With most companies delaying their hiring plans or downsizing their teams amid a more challenging economic environment, 2017 has been a more steady year for hiring within the Financial Services sector, especially in Q1. As banks and financial institutions were more cost conscious, many only filled positions deemed crucial and adopted a more passive approach to other roles. The candidate market also showed improvements from 2016, though many were still cautious about making a move and accepting a new job offer.
With rising costs locally and foreign exchange pressures impacting the investment market, most banks in Malaysia were eager to improve their earnings growth and this led to renewed demand for front office and sales candidates. Similarly, candidates with experience in either risk or compliance were in high demand to meet tightening regulatory requirements. As the demand for experienced candidates was high, businesses did all they could to retain their employees and this led to increased instances of candidates being bought back and retained.
Despite the increased demand for specialised candidates across the sector as a whole, the local talent pool was limited, and policy imposed by central bank meant that companies could not turn to other regions for talent which has been seen more frequently in neighbouring countries.
We expect hiring activities to remain consistent for the remainder of the year, though a slight slowdown towards the end of the year is to be expected.
For more information about the Financial Services sector, please contact Guru Mani at +603 2174 9001 or firstname.lastname@example.org.