Singapore’s finance giants exploit contract hiring frenzy to cut costs

SINGAPORE: According to the 2025 Salary Guide Report of Morgan McKinley, a recruitment consultancy firm in Singapore, the city-state’s financial services sector continues to practise caution in its hiring practices with continued reliance on contract roles.

According to the report featured in an Asian Banking & Finance article, contract hiring has become the foremost approach as companies search for more flexibility and cost control.

Jobs in cybersecurity, compliance, and data analytics are often filled up through project-based contracts rather than permanent employment.

According to McKinley, while there is a continued demand for permanent roles, firms are giving priority to professionals who have the expertise in technical and strategic know-how necessary to push digital revolution and regulatory reworking.

Further, the report stressed that the financial sector has engaged in a restrained method of hiring, with many firms giving significance to replacement hires rather than expanding teams.

Singapore has seen considerable growth in private wealth over the past four years, with assets under management that reached $265b in 2024 This growth meant that private bankers have become the most in-demand job in the Lion City.