Job market in Banking and Financial Services sector in the New Normal
It has been an excellent year overall for Banking and Financial Services with record-year bonuses. Ivana Hermoso, Manager at Robert Walters Philippines, notes, “The market has adapted well to the new norm of working from home amid COVID-related restrictions. Several C-suite roles and senior leadership roles have been localised as travel or international mobility is reduced.”
Ivana highlights, “2022 is expected to be a year of recovery. The fatigue from the longest lockdown in the Philippines will put more pressure on senior leaders, as the work-from-home model is one of the factors of high attrition rates. With borders reopening, we also expect talent moving out of the Philippines as they accelerate their careers, in turn widening the gap in a candidate-short market.”
There is a need for strong people managers with the ability to manage during a crisis and lead through a post-crisis plans. Organisations who have provided work-from-home support and a caring leadership team have shown higher levels of employee engagement particularly during the heightened crisis.
Read on as Ivana shares her expectations about the labour market for Banking and Financial Services professionals in 2022.
A new generation of fintech and digital banking leaders will be sought-after
In corporate banking and wealth management, traditional banks are expected to rebuild and grow their portfolios. Ivana shares, “There will be a demand for a new generation of fintech and digital banking leaders with multi-industry sales and partnership experience, as well as product development professionals with a hybrid background in business and technology.”
“We have seen high level of activity in private equity among the local teams in the Philippines due to the lower volume of deals secured by Hong Kong, Malaysia, Singapore-based firms. This will drive hiring for local deal teams as well as C-suite positions across industries,” Ivana observes.
Ivana shares, “Due to the increasing complexity of regulations, banks and financial services are strengthening their risk and compliance teams in the areas of financial crime, IT compliance, fraud risk, and credit risk.”
Balik Bayan professionals to be in high demand
Ivana notes, “We expect high demand in digital product development, finance and investments, and risk and compliance as a response to the increased need to build digital platforms of banks and financial institutions.”
“Professionals with international market experience or a Balikbayan – a Filipino coming back to the Philippines – with seasoned experience from larger financial hubs will be in high demand because they have a lot to offer in managing complex and diverse projects,” Ivana highlights.
Beyond monetary benefits
Focus on employee welfare aside from monetary benefits. Ivana explains, “Jobseekers are looking for good HMO packages on day 1, flexible work arrangements, and work from home set ups.”
“During the interview process, it is vital that you provide an excellent candidate experience by indicating clear job expectations, ensuring job security, and showing a progressive career path. Be prepared to complete with counteroffers especially for in-demand, niche skills as these candidates usually receive several job offers,” Ivana says.
Salary increases to progress at a higher rate in 2022
Ivana shares, “This year we have seen conservative rates with salary offers ranging from 10 to 30% increase. In 2022, we expect this to progress at a higher rate to respond to a rapidly growing economy and candidate shortage.”
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