The positive economic outlook for APAC Financial Services professionals has significantly increased from 11% in 2020 to 52% in 2021. Despite a pessimistic calibre in their economic expectations, respondents in APAC displayed the highest job market confidence globally, which increased to 47%, a significant uptick from 28% last year. This according to the latest Selby Jennings research.
Abimanu Jeyakumar, Head of Selby Jennings, North Asia, said, “The macro-economic view is incredibly positive. Despite China being expected to have a positive economic bounce back, the current outlook is even greater.”
Data source: Job Confidence Index Report, Selby Jennings, 2021
Positive on job security, lower bonus expectations
According to the Survey, sentiment in Selby Jennings’ Financial Services network equates to those recorded last year; optimism around job security remains steady, totalling 61%. Of the Financial Services professionals surveyed across APAC, 45% were rewarded bonus payments in 2021, a decline from 58% last year. Natasha Madhavan, Head of Selby Jennings, Southeast Asia, noted, “Firms were more frugal in 2020; a person could have been the best employee and still received a minimal bonus.”
Jeyakumar added, “From PE to Credit companies, we have witnessed many Financial Services institutions prosper during the world health crisis. Some financial Services corporations have made advances despite the global pandemic, and given the uptick in economic activities, I would forecast the bonus pool in 2022 to reach a record-high level.”
Candidate-driven market—talent exodus looms
Job satisfaction has marginally declined from 50% last year, with 48% of respondents reporting that they are satisfied or highly satisfied. However, of the same cohort surveyed, those who felt unsatisfied in their current position grew from 23% to 36%.
Despite feeling secure in their respective positions, 67% of Asian Pacific Financial Services employees are simultaneously open to exploring new possibilities in Q3 and Q4 2021, with a small segment (20%) unlikely or highly unlikely to leave.
On the other hand, of all the regions surveyed, APAC respondents display the highest willingness to relocate, with 82% commenting yes, compared to their counterparts in the U.S. (64%) and Europe (71%). In addition, the Survey indicates that Singapore is a clear preference for Financial Services professionals as the most desired relocation destination.
Career progression APAC priority, not flexible working
The results highlight that flexible working is not a strong preference in APAC. Only 38% of Financial Services professionals indicated this was an important factor, compared to 60% in Europe and 61% in North America.
Top three motivational factors for APAC Financial Services professionals
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Opportunity for career progression (77%)
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Higher salary (72%)
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New challenges (66%)
Looking forward
Across APAC, Financial Services firms need to move quickly in a candidate-driven market, lining up their ducks to outmanoeuvre the competition. However, to avoid the pitfalls and lacklustre offers, organisations should work hard to address the particular motivators, bright spots and provide compelling reasons for the APAC talent network to join them or risk them being snatched up by competitors.
Financial Services institutions will need to tighten their talent acquisition processes and carve out a dynamic operational structure to secure the right visionaries to achieve financial stability and succeed in a candidate-driven market. In addition, with international mobility returning to pre-pandemic levels, employers and hiring managers will need to work fast to navigate through a highly competitive talent pool.
Paul Arkwright
Publisher
