Hiring spree and now this.
Having a job in the banking or finance industry in Singapore has somewhat proven to be a safe-haven. In the midst of the workforce slump this year, local banks were on a hiring spree – increasing their headcount especially in wealth management.
The good news for this increasingly competitive industry is set to continue – its employees can expect a pay raise later this year. 73 per cent of the Chief Financial Officers (CFOs) surveyed within the financial services sector here plan to award raises to either all of their employees or their top performers.
It sure sounds like icing on the cake, especially since financial workers in Singapore have seen steady increases in their salaries or non-monetary perks.
And if money alone isn’t enough to make you stay, firms are also offering a variety of other non-monetary perks and rewards to attract and retain talents. These benefits include increased workplace flexibility and a greater range of professional development opportunities as well as recognition programmes.
Given the fact that these employees often have to clock in long hours – which is a common issue faced by all working adults – the possibility of a greater work-life balance can help build employee loyalty.
With Singaporean banks struggling to keep a lid on staffs as the job market remains short of talent in some of the main functions such as private and corporate banking, these improvements are one that’s a long time coming – especially for the millennials in the workforce.