Talent crunch pushing Singapore’s financial sector to rewrite operations playbook to retain staff

AMID high-profile layoffs that have hit some global banks, financial-services firms are still grappling with a shortage of good talent. And increasingly, they are looking at hiring from within, reskilling their employees and using more flexible leadership structures, market players say.

“Banks are increasingly opting for alternative strategies to retain experienced talents,” Charnele Tan, assistant director at recruitment-services provider The GMP Group, told The Business Times.

One strategy entails offering lower pay for a reduced workload, possibly involving a flexible work arrangement with remote work or reduced hours or days.

Another involves lateral moves within the organisation to retain experienced professionals. Yet another takes the form of engaging experienced professionals as advisers or consultants – a plus for the flexibility it offers both the individual and the company, with the latter still being able to leverage their expertise.

Tan added: “As the financial sector continues to evolve, I would see that a combination of strategies will be necessary to attract and retain top talent.”