Finance professionals unhappy with bonuses, looking for new jobs

Finance professionals unhappy with bonuses, looking for new jobs
By Rachel Kelly | Posted: 22 March 2011 2146 hrs

SINGAPORE: Bank bonuses may be on the rise but so is the number of employees in Singapore's financial sector looking to move.

A recent survey by the global career site, eFinancial careers, reveals that while 53 per cent of financial sector employees in Singapore received higher annual bonuses, 55 per cent were less than satisfied with the increase.

As a result, more than three out of five finance professionals here, some 62 per cent, are looking for new positions in 2011.

And that may be a blow to an industry that is already experiencing significant talent shortages as companies look to expand. Big global players, such as UBS, are looking to scale up operations in Singapore.

"We continue to hire strategically in accordance with the growth needs of the business. In the medium term, we expect to grow the number of client advisors in Asia Pacific from 900 to 1,200, in line with business needs," said Ms Moira Roberts, Head of Human Resources, UBS Singapore.

Since the beginning of 2010, UBS has increased its wealth management headcount in Asia by about 400.

Credit Suisse, which has more than doubled its Singapore headcount in the last five years, now has more than 5,500 employees here. Singapore is the bank's fourth-largest office in the world and by 2013 it will have the capacity to employ over 6,000 workers here.

George McFerran, Head of Asia Pacific at eFinancial Careers, said: "I think as firms try to hold on to people then increasing salary costs are going to be an issue but bonuses are normally paid based on performance and people hitting targets, and that will be the main driver for bonus increases going forward."

Experts added that an increasing number of firms are spreading bonus payouts throughout the year as a retention tool as people who were reluctant to move during the financial crisis start to loosen ties.

Peter Haglund, country manager at Manpower Staffing Services, said: "We see is them actually waking up because last year we didn't really have the same struggles, there is still an increased competition for talent, but it wasn't as tough as it now.

"The good thing about the banking sector is that it is viewed from many candidates as a sector they want to go into...we think they are waking up and some already have put practices in place through career development, through individual development and training programs."

UBS, for example, said training and career development has been important to the bank's success. It has a UBS Business University in Singapore which has, to date, conducted programmes spanning more than 24,000 training days and 2,000 events.

-CNA/ac

- wong chee tat :)