APAC finance sector experiences hiring boom

The pandemic posed challenges for the finance sector as many were concerned about significant economic turbulence. Despite these fears, hiring in the finance industry remains strong.

According to recruitment company Robert Walters, many countries are seeing the number of financial positions rise.

Toby Fowlston, CEO of recruitment specialist Robert Walters, commented: “The global financial services system is as solid as it was before the pandemic – and much healthier than after the last crisis in 2008.

“Whilst the pandemic did not have the expected harmful financial effects on the global banking industry, it has certainly accelerated change in a multitude of other areas.

“Digital banking boomed whilst cash use fell, savings expanded and credit card debts were paid-off in record time, remote became a way of working, data-capture and usage is a central business function, and environment and sustainability are now front of mind for customers and regulators.

“All of this change has led to exponential hiring in the sector – with each hub trying to fight for the same talent at the same time, the results being a fiercely competitive recruitment market like we’ve never seen before, with execs being offered over 30% to 40% pay increases with the option to work from anywhere in the world.”

Job growth in finance

Recruitment has been particularly challenging in the highly competitive financial industry where job postings has grown.

By region, Europe leads growth in jobs in the sector year on year with a 62% climb in 2021, while APAC (Asia-Pacific region) follows close behind with 61%.

North America has also seen more job postings with an increase of 60%.

When it comes to cities, London has led the charge in new hires with a 101% increase, while New York, Tokyo, and Singapore have all seen headcounts jump by more than 70%.

In terms of hires, New York dominates with 48,595 roles and is followed by London (38,945), and Paris (24,165).

APAC hiring jump

Despite New York, London, and Paris still being the biggest hirers in the financial sector, the growth of roles in APAC is surpassing North America and reflects the success of the region.

In order to fill new roles, Asia has led the way in diversity hires. Particularly, when it comes to hiring women.

Women make up 46% of the workforce in Singapore and 44% in Hong Kong. This is a significant difference when compared to London and New York where women make up 36% of the headcount. However, simply having female staff is not enough, women need to be in senior positions to reflect a successful diversity and inclusion mission.

Robert Walter’s Fowlston noted: “As a whole, the global financial services sector has made solid strides in gender diversity – with nearly half of the entry-level workforce in financial services being women.

“The task now is to achieve equal representation at the top. In banking less than a quarter of high-level senior positions are held by women.

“We are seeing some worthy gains been made in this area, and I think the increasing diversity in senior positions will only help to speed up the rapid rate of innovation and change within the sector.”

While many will want to focus on the progress made in diversity goals, it is essential that the finance sector builds sustainable career paths for its diverse talent.