More than 3,000 jobs available in financial services, as sector averaged 4.7% growth in first 3 quarters: MOM
The Ministry of Manpower's Jobs Situation Report also noted that from April to October, 60,000 jobseekers were placed under the SGUnited jobs and skills package.
SINGAPORE: There are about 3,010 available jobs in the financial services sector as at end-November, the Ministry of Manpower (MOM) said on Thursday (Dec 17).
Of these, more than 96 per cent are in professional, manager, executive and technician (PMET) roles such as compliance, risk management and financial analysis, MOM said in its last jobs situation report for the year.
The financial services sector had performed “creditably” in 2020 given the challenging COVID-19 situation, the report said, noting that growth in the sector averaged 4.7 per cent for the first three quarters of the year.
There were 1,900 jobs created in the sector in the first half of 2020, all of which went to locals, it said.
Salary ranges for major roles with the highest number of job vacancies ranged from S$4,850 to S$9,000 for financial analysts, to between S$5,750 and S$10,500 for management and business consultants.
“Even though the economic recovery has been uneven and remains uncertain, FIs (financial institutions) in Singapore continue to expect to hire,” said the MOM.
READ: Labour-crunched contractors hit by a brick wall of rising material costs, supply chain disruptions
The Monetary Authority of Singapore’s (MAS) pilot employment outlook survey with more than 30 financial institutions in June showed they are planning to create about 1,800 net jobs between July this year and June next year, it added.
"About half of the hiring demand is 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, consumer banking, and insurance," said the ministry.
"MAS is actively working with 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 & insolvency."
MAS and the Institute of Banking and Finance (IBF) are committed to ensuring locals are able to access all the opportunities in the financial services industry, said MOM.
This includes through strengthening the Singaporean core and grooming Singaporeans for leadership roles in financial institutions.
The report noted MAS was supporting such institutions to hire and groom Singaporeans through structured talent development programmes through the Finance Associate Management Scheme as well as by encouraging them to send promising Singaporean professionals for regional postings via the International Postings Programme.
“Singaporeans make up 44 per cent of senior management roles in the sector in 2019. The absolute number of Singaporeans holding senior level positions has been growing at a healthy pace as the base has expanded. 2,600 Singaporeans now hold such positions, 900 more than five years ago, which represents an increase of 50 per cent,” said MOM in its report.
MAS and IBF will also prioritise new training and attachment programmes for mid-career professionals making career transitions into growth areas in the financial services sector, said the ministry.
“Such programmes will be modelled on the Technology in Finance Immersion Programme (TFIP), which was launched in April 2019 by MAS, IBF, Workforce Singapore (WSG), and the Infocomm and Media Authority (IMDA) to help professionals start a career in areas such as cloud computing, cybersecurity, data analytics, full stack development and artificial intelligence, through structured training and attachments at participating FIs,” it said.
READ: The Big Read - With COVID-19 annihilating jobs, many are feeling the pain - and it will get worse
MAS and IBF will also help jobseekers to enter into job growth areas through ramping up Professional Conversion Programmes to support mid-career transitions, as well as providing access to company-hosted traineeships and attachments under the SGUnited Jobs and Skills Package.
They will also support existing workers to reskill and be redeployed to job growth areas and prepare tertiary students to embark on a career in financial services, the report said.
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 allow for innovation.
60,000 JOBSEEKERS PLACED BETWEEN APRIL AND OCTOBER
About 60,000 jobseekers have been placed in jobs and skills opportunities under the SGUnited Jobs and Skills Package between April and October this year, the MOM said in its report.
Of these, more than 80 per cent - or about 47,400 - were placed into jobs, some 60 per cent of which were in long-term positions.
The ministry noted there were currently more than 123,000 available openings for jobseekers, including 91,300 jobs, most of which are long-term positions.
The information and communications sector made up the sector with both the highest number of available job openings - with about 9,640 long-term jobs and 3,450 short-term positions - as well as the most available company-hosted opportunities and training places.
“These include tech-specialist roles such as software, web and application developments as well as tech-lite roles such as customer successful manager, and digital marketing specialist which may be suitable for applicants without infocomm technology background or experience,” said MOM.
The other sectors with the highest number of available openings are food services, professional services, manufacturing and healthcare.
Speaking to reporters, Manpower Minister Josephine Teo said that Singapore’s employment situation has "stabilised", with employment levels for locals returning to nearly pre-pandemic levels.
The "strongest level of support" will be given to job seekers transitioning into new roles and new industries, she said.
“There is still a lot of work to do. Much as we are glad that we have arrived at the point where we are on fairly sound footing, it's not time to celebrate.
"We want to redouble our efforts and to help as many employers and job seekers as possible to make that transition,” said Mrs Teo, adding this was part of an overall emphasis to emerge stronger from the COVID-19 crisis.