Hundreds of financial professionals in Hong Kong moved to Singapore last year, according to recruitment firm Robert Walters, in another sign of talent outflow from the city.
The shift in talent flow from Hong Kong to Singapore was a major driver for growth in the latter’s financial sector with more than 718 professionals moving to the city-state in 2021, according to a report by recruitment firm Robert Walters. In addition, the establishment of fintech startups in Singapore was also a major growth driver.
«There is an increasing shortage of good talent, as industry professionals reflect on a post-pandemic desire for change, where work-life balance and job satisfaction are given greater weight than salaries and statuses, and new emerging sectors attract professionals from their existing roles,» the report said.
«[Singapore] presents a rare safe haven, with its sufficient infrastructure and tax breaks and benefits, minus the encroachment of corruption, and professionals can enjoy a high standard of living.»
Limited Talent Pool
Despite the positive momentum, Singapore is facing a supply-demand mismatch as the number of jobs far exceeds the size of the talent pool, evidenced by a 76 percent increase in vacancies to 21,800. This marks a six-year high and contrasts with a 25 percent drop in 2020 due to Covid-related restrictions.
According to Robert Walters, the high vacancy rate was in part due to tighter requirements for foreign workers.
Singapore Outflows
For financial professionals within Singapore seeking alternative locations, the report highlighted Sydney, London and the UAE as popular options due to higher compensation, better work-life conditions and more appreciation from senior management.
In 2021, Singapore had an estimated 250,000 financial services professionals with more than three-quarters seeking a job change in 2022.
