Do you know that MAS closely monitors the workforce profile of financial institutions (FIs) by locals (citizens and PRs separately) and foreigners, by seniority, business function, qualifications, and so on?
MAS engages the senior management of FIs on their workforce profiles and will intensify these engagements to grow the Singaporean core, Ravi Menon, Managing Director of MAS said.
In a recent letter to ST Forum, Mr Ravi said, “Protecting and growing Singaporean jobs, especially in current economic conditions, is a top priority. ‘
To this end, MAS established a $125 million package earlier this year to encourage financial institutions (FIs) to retain, train and hire Singaporeans.
“We want to see a strong Singaporean core complemented by high-quality and diverse foreign talent in every major FI,” said Mr Ravi.
Not there yet but the picture across the sector as a whole is better than often portrayed
Singaporeans make up 70% of the workforce in the finance sector. PRs make up another 14% according to MAS estimates.
In the retail banks’ local functions, Singaporeans account for 70% of senior management roles. Across the entire sector, the proportion is about 43 per cent, reflecting Singapore’s role as an international financial centre.
“As our financial sector attracts more regional and global HQ functions, it creates more good jobs and opportunities for Singaporeans. But it also means a higher proportion of foreigners in senior management in these functions as FIs understandably draw from a global talent pool to fill these positions,” said Mr Ravi.
Notwithstanding that, a good number of Singaporeans have assumed regional leadership roles, Mr Ravi added.
“More Singaporeans are taking on overseas positions, typically a prerequisite for these leadership roles. MAS has been working with FIs to develop a strong local leadership pipeline, and the industry is making progress.”
Concluding, Mr Ravi said, “My colleagues and I are committed to growing the Singaporean core in the financial sector. We do this by working with our FIs to develop Singaporeans: building critical skills, broadening capabilities, gaining international exposure, and ensuring equal opportunity to take on the many good jobs and leadership roles that our financial centre will continue to create.”