance sector remains positive, with around 6,500 positions to be created in 2021, said Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS) on Tuesday (May 4).
Mr. Menon “A Tech-Enabled Financial Sector – Is Our Workforce Ready?” But was speaking at a webinar organized by MAS and Institute of Banking and Finance Singapore (IBF).
Sharing the results of the MAS-IBF Employment Outlook survey, he said that 91 percent of these jobs, or 6,000, are permanent positions.
Job growth in the finance sector has been strong over the past five years and the industry continued to add jobs despite the COVID-19 epidemic last year.
Mr. Menon said that last year, while the economy had a total of 180,000 jobs, there was a net profit of 2,200 posts in this sector.
“The outlook for employment for the financial sector remains positive in 2021,” he said, adding that about 800 financial institutions responded to the survey conducted at the end of last year.
About a quarter of the jobs on offer are in technology roles, while a quarter are in consumer banking.
“It is heartening that 44 per cent of the 6,500 newly created jobs are mid-career imminent or without experience,” he said.
Strong demand for related managers
Mr. Menon said that in addition to the demand for technology roles, there is a strong demand for relationship managers, with 1,300 positions available.
Citibank recently opened a Wealth Advisory Hub, which plans to have 1,500 more employees by 2025, including 300 relationship managers, while DBS Bank plans to appoint more than 650 wealth planning managers and insurance consultants this year. Have to do.
“Menon said,” Financial planning and relationship management is not an easy task, but it is worthwhile.
Turning to technology jobs in finance, Mr. Menon said that technology has become central to how financial services are produced, distributed and consumed.
“Can we think what life would have been like during last year’s ‘circuit breaker’ lockdown if we didn’t have PayNow or ASTAST?” he said.
“Many of these digital finance services would not be possible without a strong technology workforce in the financial sector.”
Listing the tasks required to develop a financial app, including business analysts, system and security architects and software developers, Mr Menon said many of the technical skills required are in short supply in Singapore.
Tech Skills in Port Supply
The technology workforce in Singapore’s financial sector is projected to grow by 25,000 – 30 percent in 2014.
Mr. Menon said that Singapore workers have benefited from the increase in demand for technology jobs.
“Singapuri’s share in tech jobs has remained stagnant over the last 35 years,” he said.
“But with the rapid expansion of the technology workforce, this meant that there are 2,200 more tech jobs for Singapore. This is an increase of over 30 percent in five years, from 6,700 jobs in 2014 to 8,900 jobs in 2019.”
The proportion of Singaporeans on tech jobs is also uneven, with varying specialization. Singapore has 70 percent of net job growth for cyber job engineers and UX / UI designers and 50 percent of net job growth for data analysts and data scientists.
“It’s encouraging, given that these are in-demand roles. But these are also niche roles where the number of hiring is relatively small,” Menon said.
“In 2019, net job growth in software engineers was 200 to 10 times higher for UX / UI designers. Less than 20 percent of these 200 software engineer jobs went to Singapore.”
Demand for Take Talent Willie Percent
He predicted that the demand for technical talent of the financial sector would remain, with 2,500 to 3,500 such jobs being created every year in the medium term. He said that with 19,000 unfilled jobs at Tech in the economy, the pipeline of graduates in related fields is not enough to meet the demand.
“This large mismatch between the demand and supply of technology workers means two things. One, we have to continue to depend on foreigners to fill the growing vacancies for technology jobs over the next few years.
“If we tighten this inflow too much, it will not only reduce the competitiveness of our financial center but also reduce the chances of creating good jobs in the future, especially for Singaporeans.”
Secondly, Singapore needs to build a strong local technical talent pipeline, Mr. Menon said. He said that financial institutions are collaborating with schools and training people from different backgrounds.
When financial institutions set up new technology operations in Singapore, MAS also works with them to facilitate capacity transfer from foreigners to the local workforce. It trains and positions professionals in technical roles.
Mr Menon highlighted that technology has created more jobs that have displaced it, but Singaporeans need to choose the skills needed to take these jobs.
One in four of the 21,000 net jobs created in the last five years were in technology. While Singapore accounted for 75 percent of the total net jobs, they accounted for only 35 percent of tech jobs.
“It’s not just that Singaporeans apply for technical roles,” he said. “The financial sector is poised to create many good jobs in technology over the next few years. They present a great opportunity for Singapore – provided we acquire the necessary skills to take these jobs.”