Michael Smith, Randstad country director – Singapore has said the talent market in the country’s finance and insurance sector is set to tighten over the next few years. Commenting on the Ministry of Trade and Industry’s (MTI) growth forecasts for 2014 and 2015, Smith said: “The surge in growth within Singapore’s finance and insurance sector means that firms in the sector will need to focus more on staying ahead of their competition. There will be an increased need for top talent, creating a new impetus for employers in the sector to improve strategic talent sourcing and retention.”
The 2014 Randstad World of Work Report has already identified the need for employers in the sector to build and nurture the leadership pipeline within their organisations. Strategies being used include using talent management programmes to identify high-potential employees and investing in leadership development programmes to fast-track these employees into leadership positions.
“As the sector continues to grow at a fast pace, year-on-year, the talent market will continue to tighten,” observes Smith. “Employers with a robust management programme will be better placed to attract and retain high-performing talent, enabling their organisation to remain competitive.
“With the forecasted growth, Randstad expects to see an increase in the need for more knowledge workers with strong digital skills, as well as multi-lingual employees with cross-cultural management capabilities,” Mr Smith concludes.