Singapore's financial sector faces increasingly tough competition for talent from overseas: Survey

An office worker at Raffles Place.
An office worker at Raffles Place.PHOTO: ST FILE

SINGAPORE - Singapore's banks and financial services firms are facing growing competition from foreign markets as they try to recruit candidates with the specific skills, said a new survey.

Recruitment firm Robert Half released a survey on Tuesday (Nov 22) which found that 79 per cent of chief financial officers (CFOs) are experiencing more competition from overseas when trying to attract skilled professionals.

The firm said this further intensifies the current skills gap, which has the most impact on medium-sized firms, where 94 per cent of these CFOs noted the competition.

As for talent coming from overseas, 44 per cent of respondents said they plan to get at least 10 per cent of their workforce from foreign markets.

Mr Matthieu Imbert-Bouchard, managing director at Robert Half Singapore, said: "Singapore has always been an attractive destination for foreign workers and expatriates. Its global reputation for business excellence and innovation continues to attract skilled financial services professionals from the region.

"However, despite the effort to recruit more local talent, companies are forced to compete with foreign markets to mitigate the effects of the current skills shortage."