Hiring slows at Singapore banks: ‘Even replacements don’t match attrition,’ says recruiter

SINGAPORE: Singapore banks are pulling back on hiring, with only one new hire for every two who resign, as firms hold off on spending to stay liquid, said Ken Ong, managing director at Morgan McKinley Singapore, as reported by the Asian Business Review.

He pointed out that “Even the volume of replacement is not in proportion to the attrition level.”

He also expects slow bank hiring to continue this year, with most roles limited to contract and project-based work amid a flat economic outlook, though relationship managers and roles in wealth management and family offices are still in demand.

“When they look at that sort of projection, then they will also take a step backwards from hiring for a replacement role,” he said, with many holding off to stay more agile with cash flow and to ensure they have “a bit of a cushion”. The bigger issue, he added, is that most firms are simply being very cautious.

“Bulge bracket banks are not hiring as many,” Mr Ong said, adding that while this is the case, second-tier banks, specifically Asian banks, are still hiring select roles to boost their cybersecurity, cloud investment, and data analytics.

Banks are also using contract work to assess potential hires before offering full-time roles as a way to “validate performance, ”Mr Ong said. On the other hand, new hires are choosing contract roles to explore different career paths.

Mr Ong said many no longer feel the pressure to specialise early in their careers and instead want broader exposure before deciding what area to focus on.

He also mentioned bankers moving into fintech and some roles from Hong Kong being shifted to Singapore. /TISG

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