TL;DR – The FinTech industry is expected to grow by an additional 6,000 headcount but companies are struggling to attract and retain talent. How can this demand for talents be fulfilled?
In the past 5 years, Singapore’s FinTech industry’s war for FinTech talent has intensified. This is particularly so when looking for people with technology capabilities.
Amidst the war for talent, attrition rates are also on the high side, with employee tenure of fewer than three years. A survey conducted by the Singapore FinTech Association (SFA) and Accenture found that 61 per cent of employers have more than 44 per cent of their employees staying in the company for an average of one to three years.
While companies are struggling with employee retention, most of them are expecting an increase in their workforce in the next one to two years. According to reports, the workforce in this industry is projected to grow by an additional 6,000 headcount over the next two years.
Why are they leaving?
Survey results from 2021 and 2022 found that people are leaving because they have limited career development and insufficient monetary and non-monetary rewards.
Channelling supply to fulfil the demand
NTUC’s #EveryWorkerMatters Conversations with FinTech PMEs sought to explore how NTUC can help them achieve career progression and champion fair opportunities to give them a peace of mind while they juggle work with other commitments in life.
Through the discussions, NTUC also seeks to find ways for workers to upskill through training to allow them to pivot into this industry and bridge the talent gap. This will also provide a new pool of talent to fulfil the demand for talent in the growing industry.
How can you be involved?
Conversations with a representative group of FinTech PMEs is a good start for NTUC to understand the challenges you face. However, more perspectives could help NTUC in identify different challenges as the needs of every individual may differ.
You can get involved by sharing your personal challenges or suggestions on NTUC’s #EveryWorkerMatters Conversations microsite. This small act can ripple into a big change! Click on THIS LINK to start now.