Finance employers in Singapore and Hong Kong are losing sleep over the retention of top talent.
In Singapore, 92% of employers were either “very” or “somewhat” concerned about losing top performers, only second to Hong Kong (93%), a report by Robert Half found.
Nearly nine in 10 global leaders in the financial services sector were struggling to attract talent and 83% were worried about losing their best performers this year. Leaders from Germany (87%), Canada (84%) and the UK (83%) also reported challenges in holding on to talent.
Stella Tang, director for Robert Half Singapore, said competition within the industry has “intensified”, especially among risk and compliance professionals who remain in demand, thanks to unprecedented regulatory shifts.
Neil Owen, global practice director for Robert Half Financial Services, added while there are areas within financial services institutions which have seen cutbacks, “other more profitable product lines are receiving further investment, resulting in additional hiring”.
“This makes it a challenge to find the requisite staff to capitalise on emerging opportunities,” he said.
Tang warned the challenge of recruiting and retaining is not expected to ease, and therefore employers will have to provide more attractive opportunities, including offering salary increases and progressive perks.