Financial services industry is set to adopt significant changes in 2018 in a bid to thrive in today’s continuous disruption, according to recent study conducted by recruitment specialist Robert Half. As the effects of disruption continue to unfold, nearly half (45 percent) Singaporean CFOs within financial services said that they plan to bring in new hires to manage change in their organisation.
When asked about what they thought were top disruptive forces that will change the financial industry in 2018, six in 10 financial services leaders refer to new regulation (60 percent), followed by changing customer behaviour and macro-economic conditions (55 percent respectively), as well as technological change (47 percent).
Regarding to the findings, Managing Director of Robert Half Singapore Matthieu Imbert-Bouchard said that as the financial services industry is undergoing a continuous progress, Singaporean companies are expected to be confronted with tremendous change. Financial services industry do not only have contend with strict government regulations and market fluctuations, but also deal with the accelerating pace of technological advancement that continuous to change the face of the industry.
Looking ahead to 2023, financial services leaders projected that technology will have more impact in the future. More than two-thirds (69 percent) said the pace of technological innovation such as automation, artificial intelligence, machine learning and robotics will be the most disruptive force in the market by the next 5 years, followed by macro-economic conditions (57 percent) and new regulation (51 percent).
As these disruptive forces take place and technology increasingly contribute to the success and survival of an organisation, there is an urgency for industry players to identify suitably skilled candidates. Therefore, to manage change and disruption in 2018, 45 percent financial services CFOs are planning to hire new talents, 44 percent intend to collaborate and partner with other businesses such as digital agencies, while the other 33 percent plan to upskill their existing employees.
Imbert-Bouchard said, “As companies face increasing disruption and government regulation, it will be crucial for Singapore’s financial services leaders to hire and retain the right talent to take advantage of emerging opportunities, particularly with the new Industry Transformation Map contributing greatly to placing more skilled workers in the market. Employers need to continually assess their talent management program to successfully source, hire, upskill, and retain skilled talent necessary to manage change and disruption in 2018 and beyond.”
However, the survey found that the majority of Singapore’s financial services leaders are actually confident in their staff’s level of competence to adapt and be successful when confronted with disruptive forces in the industry. For technical skills, 88 percent are confident in their graduate-level, 90 percent are confident in their staff-level, while 98 percent are confident in their management-level employees. As for soft skills, 87 percent are confident in their graduate-level, 93 percent are confident in their staff-level and 97 percent are confident in their management-level employees.