Hiring in SEA’s Banking and Finance Sector Still Struggling

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Home > Articles > Hiring in SEA’s Banking and Finance Sector Still Struggling

 Hiring in SEA’s Banking and Finance Sector Still Struggling

Monster Worldwide | General
February 1, 2016
​Online recruitment activity in the BFSI industry continues to plummet annually in Singapore and Malaysia, while the Philippines has witnessed a slight improvement.

THE pace of online recruitment in the Banking, Financial services, and Insurance (BFSI) sector is steadily declining across Southeast Asia, as banks and financial institutions continue to trim headcounts amid poor economic conditions. 

IMAGE: 123RF
This is according to the latest Monster Employment Index (MEI) for December 2015, which measures online job hiring activity monthly, recording the industries and occupations that show the highest and lowest growth in recruitment activity in Singapore, Malaysia, and the Philippines.

Across these three markets, the Philippines reported the strongest annual growth in the sector at six per cent year-over-year for December, up from November’s three per cent year-over-year decline. 

The sector emerged as the country’s top growth industry, and is also the only sector registering positive annual growth. 

The story is far more negative in Singapore and Malaysia. Malaysia recorded a -29 per cent year-over-year decline in online hiring in the BFSI sector—making it the only market to register a double-digit annual decline. 

In Singapore, the sector registered a -3 per cent year-over-year decline in December, a slight improvement from last month’s -5 per cent year-over-year decline, but still a negative trend overall. The sector is still among the top growth industries in Singapore.

BFSI Industry:

Month

Market

2014

2015

Percentage Growth Y-o-Y (%)

October

Singapore

127

124

-2

Malaysia

85

82

-4

Philippines

95

119

25

 

 

 

 

 

November

Singapore

126

120

-5

Malaysia

96

73

-24

Philippines

93

90

-3

 

 

 

 

 

December

Singapore

115

111

-3

Malaysia

109

77

-29

Philippines

82

87

6

 

Finance & Accounts Roles:

Month

Market

2014

2015

Percentage Growth Y-o-Y (%)

October

Singapore

108

99

-8

Malaysia

89

79

-11

Philippines

104

101

-3

 

 

 

 

 

November

Singapore

108

98

-9

Malaysia

96

74

-23

Philippines

101

89

-12

 

 

 

 

 

December

Singapore

99

93

-6

Malaysia

102

77

-25

Philippines

80

78

-3


When it comes to the recruitment of the Finance and Accounts professionals, all three markets registered negative growth between December 2014 and 2015. Despite this, the demand for Finance and Account roles has once again emerged as top growth occupational groups in Malaysia and the Philippines. 

The Philippines exhibited the least decline in annual demand among the three markets at -3 per cent year-over-year, up from November’s -12 per cent year-over-year decline. 

Malaysia faced the weakest demands for these roles at -25 per cent year-over-year, declining for its fourth consecutive month. In Singapore, Finance and Account roles registered a -6 per cent year-over-year decline, only a slight improvement from November’s -9 per cent year-over-year decline. 

“While there could still be overall growth in the finance sector moving forward, what we have been seeing is a rapid decline of online recruitment in key support functions and investment banking roles. Tighter regulations and squeezed margins for global banks continues to prompt jobs cuts and retrenchments, particularly in Malaysia and Singapore,” says Mr Sanjay Modi, managing director, Monster.com (India, Middle East, Southeast Asia, Hong Kong). 

"Activity in the Philippines is fairing marginally better, as some back office functions have been relocated to cheaper cost locations. We are likely to continue to see this type of offshoring taking place in the region.”

The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career Web sites and online job listings. The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.

See below for trends across Singapore, Malaysia, and the Philippines for December 2015:

Singapore Highlights:

·         Online recruitment in Singapore is still in decline with -5 per cent annual dip in December 2015.

·         The Healthcare sector reported the steepest growth at 6 per cent year-over-year. The Consumer Goods/ FMCG, Food & Packaged Food, Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery performed the worst at -13 per cent.

·         Demands for Healthcare and Customer Service professionals were both at 3 per cent, while Software, Hardware, Telecom roles experienced the sharpest decline at -13 per cent.

Top Growth Industries

 

Lowest Growth Industries

Year-over-year Growth

 Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

Health Care

101

107

6

 

Government/ PSU/ Defence

91

85

-7

Education

99

98

-1

 

Shipping/Marine

100

93

-7%

Retail/Trade and Logistics

111

109

-2

 

Oil and Gas

98

90

-8

IT, Telecom/ISP and BPO/ITES

114

111

-3

 

Hospitality

118

104

-12

BFSI

115

111

-3

 

Consumer Goods/ FMCG, Food & Packaged Food , Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery

97

84

-13

 

Top Growth Occupations

 

Lowest Growth Occupations

Year-over-year Growth

 Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

Health Care

102

105

3

 

Sales & Business Development

104

97

-7

Customer Service

108

111

3

 

Purchase/ Logistics/ Supply Chain

100

92

-8

Legal

99

99

0

 

Hospitality & Travel

110

98

-11

Real Estate

103

101

-2

 

Marketing & Communications

88

78

-11

HR & Admin

100

95

-5

 

Software, Hardware, Telecom

104

91

-13

 

Malaysia Highlights:

·         Malaysia registered a -33 per cent year-over-year decline in e-recruitment in December 2015.

·         The Production/ Manufacturing, Automotive and Ancillary sector saw the least decline at -9 per cent year-over-year, while the Logistic, Courier/ Freight/ Transportation, Shipping/ Marine sector witnessed the steepest decline at -35 per cent.

·         Demand for Marketing & Communications professionals took the lead registering one per cent year-over-over growth, while Software, Hardware, Telecom roles remained weakest at -66 per cent.
     

Top Growth Industries

 

Lowest Growth Industries 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

Production/Manufacturing, Automotive and Ancillary

90

82

-9

 

Oil and Gas

106

74

-30

Advertising, Market Research, Public Relations, Media and Entertainment

96

78

-19

 

IT, Telecom/ISP and BPO/ITES

107

72

-33

Engineering, Construction and Real Estate

97

70

-28

 

Hospitality

110

73

-34

Retail

100

72

-28

 

Logistic, Courier/ Freight/ Transportation, Shipping/ Marine

91

59

-35

 

Top Growth Occupations 

 

Lowest Growth Occupations 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

Marketing & Communications

90

91

1

 

Sales & Business Development

99

66

-33

Finance & Accounts

102

77

-25

 

Purchase/ Logistics/ Supply Chain

90

58

-36

HR & Admin

93

69

-26

 

Hospitality & Travel

115

66

-43

Engineering /Production, Real Estate

94

67

-29

 

Software, Hardware, Telecom

109

37

-66

 

Philippines Highlights:

·         Philippines registered a -36 per cent year-on-year decline in online hiring in December 2015.

·         The BFSI sector had the steepest growth at six per cent, while the Production/Manufacturing, Automotive and Ancillary sector saw the most decline at -63 per cent.

·         Customer Service jobs experienced the highest growth at six per cent year-over-year, while Hospitality & Travel fared the worst at -63 per cent.

 

Top Growth Industries

 

Lowest Growth Industries

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

BFSI

82

87

6

 

Health Care

92

54

-41

Education

84

84

0

 

Advertising, Market Research, Public Relations, Media and Entertainment

102

52

-49

BPO/ITES

99

96

-3

 

Engineering, Construction and Real Estate

89

42

-53

IT, Telecom/ISP

101

79

-22

 

Logistic, Courier/ Freight/ Transportation, Import/Export, Shipping

89

38

-57

Retail

89

62

-30

 

Production/Manufacturing, Automotive and Ancillary

87

32

-63

 

Top Growth Occupations

 

Lowest Growth Occupations

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

 

Year-over-year Growth

Dec

14

Dec

15

Percentage Growth

Y-o-Y (%)

Customer Service

98

104

6

 

Purchase/ Logistics/ Supply Chain

99

60

-39

Finance & Accounts

80

78

-3

 

Marketing & Communications

93

53

-43

Sales & Business Development

89

81

-9

 

HR & Admin

87

48

-45

Software, Hardware, Telecom

94

68

-28

 

Engineering /Production, Real Estate

88

48

-45

Health Care

92

59

-36

 

Hospitality & Travel

99

37

-63


About the Monster Employment Index
The Monster Employment Index is a broad and comprehensive monthly analysis of online job posting activity in Singapore, Malaysia, and the Philippines conducted by Monster India. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, including Monster Singapore, Monster Philippines, and Monster Malaysia, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide. Monster has taken due care in compiling and processing the data available from various sources for Monster Employment Index, but does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or action/decision taken or for the results obtained from the use of such information. In the South East Asia region, Monster Employment Index was first launched in Singapore in May 2014 with data collected since January 2011 followed by the Philippines and Malaysia in May 2015 with data collected since February 2014.

​Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster, the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index.


Copyright © 2016 Singapore Institute of Management

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