In Singapore, there has been an increase in the percentage of resident employees on fixed-term contracts, from 6.4% in 2017 to 7.2% in 2018. This increase is attributed to the ongoing economic restructuring, which resulted in companies adopting a more short-term standpoint when it comes to workforce capabilities.
Led by the technology firms, the trend of having a flexible workforce is becoming increasingly popular within the banking and financial services industry. As firms each undergo their own digital transformation journey, companies are focussing their human capital strategy on skills that can effectively drive the business rather than workforce size.
A blended workforce is also the solution for the talent challenges that many employers face. Businesses will have a team of professionals with a specialised set of skills to drive change, generate cost-savings and improve its overall workforce quality as a result of having a diverse team.
7 in-demand contract jobs in banking
1. Know-Your-Customer Analysts (onboarding & periodic review)
- salary range: SGD3,500 to SGD5,000 per month
2. Account Documentation Support (static data and client documentation review)
- salary range: SGD3,500 to SGD5,000 per month
3. Regulatory Compliance Specialists
- salary range: SGD5,000 to SGD10,000 per month
4. Trade Finance Operations
- salary range: SGD3,500 to SGD6,000 per month
5. Regulatory Reporting
- salary range: SGD5,000 to SGD8,000 per month
6. Assistant Relationship Managers
- salary range: SGD4,500 to SGD6,500 per month
7. Project Managers and Business Analysts
- salary range: SGD8,000 to SGD15,000 per month
increasing demand for gig workers in banking
Much of the hiring demand for contractors stems from tightening regulatory requirements, increasing number of transformative projects as well as to fill in for employees who are going on parental or sabbatical leaves.
Due to the pressures and uncertainties in the global economic and political environments, we expect the demand for contractor workers to be on an upward trend through to the end of 2020.
download the full report of the “most in demand - professional contract jobs in banks” for 2019-2020
Fill up the form below to find out the reasons that led to the increase in talent demand for each role, the job responsibilities of the seven contract roles in banking, the qualifications needed, skills and salary trends.
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