Unveiling Singapore Tech Talent Report 2024 - Key Findings and Observations
Broader Scope for 2024
This year’s report extends beyond fintech to encompass technology talent across the financial services sector, providing a more comprehensive overview of Singapore’s talent landscape.
Key Findings
1. Economic outlook and workforce dynamics
- Sector Growth: Over 57% of financial institutions surveyed expect the sector to grow in the next 1-2 years.
- Headcount Trends: Despite anticipated growth, over 57% of institutions plan to freeze or reduce headcount. In addition, fintech employment has declined slightly from 2023 to 2024. Only a small percentage are expecting headcount to grow.
- Attrition Management: Attrition levels are improving, with over 57% of financial institutions reporting attrition below 10%.
- These observations are attributed to the decreasing investments made in fintech in 2024 and the impact of AI on the workforce.
2. Impact of Technology and Generative AI (GenAI)
- Efficiency Gains: GenAI is transforming roles, significantly reducing tasks for roles such as test engineers, data analysts, IT support engineers, database admins, and software developers.
- Reskilling Urgency: Organisations must act swiftly to reskill their workforce to adapt to these technological advancements. Individuals also have the responsibility to take charge of their own skills acquisition.
3. Emerging Skill Demands
- Technical and Behavioural Skills: Critical thinking, creativity, and innovation are as vital as AI literacy, data science, and digital literacy. The combination of both technical skills and behavioural skills will be critical to stay relevant and competitive.
- New Talent Profiles:
- Traditional profiles like Commercial Evangelists, Technology Wizards, Operations Champions, and Corporate Drivers remain relevant.
- A new profile, the Techno-Functional Collaborator, is emerging—combining technical skills, business acumen, and human fluency for greater impact.
4. Employee Priorities vs Employer Focus
- Employee Motivators: Financial rewards have overtaken growth opportunities as the top reason for job changes, followed by the nature of work.
- Employer Brand Promises: Organisations focus on growth opportunities, work culture, and purpose—revealing a mismatch between employee expectations and employer offerings.
- HR Priorities: Flexible work arrangements, recognition and engagement activities, and performance management are HR's top focus areas, reflecting further misalignment with employee needs.
Recommendations for Organisations
1. Enhance Employee Experience
- Leverage real-time analytics and social listening tools to understand employee sentiment without relying on annual surveys.
2. Redefine Employee Value Proposition
- Integrate financial rewards with growth opportunities to create a holistic and attractive value proposition.
3. Develop a Skills Passport
- Invest in learning and development, focusing on technical, functional, and behavioural skills.
- Provide employees with mandatory access to up-to-date learning resources.
4. Foster a Risk-Aware Culture
- Build a risk-based mindset across the organisation, particularly in the Gen AI era.
5. Collaborate with Ecosystem Partners
- Engage with institutions and technology firms to co-develop robust talent strategies.
Conclusion:
The 2024 report underscores the urgent need for organisations to align their strategies with the evolving workforce landscape. By focusing on employee experience, reskilling, risk culture, and ecosystem collaboration, financial institutions and fintechs can stay competitive in a rapidly transforming market.
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Speaker:
- Nesan Govender, Managing Director, Strategy & Consulting, Southeast Asia, Accenture