SINGAPORE: In 2024, Singapore employers in banking and financial services took a more cautious approach to hiring. Recruitment focused on replacing staff rather than expanding teams, with many professionals shifting to operations, compliance, risk management, and audit.
The demand for data analytics skills grew while the offshoring of traditional finance roles to cost-efficient regions continued.
Employers also raised hiring standards, looking for candidates who met 80 to 90 per cent of job requirements instead of the usual just 60 per cent, driving up competition and salary expectations, particularly in data analytics and compliance.
According to the 2025 Market Insights Report – Singapore Edition by global recruitment specialist Ambition, here’s what to expect in 2025.
1. Data analytics skills remain in high demand
As companies continue to rely on data to drive operational efficiency, the need for professionals with strong data analytics skills will remain high. Analyst roles are expected to offer salaries ranging from S$48,000 to S$120,000 annually, depending on the sector and experience.
2. ESG takes the spotlight
Environmental, social, and governance (ESG) initiatives will take on greater significance in 2025, especially in marketing and communications roles as companies focus on sustainability.
Hiring in compliance and risk management will also stay strong, driven by ongoing regulatory pressures related to AML, data privacy, and ESG reporting.
3. Growth in asset management and hedge funds
As global and regional investment funds continue to establish a presence in Singapore, there will be a higher demand for junior to mid-level professionals in asset management, hedge funds, and securities firms. Professionals with strong data skills will be in high demand as these sectors expand.
4. More M&A activity expected
Mergers and acquisitions (M&A) in Asia are expected to increase this year, especially in key markets like India and Southeast Asia. Industries such as healthcare, technology, media, telecommunications (TMT), and infrastructure are expected to see continued growth, which could lead to more hiring in corporate and investment banking as the market stabilises.
5. Hybrid work models to become a norm
The hybrid work model, which became more common during the pandemic, will continue to play a crucial role in the employment landscape in 2025. Flexible work arrangements will likely become the norm, influencing both hiring strategies and retention efforts as companies aim to meet the changing preferences of top talent. /TISG
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