TALENT SHORTAGE      FINANCE SECTOR

Singapore - Even though Singapore's finance industry faces the worst talent crunch in the Asia-Pacific (APAC) region, employers are more than willing to provide banking and accounting professionals with further leadership opportunities this year.

Of the 428 finance professionals polled in Singapore, a research by Robert Half and the Association of Chartered Certified Accountants (ACCA) reported 81% acknowledge skills shortage as the most critical issue in the industry. Out of the ones who recognise the need for talent, 11% said their companies are facing critical skills shortage while 29% said they are in need of major skills. Four in 10 felt their companies lack talent for entry-level roles.

Tim Hird, managing director of Robert Half Singapore, said, "The sentiment was always one that yes, there is a skills set shortage, but never quite to the extent of chronic and major shortages as what we are seeing here."

According to the survey, the talent shortage situation is most prevalent in Singapore and Hong Kong in comparison to other markets in the APAC region, such as Australia and New Zealand. Regionally, most (42%) local finance professionals believe skills shortage is most significant at senior management and director level. More than (63%) six in 10 said the middle management level in their companies face the worst talent crunch.

To fill the gap in senior management positions, financial companies require their employees to brush up in their competencies in the soft skills department, more so than technical capabilities, said Hird. Most (65%) of them reported employees lacking in management and leadership skills while 63% cited interpersonal skills and team spirit. Six in ten felt their finance executives lack proficiency in communications skills whereas 45% said their employees require more practical experience.

Darryl Wee, country head of ACCA Singapore, felt the roles of finance professionals are "more interesting" now that they are now expected to also assume leadership functions in the companies. He said, "The jobs of some of the finance professionals have been elevated and they need to be able to communicate more effectively at board level."

Wee said, "I think [people] are beginning to see the requirements happening now as the demands have been changed."

In order to meet the rising demands for the necessary professional skill sets, the majority (58%) of companies are providing upgrading courses to existing employees. Almost (74%) three quarters of employees surveyed in Singapore said they have received skills training over the past year, which is highest in the region.

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