Up Your Chances of Winning the War for the Most Important Resource - Your People
Delivered at the Singapore FinTech Festival, this panel brought together experts from MAS, MoneyHero Group, OCBC, and Accenture to discuss evolving talent needs and strategies to attract, retain, and develop top talent in the rapidly shifting landscape.
Key Highlights
1. Evolving talent needs
- Shifting roles
- Traditional tech roles are evolving into hybrid positions that blend both technology and business functions.
- There's a growing emphasis on AI literacy, creativity, critical thinking, and collaboration alongside core technical expertise.
- Behavioural and cross-functional skills
- Employees now need more than just technical prowess. Soft skills such as problem-solving, creativity, and collaboration are becoming increasingly crucial in hiring and development strategies.
2. Employee value proposition (EVP)
- Redefining employee experience
- The employee experience is no longer just about recruitment; it extends through onboarding, daily interactions, and long-term growth. Personalization of these experiences is key to engagement.
- Companies should move beyond impersonal tech tools (e.g., chatbots) and focus on creating meaningful, personalised connections.
- Balancing rewards and retention
- Financial compensation remains important, but offering growth opportunities and aligning roles with employee strengths ensures long-term retention.
- Setting Realistic Expectations
- Employers must be clear about their offerings and limitations to avoid unrealistic promises. Transparency enables employees to self-select based on what they seek at various career stages.
3. Generative AI’s polarizing effect
- Opportunities and challenges
- Generative AI is seen as a skill enhancer but also as a potential disruptor, creating tension between the value of human creativity and leadership versus automation.
4. Soft skills in hiring
- Learning agility as a ""meta-competency""
- Learning agility, the ability to deal with ambiguity, and adaptability in the face of change are critical in future hiring decisions.
- Assessment strategies
- Employers should focus on assessing candidates' ability to handle complexity, ambiguity, and proactively solve problems.
5. The longevity of tech roles
- Legacy systems and emerging needs
- While new tech roles continue to emerge, traditional skills like Java programming remain relevant due to the ongoing need to maintain legacy systems.
6. Employer insights: Talent across company sizes
- Small companies (e.g., Fintech startups)
- Requires versatile, entrepreneurial individuals who thrive in a dynamic environment and take on diverse roles across HR, finance, and operations.
- Medium-sized companies
- A balance of entrepreneurial spirit and specialised technical and behavioural skills is required to meet both growth and operational needs.
- Large companies
- Emphasise specialised skills in addition to strong technical capabilities, with a focus on client-centric behaviours.
7. Employee Retention Strategies
- Maintaining close communication with employees
- Staying close to employees, actively listening to their feedback, and fostering a supportive environment are crucial for retention.
- Work Flexibility: Balancing Office and Remote Work
- A backlash against mandatory return-to-office policies highlights the need for balance in work flexibility. Younger employees particularly benefit from face-to-face interaction for development, networking, and collaboration.
- Flexibility can go beyond remote work to include part-time hours, flexible schedules, and working from anywhere.
- Long-Term Career Development
- While monetary incentives are important, focusing on long-term career growth, goal setting, and personal development is essential.
- Empowering Managers
- Managers play a key role in fostering team development and should be empowered to provide career growth opportunities for their employees.
Conclusion:
This insightful discussion highlighted the complexity of managing evolving talent needs. Organizations must innovate in their approach to recruitment, employee experience, and skills development to stay ahead in the race for top talent.
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Speakers:
- Alvinder Singh, Head, Innovation Acceleration Office, Monetary Authority of Singapore
- Monica Agarwal, Head of HR, MoneyHero Group
- Nicole Bodack, APAC Banking & Capital Markets Industry Lead, Accenture
- Yap Aye Wee, Head, Learning & Transformation, Group Human Resources, OCBC Bank
Moderator:
- Reuben Lim, Chief Executive Officer, Singapore FinTech Association