How Singapore bankers learned to love money
Salary has become the most important part of what APAC bankers look for in a new job, a top APAC recruiter says.
Jon Loh, the head of recruitment consultant Nicoll Curtin’s Singapore and Hong Kong office, says that Singapore bankers' increased interest in pay is “directly linked to inflation and the war [in Ukraine].”
Loh says that money, along with firm culture and colleagues forms a “trinity” in terms of what bankers will prioritise when looking for a workplace.
COVID, by comparison, had more of an impact on “sentiment around job stability,” and the growth of upskilling within what Loh calls a “skills-based economy” in Singapore finance.
Increased interest in high pay among bankers in Singapore is partly the result of the rising cost of living. Together with New York, the Economist Intelligence Unit says Singapore is one of the most expensive places in the world. The government there has introduced property price cooling measures that have seen mortgage prices spike to some 4% or 5%. Inflation and further economic uncertainty caused by war exasperate the situation.
It's not just about money, though. Loh says Singapore finance professionals are also interested in culture because it's tied-in with performance-based recognition. People are looking for organisations in which they can “move up the ranks quickly.”
The atmosphere may be ripe for them. Singapore is seeing strong demand for junior bankers, and when talent is in demand, talent dictates terms – even at Credit Suisse.
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