Demand For Banking Professionals falling in SEA

Demand For Banking Professionals falling in SEA

" While banking and finance professionals are still struggling with a decline in demand, Singapore and the Philippines are likely to see some pick-up in 2016. "

EMPLOYMENT

ASEAN - Malaysia, Philippines & Singapore
Tuesday, 22nd December 2015

According to the latest Monster Employment Index (MEI), Singapore, Malaysia and Philippines experienced a drop in demand for banking professionals amid the volatile economic conditions in November.

Across the three markets surveyed by the Index, the Philippines reported the least year-over-year decline at -3%, down from October’s 25% year-over-year growth. This is the market’s first negative growth in three months and the steepest month-on-month decline registered among all markets.

The BFSI sector in Malaysia registered the steepest year-over-year decline at -24%, falling six times as much as October’s -4% decline. This is the sector’s third consecutive month of annual decline.

E-recruitment in Singapore’s BFSI sector experienced a slight drop between October and November, at -5% year-over-year. Despite this, the three-month growth rate for November has improved marginally by 3%, compared to 2% in October.

The MEI is a monthly gauge of online job hiring activity, which records the industries and occupations that show the highest and lowest growth in recruitment activity in Singapore, Malaysia and Philippines.

BFSI Industry:

Month	Market	2014	2015	% Growth Y-o-Y
September	Singapore	126	125	-1%
	Malaysia	96	91	-5%
	Philippines	106	117	10%
October	Singapore	127	124	-2%
	Malaysia	85	82	-4%
	Philippines	95	119	25%
November	Singapore	126	120	-5%
	Malaysia	96	73	-24%
	Philippines	93	90	-3%

Finance & Accounts Roles:

Month	Market	2014	2015	% Growth Y-o-Y
September	Singapore	109	100	-8%
	Malaysia	95	86	-9%
	Philippines	113	105	-7%
October	Singapore	108	99	-8%
	Malaysia	89	79	-11%
	Philippines	104	101	-3%
November	Singapore	108	98	-9%
	Malaysia	96	74	-23%
	Philippines	101	89	-12%

Recruitment trends in the BFSI sectors have also led to the sluggish demands for Finance professionals in the three markets. Despite the overall negative growth, Finance and Account roles are the top growth occupational groups in Malaysia and Philippines.

Malaysia reported the steepest decline between November 2014 and November 2015 at -23% year-over-year, a sharp year-over-year decline from October’s -11%.

Singapore witnessed the least year-over-year decline at -9%. This is a marginal drop from October’s  -8% year-over-year. The Philippines reported a -12% year-over-year decline, down from the -3% year-over-year reported in October.

“As the global economy leans towards greater uncertainty, each market will need to take measures to build greater resilience against any vulnerabilities that can potentially deteriorate the country’s economy and affect recruitment,” said Sanjay Modi, Managing Director, Monster.com (India, Middle East, Southeast Asia, Hong Kong).

“While the demands for Finance professionals in the Singapore and Philippines markets appear to remain on the decline, Singapore’s vigilance to any potential economic risks and the Philippines’ strong economic fundamentals in its domestic systems should help see them through external threats.”

The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings. The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.

See below for countrywide trends in Singapore, Malaysia and the Philippines for November 2015:

Singapore Highlights:

• The Monster Employment Index Singapore declined -8% year-on-year.
• No industry sectors or job roles registered positive year-over-year growth.
• The Healthcare industry registered the least decline in online hiring at -2% year-on-year, while Healthcare jobs saw the highest demand – although at 0%.

Top Growth Industries					Lowest Growth Industries
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y
Health Care	111	109	-2%		Shipping/Marine	102	93	-9%
Retail/Trade and Logistics	118	114	-3%		Oil and Gas	103	93	-10%
Advertising, Market Research, Public Relations, Media and Entertainment	107	103	-4%		Hospitality	124	111	-10%
Education	104	100	-4%		Government/ PSU/ Defence	96	84	-13%
IT, Telecom/ISP and BPO/ITES	122	117	-4%		Consumer Goods/ FMCG, Food & Packaged Food , Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery	107	86	-20%

Top Growth Occupations					Lowest Growth Occupations
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y
Health Care	110	110	0%		Engineering /Production	101	89	-12%
Customer Service	115	111	-3%		Hospitality & Travel	120	104	-13%
HR & Admin	107	101	-6%		Marketing & Communications	93	80	-14%
Legal	106	99	-7%		Software, Hardware, Telecom	114	98	-14%
Purchase/ Logistics/ Supply Chain	104	95	-9%		Real Estate	130	105	-19%

Malaysia Highlights:

• Online hiring in Malaysia declined by -31% year-on-year.
• Not a single industry sector witnessed positive year-over-year growth in online hiring.
• The Production/ Manufacturing, Automotive and Ancillary sector saw the least decline at -10%, while Oil and Gas registered the biggest drop at -40%
• Demand for Marketing & Communications professionals takes lead at 0% year-over-year, while Software, Hardware, Telecom roles fared the worst at -60%.

Top Growth Industries					Lowest Growth Industries
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y
Production/Manufacturing, Automotive and Ancillary	94	85	-10%		Hospitality	102	76	-25%
Advertising, Market Research, Public Relations, Media and Entertainment	95	83	-13%		Logistic, Courier/ Freight/ Transportation, Shipping/ Marine	97	68	-30%
Engineering, Construction and Real Estate	96	75	-22%		IT, Telecom/ISP and BPO/ITES	110	77	-30%
Retail	100	78	-22%		Oil and Gas	119	71	-40%

Top Growth Occupations					Lowest Growth Occupations
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-o-Y
Marketing & Communications	94	94	0%		Purchase/ Logistics/ Supply Chain	93	62	-33%
HR & Admin	92	72	-22%		Hospitality & Travel	104	69	-34%
Finance & Accounts	96	74	-23%		Sales & Business Development	99	64	-35%
Engineering /Production, Real Estate	95	72	-24%		Software, Hardware, Telecom	112	45	-60%

Philippines Highlights:

• The Monster Employment Index Philippines registered a -46% year-on-year decline.
• The BFSI industry had the least year-over-year decline at -3%, while the Production/Manufacturing, Automotive and Ancillary sector fared worst at -68%.
• Customer Service jobs experienced the least decline at -9%, while Hospitality & Travel jobs reported the steepest decline at -64%

Top Growth Industries					Lowest Growth Industries
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-O-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-O-Y
BFSI	93	90	-3%		Hospitality	111	59	-47%
Education	102	94	-8%		Health Care	108	55	-49%
BPO/ITES	116	96	-17%		Engineering, Construction and Real Estate	101	43	-57%
Consumer Goods/ FMCG, Food & Packaged Food , Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery	114	72	-37%		Logistic, Courier/ Freight/ Transportation, Import/Export, Shipping	111	40	-64%
IT, Telecom/ISP	120	74	-38%		Production/Manufacturing, Automotive and Ancillary	100	32	-68%

Top Growth Occupations					Lowest Growth Occupations
Year-over-year Growth	Nov 14	Nov 15	% Growth Y-O-Y		Year-over-year Growth	Nov 14	Nov 15	% Growth Y-O-Y
Customer Service	116	105	-9%		Health Care	110	69	-37%
Finance & Accounts	101	89	-12%		Software, Hardware, Telecom	118	73	-38%
Sales & Business Development	112	94	-16%		Marketing & Communications	110	61	-45%
HR & Admin	106	69	-35%		Engineering /Production, Real Estate	102	52	-49%
Purchase/ Logistics/ Supply Chain	114	73	-36%		Hospitality & Travel	121	44	-64%