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.