Job layoffs in the banking sector

This year some jobs in the banking sector are expected to be lost. Especially since banks are in bad loan. Furthermore, they have to take some bold measures to reduce spending. One of the most preferred ways of cost cutting measures is by laying off employees because they don’t need massive personnel and they have to cut spending for them to pay off the bad debts.

Increase demand for technology specialists

Many technology relate companies set their base in Singapore. And they need a skilled workforce. Also, due to the high number of technology companies, cyber crime may be on the rise, and therefore, it will be of utmost importance for businesses in Singapore to hire IT professionals to curb that menace.

Hiring of many talent managers

Many professionals, especially in Asia, are going to Singapore because of higher chances of employment due to a large number of multinational companies setting up there. The companies are also recruiting talent now and then and for these businesses to remain productive, they must ensure that their employees remain active and very productive to ensure the success of the firm. Therefore, talent managers must be hired to manage these skills at work. In addition to ensure maximum productivity among the employees.

Digital banking

Digital marketers will be in very high demand. This is because most financial institutions such as banks want to revolutionize and change the way people bank. They want to innovate ways like mobile banking which allows a client to access all the banking functions just from their mobile, tablets or even computer. This, therefore, means that more digital markets will be needed this year. This is so as to market and introduce the concept to all the people in Singapore so that they can understand how it works.

Risk management

Many start-ups and established industries in Singapore have found out the need to mitigate risk so as to rise to profitability. Risk management experts are in high demand so as to carry out their job functions.

High demand for tax and audit professionals

Many financial and non financial companies have set up in Singapore. And all are under obligation to submit their tax returns to the government of Singapore for tax purposes. This has force them to seek for overseas talents. Why do they need overseas talent? They need these talents who are efficient in tax to help them calculate all the money owe by the companies to the authority.

Summary

With these trends in the job market in Singapore, the economy can be said to take a paradigm shift. And probably rise to profitability again.

 

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