RECRUITMENT FOR BANKING INDUSTRY

BANKING RECRUITMENT MARKET

Most jobs in the banking industry remain one of the highest paying in the job market. There are international banks, investment banks and local banks that are usually recruiting. You will need to understand the complex ecosystem as well as how the job banding works to support banking recruitment. For an individual to succeed in the banking industry, you will need to have connections, resilience, and adaptability to thrive in this complex ecosystem. It is common to also work relentlessly long hours especially if you work for certain functions of the banks. In recent years, the rise of FinTech industry has inevitably caused traditional banks to relook at their business models. A growing number of progressive and technology savvy bankers from traditional banks have also started to join the FinTech industry and some are involved in high visibility digital banking projects while others are relishing the opportunity of working on designing and developing new systems from scratch using the latest state-of-the-art technology and tools. One might question if banks should be classified as a technology bank or financial bank moving forward?

How does the banking recruitment really work? Most banks appoint recruitment vendors to be on their preferred supplier list (PSL) on a yearly or bi-yearly basis. However, you can be on the “PSL” but the usage of vendors might be dependable on individual talent acquisition recruiter or team. As an internal talent acquisition recruiter, you are held accountable based on your requisition load. This will naturally translate to roles to fill, aging roles, agency savings etc. Hence, recruitment vendors will need to work in tandem with talent acquisition recruiters to have job requisitions assigned to their organisation or from arrangement of interviews till a job offer is being pushed out.  

During pandemic, most of the banks have generally scaled down on their hiring across all the portfolios except for technology roles. The attrition rate for technology sector remains high even during the pandemic.

RECRUITMENT CHALLENGES IN BANKING INDUSTRY

Most job seekers tend to request for higher job grade or between 10 to 15% salary increase to entice them to move and join another bank. Job seekers are savvy nowadays and tend to do cross reference checks amongst their peers prior to accepting any job offers!

As different parts of the bank are hiring the same resource, the job seekers might get confused with the duplicate roles. Another challenge is the reputation of the bank thus resulting in no job applicants applying to certain roles. Lastly, as the backend legacy core banking systems are still residing on older technology platforms, there are niche technical skillsets which are difficult to source.  

THE SKILLS GAP 

Banks are facing challenges in attracting and sourcing for the right technology talent due to the reason that many banks and FinTech companies are hiring similar technical roles at the same time and Singapore being a small country with limited technology resources. They also face escalating salary cost to recruit such technology professionals.

In this competitive market, it is crucial for banks to focus on recruitment as well as retention strategies. There is a need to devise new way of recruitment for talent acquisition teams.

FINDING THE RIGHT FIT FOR BANKS

Many banking professionals are considering a mid-career switch to the FinTech industry. This causes an increase number of attritions for banking roles and as a result, internal talent acquisition recruiters need to work doubly hard to sieve out suitable candidates with compatible skillsets at the right salary range.

Many banks have collaborated with recruitment and executive search agencies that specialise in banking recruitment to close any recruitment gap and ensure the right talent is hired. They also need to ensure fast turnaround time.

BENEFITS OF ENGAGING TALENTSIS FOR BANKING RECRUITMENT

EXPERTISE IN BANKING RECRUITMENT

Collaborating with recruitment agencies can help banks gain an edge over their competitors as these recruiters are typically experienced in sourcing and building a strong team of banking professionals who can help to play strategic pivot roles to accelerate business.   

In Talentsis, we are a team of experienced recruiters with both in-house banking technology recruitment experience coupled with extensive agency staffing experience that can help you solve your recruitment challenges.

EXTENSIVE DATABASE

Talentsis has built up a strong pool of professional contacts and candidates’ database in the banking and FinTech industry. Therefore, we have the ability in reaching out to a wider pool of talents and ensuring a higher rate of sourcing successful for such top-quality candidates. Our consultants are also equipped with market-leading tools and adopted proven sourcing methods that can help them reach out to these highly qualified candidates desired by our banking and FinTech clients.

Below are some examples of the banking and FinTech roles which Talentsis is capable of sourcing the best talents for our banking clients.

·       Managing / Executive Director, Group Internal Audit

·       Managing / Executive Director, Group Compliance

·       Managing / Executive Director, Marketing, Group Retail

·       Managing / Executive Director, Group Wholesales

·       Managing / Executive Director, Private Bank

·       Managing / Executive Director, Data Management Office

·       Senior VP, Digital Transformation and Strategy

·       Senior VP, Project Manager (Technology)

·       Senior VP, Solution Architect

·       Senior VP, Microservices

·       Senior VP, Threat Analysis

·       Senior VP, Red Teaming / Penetration Testing

·       Senior VP, SOC

·       Senior VP, IT Business Solution Specialist

·       Senior VP, Data Analytics

·       Senior VP / VP, DevOps Specialist

·       VP, Group Legal

·       VP, Financial Data Analyst

·       VP, UI/UX Designer

·       VP, Core Banking Analyst

·       VP, Credit Origination

·       VP, Cards

·       VP, Quality Assurance Manager (Automation Testing)

·       AVP / VP, Front-End Developer

·       AVP / VP, Full Stack / Back-End Developer

·       AVP / VP, Data Scientist

·       AVP / VP, AML Specialist

·       AVP / VP, Quantitative Analyst

·       AVP / VP, Compliance Manager 

·       Etc

For more information about our services, kindly email to hello@talentsis.com.sg