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SINGAPORE: There are around 3,010 jobs available in the financial services sector at the end of November, the Ministry of Manpower (MOM) said on Thursday (December 17).
Of these, more than 96 percent are in professional, managerial, executive and technical (PMET) roles such as compliance, risk management and financial analysis, MOM said in its latest employment status report of the year.
The financial services sector had had a “credible” performance in 2020 given the challenging COVID-19 situation, according to the report, noting that growth in the sector averaged 4.7 percent during the first three quarters of the year. year.
1,900 jobs were created in the sector in the first half of 2020, all of which went to locals, he said.
Salary ranges for the top positions with the highest number of vacancies ranged from S $ 4,850 to S $ 9,000 for financial analysts, and between S $ 5,750 and S $ 10,500 for management and business consultants.
“Although the economic recovery has been uneven and remains uncertain, FIs (financial institutions) in Singapore are still waiting to hire,” the MOM said.
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The Monetary Authority of Singapore (MAS) pilot job outlook survey of more than 30 financial institutions in June showed that they plan to create around 1,800 net jobs between July this year and June next year, he added.
“About half of the hiring demand is coming from technology functions, including application developers, application architects and business analysts. There is also healthy growth in hiring in business segments such as private banking and wealth management, corporate banking, business banking. consumption and insurance. “said the ministry.
“MAS is actively working with the industry to capture new opportunities to grow the sector and provide good jobs for Singaporeans, in areas such as green finance, pandemic risk financing, and restructuring and insolvency.”
MAS and the Institute of Banking and Finance (IBF) are committed to ensuring that locals can access all opportunities in the financial services industry, MOM said.
This includes strengthening the Singapore core and preparing Singaporeans for leadership roles in financial institutions.
The report noted that MAS was supporting such institutions to recruit and prepare Singaporeans through structured talent development programs through the Finance Associate Management Program, as well as encouraging them to send promising Singaporean professionals for regional positions through of the International Post Program.
“Singaporeans account for 44 percent of senior management positions in the sector in 2019. The absolute number of Singaporeans in senior positions has grown at a healthy rate as the base has expanded. 2,600 Singaporeans now occupy those positions, 900 more than five years ago, which represents an increase of 50 percent, ”MOM said in its report.
MAS and IBF will also prioritize new training and outreach programs for mid-career professionals making career transitions into growth areas in the financial services sector, the ministry said.
“Such programs will build on the Finance Technology Immersion Program (TFIP), which was launched in April 2019 by MAS, IBF, Workforce Singapore (WSG) and the Media and Infocomm Authority (IMDA) to assist professionals to begin a career in areas such as cloud computing, cybersecurity, data analytics, full-stack development and artificial intelligence, through structured training and adjuncts at participating FIs, ”he said.
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MAS and IBF will also help job seekers enter job growth areas by intensifying Career Conversion Programs to support mid-career transitions as well as providing access to company-organized internships and adjuncts within the framework. of the SGUnited Jobs and Skills Package.
They will also support existing workers to retrain and be reassigned to areas of job growth and prepare higher education students to embark on a career in financial services, according to the report.
Speaking to reporters during a visit to UOB on Thursday, Trade and Industry Minister Chan Chun Sing identified two “key enablers”: skills development for workers and progressive regulations that enable innovation.
60,000 JOB SEEKERS PLACED BETWEEN APRIL AND OCTOBER
About 60,000 job seekers have been placed in jobs and skills opportunities under SGUnited’s Skills and Jobs Package between April and October this year, the MOM said in its report.
Of these, more than 80 percent, or about 47,400, got jobs, about 60 percent of which were in long-term positions.
The ministry noted that there are currently more than 123,000 openings available for job seekers, including 91,300 jobs, most of which are long-term positions.
The information and communications sector was the sector with the highest number of vacancies available, with around 9,640 long-term jobs and 3,450 short-term jobs, as well as the most available training opportunities and places hosted In companies.
“These include technology specialist roles such as software, web and application development, as well as technology roles such as successful customer manager and digital marketing specialist that may be suitable for applicants with no infocomm technology experience or experience,” said MOM.
The other sectors with the highest number of vacancies available are food services, professional services, manufacturing and healthcare.
Speaking to reporters, Human Resources Minister Josephine Teo said that the employment situation in Singapore has “stabilized”, with employment levels for locals returning to almost pre-pandemic levels.
The “strongest level of support” will be given to job seekers transitioning into new roles and new industries, he said.
“There is still a lot of work to do. As glad as we are to have reached the point where we are on a pretty solid footing, this is not the time to celebrate.
“We want to redouble our efforts and help as many employers and job seekers as possible to make that transition,” Ms Teo said, adding that this was part of an overall emphasis to emerge stronger from the COVID-19 crisis.
