Finance professionals support locals-first hiring

Over half of almost 1,000 finance professionals polled in a recent survey said that their companies have overlooked locals in favour of foreigners for job opportunities in the past, but two-thirds of them think the new Fair Consideration Framework wi
Over half of almost 1,000 finance professionals polled in a recent survey said that their companies have overlooked locals in favour of foreigners for job opportunities in the past, but two-thirds of them think the new Fair Consideration Framework will remedy the situation. -- ST FILE PHOTO: ALAN LIM

Over half of almost 1,000 finance professionals polled in a recent survey said that their companies have overlooked locals in favour of foreigners for job opportunities in the past, but two-thirds of them think the new Fair Consideration Framework will remedy the situation.

The framework, which will take effect in August next year, will require all jobs paying less than $12,000 a month to be advertised on a national jobs bank for two weeks before an international candidate can be hired.

A survey by financial recruitment firm eFinancialCareers of 956 financial services professionals here showed that 82 per cent backed the new rule.

Locals made up 53 per cent of the respondents, while the remaining were foreign nationals working and living here.

Fifty-two per cent said their companies have previously favoured foreigners for some job openings, but 62 per cent said they expect that a greater proportion of Singaporean candidates will be hired once the framework is in place.

When asked whether the Fair Consideration Framework will affect the competitiveness of Singapore as a global financial centre, 46 per cent said it would not while 25 per cent said it would help make Singapore more competitive.

Neither is the framework expected to affect the level of investment in Singapore from overseas financial services organisations. Only 26 per cent said they anticipate a decrease in the level of investment due to the new rule.

About half, or 51 per cent, said they did not think the framework would affect wages.