[ad_1]
Thursday, November 26, 2020 – 1:34 pm
UPDATED Thu, Nov 26, 2020 – 3:08 PM
SINGAPORE’s financial services sector has remained resilient to the economic impact of the Covid-19 pandemic, creating some 1,900 net jobs for Singaporeans in the first half of the year.
But this trend may not be here to stay, as the growing demand for tech roles in the industry continues to outpace the ability to develop the relevant skills, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at a seminar. Web. hosted by MAS and the Singapore Institute of Banking and Finance (IBF) on Thursday.
“We should not be complacent. The fact that the sector has performed well on the labor front so far does not mean that it will continue,” he said, adding that the economic recovery is uneven and remains highly uncertain.
A pilot job outlook survey by MAS found that financial institutions in Singapore plan to offer 1,800 newly created jobs from July 2020 to July 2021. But to be clear, technology-related roles are leading the demand for hiring, representing 880, or 49 percent. – of new jobs.
Overall, more than 60 percent of new positions are aimed at experienced or specialist hires, indicating the need to intensify recruitment and mid-career training for Singaporeans.
“Advanced” technology roles, such as enterprise architects and infrastructure architects, require years of training and experience to “master” the necessary skills, Mr. Menon said. “The local supply of talent for these jobs is quite limited. Financial institutions will need to rely on foreign experience as they build a portfolio of locals for these positions.”
He noted that “middle-of-the-road” tech jobs such as app developers and cybersecurity specialists are roles that Singaporeans with relevant backgrounds can train for.
Mr. Menon also noted that employers should be willing to take a “calculated opportunity” for employment in the middle of their career, hiring and training them to acquire the necessary skills.
“Similarly, job seekers must be willing to step out of their comfort zone and try new roles and acquire new skills,” he added.
While there are ongoing programs offering structured training and attachments in areas such as data analysis and cloud computing, more can be done to scale up efforts.
IBF CEO Ng Nam Sin said in the webinar that a person can expect their job to be interrupted more than once in their career amid a shorter technology cycle.
It took 14 years for personal computers to accumulate 50 million users. The Internet took four years to reach the same mass, while the Chinese super app WeChat registered 100 million users in just over a year.
“The time to train our workers is getting shorter. Now, with the pandemic, the adoption of technology is getting faster and faster, so we have to move even faster,” said Mr. Ng.
In this context, MAS and IBF have implemented new measures to help improve Singaporeans’ career prospects in the financial sector and better position financial institutions for growth.
A new Work and Study Support Program to develop “work ready” graduates will be launched as a long-term strategy to create a Singapore talent pipeline for the sector. The plan will fund 80 percent of the internship stipend, capped at S $ 1,000 per month, for Singaporean undergraduates who undertake their internships at financial institutions as part of the SkillsFuture Work-Study Program.
To help retain jobs at financial institutions and fintechs, MAS will also extend the Company-sponsored Apprenticeship Training Grant Grant for six months from December 31, 2020 to June 30, 2021. This will keep the momentum going. on-demand skills training such as technology, and in new growth areas, such as green finance. The IBF will also extend your additional credit of 5% of the course fee for six months during the same period.
Since the introduction of these measures in April this year, there has been a 65% year-on-year increase in participation in training.
At the webinar, concerns were raised that not everyone may be equally motivated to improve and make the most of existing programs.
In response, Menon said there is visible anxiety on the ground about job security and prospects, which is “not all bad.”
“It’s good to have a little anxiety about the future and how to keep your job. It’s a very careful balance: you don’t want people to panic, but you also want people to know that things are changing quickly.
“We have to continually emphasize that people need to change, adapt and acquire new skills, be flexible and move into new roles or take on additional tasks in existing jobs,” he said.
While it will take a bit more nudge, the urge to acquire new skills is starting to catch on, Menon noted. “When we get past the tipping point of what becomes the ruling spirit, I think it will ignite.
The webinar is part of a new initiative by MAS and IBF, entitled “Cultivando madera.” It comprises a series of webinars and monthly events focused on jobs and skills in the financial services industry.
Thursday’s first session focused on job opportunities, job readiness, and job retention. More than 800 people attended, including CEOs, hiring managers, financial industry leaders and professionals, as well as the general public.
[ad_2]
