According to the latest Monster Employment Index (MEI), hiring activity within Southeast Asia’s Banking and Financial Services Industry (BFSI) did not show any signs of a revival. The MEI is a monthly gauge of online job hiring activity by Monster.com. The Index tracks industries and occupations with the highest and lowest growth in online recruitment, which also includes data points from the BFSI sector.
Singapore recorded the highest online hiring activity in the BFSI sector in Southeast Asia, at 10% year-on-year in August. This is a slight improvement from 9% year-on-year recorded in July. The Philippines exhibited a growth of 6% year-on-year, up 2% from 4% year-on-year reported between July 2016 and 2017. Malaysia, the only market to report a decline in August, reported a 7% year-on-year decrease in online hiring in the BFSI sector. This is a 13% dip from 6% year-on-year reported between July 2016 and 2017.
In spite of the slight increase in hiring within the BFSI space, demand for Finance and Accounts roles continued to dip, as all three markets reported further declines in between August 2016 and 2017. Hiring decline in Singapore remained unchanged in August, as the market continues its 10% year-on-year decline. The Philippines saw a 4% year-on-year dip, while Malaysia recorded a 7% year-on-year dip in online hiring.
“The digitisation of banking operations remains a key motivation behind hiring activities, as employers continue to ramp up digital offerings. With employers citing the lack of qualified talent as a key challenge to hiring, they’re now going beyond the sector to bring in a suite of new skills and insights to aid problem solving,” said Sanjay Modi, Managing Director at Monster.com – APAC and Middle East.
The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings across Singapore, Malaysia and the Philippines. The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.
- Monster Employment Index Malaysia recedes eight percent on annual basis.
- Year-on-year, Oil and Gas registers the most-notable growth among sectors; whereas, Retail exhibits the steepest decline.
- Software, Hardware, Telecom professionals continue to enjoy the steepest growth in demand on-the-year.