Singapore financial services sector faces greater competition from overseas for talent

SINGAPORE'S banks and financial services companies are facing increasing competition from foreign markets in their efforts to recruit candidates with the skills they require, shows a survey.

Specialist recruiter Robert Half's survey found that more than three in four (79 per cent) of the 100 chief financial officers (CFOs) here polled are experiencing more competition from overseas when trying to hire skilled professionals, further intensifying the current skills gap.

And this has the biggest impact on medium-sized companies, as 94 per cent of CFOs say competition from foreign markets for talent is increasing.

More than four in 10 (44 per cent) CFOs say they intend to source at least 10 per cent of their workforce from foreign markets.

Matthieu Imbert-Bouchard, managing director at Robert Half Singapore, noted that there is a strong demand for financial services professionals with niche skills, especially in compliance, security and risk management.

The skills shortage naturally impacts business operations. More than three in four (79 per cent) CFOs say the shortage is impacting their company's ability to innovate, while 77 per cent say it is impacting productivity and departmental workloads.

The skills shortage is also affecting business finances, with more than half (59 per cent) of CFOs saying the shortage is having an increasing impact on their company's revenue.

"In order to mitigate the effects of the skills shortage, local companies should also invest in training their existing staff with the skills their company needs to succeed in the future. During peak periods, the shortage can also be offset by adopting flexible staffing arrangements - businesses can hire interim mangers with the necessary skills and experience to manage any immediate projects," said Mr Imbert-Bouchard.