"Fintech Talent: What Matters Most?" - Powered by Jobstreet by Seek
Presented at the Singapore FinTech Festival, this session uncovers the strengths of Singapore’s talent ecosystem, highlights job market trends, and provides actionable strategies for employers to navigate a highly competitive landscape.
Key highlights
1. Economic stability & opportunities
- GDP growth: Singapore maintains a stable GDP growth of 2-3%, comparable to advanced economies like South Korea.
- Strategic position: Situated in a high-growth region (Southeast Asia at 4-5% GDP growth), Singapore offers robust infrastructure and access to emerging markets.
- Low Unemployment: With unemployment below 2%, Singapore has a tight labour market where most jobseekers are already employed.
2. Singapore Job application trends
- Increase in applications: Singapore has seen a 35% year-on-year rise in job applications, surpassing Southeast Asia’s 25% growth. When this is considered together with the tight labour market, this means that most Singaporeans looking for jobs are currently employed.
- Global competition: International talent is increasingly attracted to Singapore, creating a competitive job market for locals.
- Global appeal: The appeal to work in Singapore is clear. Singapore is ranked number eight in the world’s most exciting places to work. As a city, it is ranked seven globally. At the Asia Pacific level, it is the top-ranked city for quality of job opportunities, regional connectivity, safety, good quality of life and strong earning potential despite a high cost of living.
3. Talent mobility & remote work
- Remote opportunities: 25% of job seekers in Singapore are exploring remote roles abroad while remaining based locally.
- Rising interest: The appeal of remote work has grown by 11% over the past five years.
4. Singapore jobseeker priorities
- Compensation: Competitive pay is the top priority for Singaporeans, higher than the global average.
- Flexibility: Work-life balance, hybrid work options, and flexibility are critical, in line with global averages but more emphasised compared to Singapore’s neighbours.
- Mentorship & relationships: Unique to Singapore, strong mentorship and good working relationships with superiors are highly valued.
- Emotional satisfaction: Beyond financial incentives, emotional well-being at work is increasingly important to job seekers.
5. STEM job growth
- Investments in R&D and high-tech industries continue to fuel the growth of Science, Technology, Engineering, and Mathematics (STEM) roles, solidifying Singapore’s position as a hub for innovation.
- Understand jobseeker needs: Tailor job ads to emphasise compensation, work-life balance, and flexibility.
- Build an employer brand: Communicate a compelling mission and highlight company culture and development opportunities.
- Effective advertising: Curate company profiles on job platforms and proactively search for talent in resume databases.
Conclusion:
Singapore’s robust economic environment and dynamic talent market create opportunities for both employers and employees. Employers must adapt to the changing expectations of job seekers, balancing financial incentives with emotional and lifestyle benefits. By understanding candidate preferences and leveraging data-driven strategies, companies can effectively compete for the best talent in a highly active and competitive job market.
Watch Full Session
Speaker:
- Vic Sithasanan, Acting Managing Director, Singapore, Jobstreet by SEEK