Financial sector in Singapore: How firms are reshaping hiring to secure talent

Clarity is emerging as a competitive edge in Singapore’s financial services sector. Professionals still value competitive pay and senior titles, but expectations are shifting towards transparent hiring processes, flexible work options and clear career pathways. Financial firms are responding by providing upfront clarity on compensation, adopting hybrid work models and moving towards skills-first hiring for specialist roles.

To explore these shifts, Sheree Hsu, Associate Director at Michael Page, shares how employers are adapting their hiring strategies to meet changing workforce expectations and secure top talent.

Why clarity is the new currency: Q&A with Sheree Hsu

How are financial institutions in Singapore adapting their hiring strategies to better align with professionals’ increasing expectations for flexibility and transparency?

Our clients in financial institutions are now being very upfront about flexibility, and talents are increasingly raising this in the early stages of their job search. If expectations don’t align, I see financial institutions becoming very pragmatic.

They’re increasingly prioritising and searching for professionals whose expectations align with the company’s policies. It’s a clear move towards managing expectations early in the process.

What are talents in the finance sector most concerned about during the hiring process today, and how can employers provide greater clarity to address those concerns?

Talents in the finance sector are increasingly concerned about compensation and the ability to secure a good increment in their next move. With inflation and rising costs in recent years, this has become an essential component in their decision-making.

We’re seeing talents asking for above-market averages to make a move, and they’re realising that staying stable might not bring significant increases in compensation. To balance this, as restructurings are still ongoing, some talents may choose to remain flexible, even willing to take a pay cut for a position they’re genuinely interested in.

Employers need to be transparent from the start of the interview process regarding expectations and budget, especially if that’s a deal-breaker for a particular candidate. Clear communication upfront can prevent wasted time and manage expectations effectively for everyone involved.

Related: How to respond to pay rise requests: 13 real-world scenarios and template scripts

GenAI is gaining traction across industries. How are finance professionals responding to its rise, and how are employers integrating GenAI readiness into recruitment and retention efforts?

The majority are leveraging GenAI as an aid for their day-to-day work, and an increasing number are using it to provide an additional data point. However, I always emphasise that any information from GenAI sources still needs to be double-checked and fact-checked for accuracy.

For recruitment, we see our clients utilising GenAI to assist with more manual tasks, such as creating job descriptions. For retention, however, strong engagement and understanding the wants and needs of their employees remain a high priority. That’s difficult to implement or discover through AI alone. It’s a tool for efficiency, but human connection remains vital.

In a traditionally structured industry, how do banks and financial firms strike a balance between the need for control and governance and the demands for hybrid or remote work among their talent?

In financial firms and banks, most front office positions – client-facing and revenue-generating roles – have returned mainly to full-time office work. Some back-office roles, however, would still have a hybrid work environment. It differs significantly by company and heavily depends on the culture of the firm and its leaders.

In a high-trust and highly autonomous role or company, hybrid working may still be in place. However, others might find that this model impacts productivity, team engagement, and a distinct work culture. Therefore, leaders and companies must decide on how to prioritise and balance these competing demands. It’s a continuous calibration act.

Trust in leadership and clarity on company direction are emerging as key priorities. What impact does this have on talent attraction and employer branding in finance?

Talents will likely be evaluating leadership, company values, strategy, and vision during their job search. If an organisation doesn’t have these clearly in place, it will undoubtedly affect the quality and calibre of talent it can attract into its workplace.

In finance, where stability and direction are highly valued, a straightforward and trustworthy leadership narrative is becoming a non-negotiable for attracting top talent and building a strong employer brand.

Are you seeing more firms adopt a skills-first approach to hiring in finance, especially for roles in compliance, risk, and digital transformation?

In highly technical roles within finance, such as compliance, risk, and digital transformation, job experience and the ability to apply previous experience are top priorities.

Talents who stand out by possessing skills or experience that are more niche and harder to find in the market will be in a strong position to make a move. This is only if the new role is attractive and prioritises what they are looking for in their next career move. While formal qualifications are still essential, practical, in-demand skills are increasingly becoming the differentiator.

Related: 7 cost-effective ways to reward staff for free

What advice would you give to financial sector employers who want to stay competitive in attracting top talent in this evolving, high-expectation landscape?

My advice to financial firms would be to be more transparent in their talent search and to be nimble and flexible during the interview process. If there’s a candidate who is an overwhelmingly good culture fit, I’d urge the company to give that candidate a chance to learn and grow with them.

These talents are often more eager, more open to challenges, and more motivated to go the extra mile – compared to someone who perfectly matches the job description but may quickly become disengaged by familiar responsibilities.

We also strongly encourage employers to give talents who are currently out of work a chance to re-enter the market. Many are family breadwinners who have been job searching for many months, and we should give those talents a fair opportunity to work again. It’s about broadening your perspective and recognising potential beyond just a perfect resume match.

Read more:
How to prevent employees from job hopping
12 ways to create work-life balance for employees
Navigating hybrid work: Redefining traditional work patterns for success in the changing talent landscape

This article is done in collaboration with CareersCompass.