Combined with higher pay, the war for talent in the financial sector is also seeing a variety of non-monetary rewards to attract and retain top talent. But money still talks.
In an industry where salary is the main incentive, new independent research commissioned by specialised recruitment company Robert Half shows the vast majority (73 percent) of Chief Financial Officers (CFO's) within financial services plan to attribute pay rises to all of their employees or to their top performers.
Additionally the research shows that 24 percent of Singapore’s CFOs within financial services say salaries for all their staff will grow in 2017, but 49 percent say only their top performers will receive a rise.
Positions With Benefits
To attract skilled professionals in 2017, half of CFOs within financial services are planning to offer more workplace flexibility, by providing professional development opportunities and by implementing formalised recognition and reward programs.
Some sixty percent of financial services workers in Singapore say they believe they earn a salary that is close, the same or higher than the industry average.
«Financial services workers are increasingly interested in work-life balance initiatives and, especially millennials, are generally eager to develop and advance their career, so offering non-monetary incentives such as flexible work hours, as well as a clearly defined career path can be a key factor in building employee loyalty,» said Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore.
