In 2024, the banking and financial services sector is witnessing significant trends driven by operational expansion, talent strategies, digital transformation and economic conditions.
Banks and insurance companies in Asia are expanding their operations in Singapore, focusing on corporate lending and hiring experienced private bankers for high-net-worth clients. Digitisation and AI advancements have increased the demand for regulatory compliance and risk management roles.
Financial firms are adopting a “plug and play” talent strategy, seeking mid-level experts in corporate banking and private wealth to enhance operational efficiencies. Despite tighter budgets, the demand for contract tech talent remains robust due to ongoing digital transformation efforts. However, work pass constraints are making it difficult to attract foreign talent, leading employers to offer more competitive salaries and enhanced benefits to retain employees.
Amidst a competitive financial landscape in 2024, driven by technological advancements and the need for specialised skills, tap into our latest salary insights and talent data to strengthen your workforce strategy.
front-office recruitment and salary trends.
In 2024, we see Asian banks expanding their operations in Singapore to leverage financing and investment opportunities in the region. Even though companies maintain a fairly conservative risk appetite, banks are turning increasingly positive on lending to corporates.
In the private wealth management sector, retail and private banks, as well as external asset managers, are focusing on hiring experienced bankers with established client books. The influx and growth of high-net-worth (HNW) individuals in Asia is driving demand for highly-experienced and well-networked brokers.
Insurance companies are expanding their teams of sales consultants specialising in driving product sales and strengthening relationships with HNW clients to foster greater loyalty.
This focus on HNW customers aligns with the current banking and financial services landscape, where organisations are channelling their resources into high-yield markets.
Consequently, employers are adopting a "plug and play" talent strategy, hiring skilled and ready professionals who can deliver immediate results.
Today's workforce is making more deliberate career choices, often exercising greater caution against the backdrop of the current economic climate. However, many remain eager to explore new job opportunities.
As salaries become more competitive, candidates are prioritising companies that offer a positive employee experience as well as opportunities for upskilling and career growth before committing to a job change.
The mismatch between employers wanting ready-made talent and candidates looking for more room for growth is prolonging the hiring process. Banks and financial services are more likely to speed up hiring for business-critical roles or when building capabilities that meet demands in high-growth but underserved markets.
front office salary trends
compliance and risk management recruitment & salary trends.
Digital and AI advancements have driven the digitisation of risk and compliance monitoring and processes in recent years. This shift has resulted in the offshoring of certain roles and responsibilities to other countries and a corresponding lower headcount in Singapore.
We have observed a growing talent demand in regulatory advisory, particularly at the AVP and VP levels who play an instrumental role in determining the controls businesses need to meet new and evolving regulatory requirements.
Faced with tighter budgets, financial firms are adopting a more targeted hiring approach, prioritising skills matches to while optimising budgets. Employers are often seen to be hiring junior-level talent or promoting talent internally to fill the gaps.
Even with these changes, some sectors within the banking and financial services industry are still hiring compliance and risk management talent, particularly in family offices, hedge funds, investment firms, brokerages, and digital asset companies.
Within organisational risk, demand for specialists, especially those with expertise in fraud risk, has surged. This increase is partly due to new third-party risk and outsourcing notices (Notice 658 and Notice 1121) issued by the Monetary Authority of Singapore, which will come into effect in December 2024.
compliance and risk management salary trends
operations & support recruitment & salary trends.
The ongoing transformation in the banking and financial services sector, marked by automation and offshoring, has led to leaner operations teams in Singapore as roles are being offshored to other countries such as Malaysia, India and the Philippines.
Following this restructuring, employers are now seeking mid-level candidates with three to five years of experience. Business acumen and operational knowledge from Corporate and Institutional Banking, as well as Private Wealth are highly sought-after, as companies look to drive operational efficiencies.
Companies are also expanding the capabilities of their support function staff, initiating cross-training programmes so the workforce can take on a variety of responsibilities within operations.
To stay competitive within an increasingly AI-powered environment, employers are prioritising talent skilled in visual basic for applications (VBA) and user acceptance testing (UAT).
operations & support salary trends
contracting recruitment & salary trends
With tighter budget and headcount controls, companies are creating more contract roles to cope with increasing work from attrition and restructuring, allowing them to maintain the flexibility to scale and leverage opportunities in an evolving marketplace.
On the technology front, the demand for contract tech talent remains strong due to ongoing digital transformation, regulatory changes, and the need for enhanced cybersecurity. Banks are also heavily investing in contract headcount to build and strengthen digital solutions, data analytics, and AI capabilities.
The days of major restructuring in technology may soon be over, as we see more talent activity in 2024, driven by a stronger global economy, increased consumer spending, and continued investment in technology and infrastructure. Emerging areas like fintech, regtech, and green finance will also fuel tech talent demand.
The talent scarcity persists, and companies in Singapore continue to face challenges in securing work passes to attract foreign talent. Salaries are expected to remain competitive, with some upward pressure due to the high demand for niche skills.
More job seekers are receptive to contract jobs, as they prioritise the opportunity to gain new experiences and upskill, as well as earn a regular income rather than prolonging their job search in a challenging market.
To attract more talent to take up contract roles, companies are offering more benefits like flexible work arrangements, learning and development opportunities and access to wellness programmes to meet talent expectations for better work-life balance. Financial firms are also providing better medical insurance coverages and increased paid time-off to align with benefits offered to permanent staff.
Nevertheless, securing a permanent job remains a priority for many employees, who continue to value job security and stability.
technology contracting jobs
banking & financial services contracting jobs
hire the banking and financial services talent you need in a competitive market.
In a challenging economy, maintaining job stability and earning an equitable salary are important to today’s workforce. Talent is also increasingly focused on non-monetary employer benefits such as a positive workplace experience, flexible work arrangements and greater medical insurance coverage.
While companies want to hire “plug and play” talent to fill their skills gaps, they may need to reconsider their talent strategies to adapt to the existing talent shortage. Beyond offering more balanced and well-rounded incentives, an important talent expectation to consider is the need for greater career development opportunities - which remains a key consideration for people looking to switch jobs.
By prioritising their workforce’s wellbeing and career growth, employers have the unique opportunity to meet the evolving needs of today’s talent while strengthening their workforce.
If you are looking for best practices for helping your employees to foster a better work-life balance and nurturing a culture of growth in your organisation, as well as build your employer brand and attract the talent you want, connect with us today.