Singapores competitive financial services

“Today’s workforce has become more global, virtual and diverse than it has ever been, this makes acquiring the right talent an increasingly complex and challenging activity. Winning the war for talent requires more than just winning the recruiting battle” (Harriot et al. 2008). It involves a complicated and difficult undertaking – developing internal systems that attract and retain the right talent and organise the talent in ways that lead to continuous innovation and change. While the business landscape has changed dramatically, recruiting and retaining the right people is just as important as before.

But the stakes are higher now that the margin between success and failure is razor thin, claims Lynch (2008). Johnson (2002) states that in today’s climate, human resources (HR) is expected to deliver business results on a much tighter budget, and according to Larkan (2007) this causes lower headcounts which means that each new hire is that much more crucial to the firm’s success, and the departure of a star performer can impact financial results that investors are watching more closely than ever.

In this environment, HR leaders need to develop business processes that allow their teams to be more efficient and productive. At the same time, they will need to build strong business cases for any proposals to spend money on initiatives related to recruiting, training and retention efforts. According to the Manpower 21 (1999), which is a strategic blueprint to develop Singapore’s people and manpower, its vision for Singapore, is to become a ‘Talent Capital’.

Concurrently, Singapore’s Senior Minister Mentor Lee Kuan Yew wrote, “What was the most important single factor for Singapore’s rapid development since 1959? Without hesitation, my answer is the quality of the people. For not only are our people hardworking, quick to learn and practical, Singapore also had an extra thick layer of high calibre and trained talent” (Lee 1989). In the next few decades, people, with their capacity to acquire, apply and create and capitalise knowledge will be key to Singapore.

A society that values talents and encourages talent development will have an edge over others. In order for Singapore to remain competitive, she needs the fullest development and participation of her indigenous talents. In addition, the supplementing and leavening effect that foreigners provide with their skills and new ideas is needed. While Singapore has a good stock of talent, her pool is not sufficient in enabling to grow the economy and to compete globally. Thus Singapore needs to augment its own talent pool.

Furthermore, international talents infuse our society with new knowledge and capabilities; and they help enlarge the economic pie by allowing more economic activities. The attraction of international talents is thus not only a measure to supplement skills shortage, it is in fact a strategic move to maximise economic growth. While traditionally, Singapore competes for capital to drive the economy, the new era of knowledge economy will require the country to compete for talents to maintain and create jobs.

On 14 August 2008, McMillan (2008) reported that “Singapore’s government and big businesses blame a limited talent pool for their dependence on a political elite and a growing number of foreign chief executives. ” Singapore’s shortage of talents has been ascribed to a number of factors, such as the surge in retirement amongst the baby boomers with insufficient replacements coming on stream from succeeding generations, as well as brain drain from the more developed countries. Insufficient homespun expertise has proved recruiting to be a daunting task.

Very often, companies have to resort to importing talents to fill key positions. Being pitched against other countries with more to offer, Singapore’s effort to attract talents to Singapore or retain local talents is an uphill one. Singapore needs to enhance its talent attraction measures to actively seek out and draw talents. Issues faced in Singapore’s financial industry The process of identifying and hiring the right talent is particularly difficult in Singapore’s competitive financial services sector.

This is compounded by the country’s small population which limits the talent pool. Attracting and retaining top talent is a priority across all industries, but financial services organisations, in particular, are feeling the pinch. Competition from non-bank entities shows no sign of slowing. Indeed, in this tighter financial services environment, companies need to be able to grow by changing, rather than adding, positions. It’s clear that managers must invest wisely in training, and financial professionals need to leverage learning opportunities.

The lack of talented staff is still the biggest challenge for banks seeking to expand their wealth management business in Asia, said the head of private banking at HSBC (Lynch 2008). As stiff competition for experienced wealth managers drives up pay and rich clients become more discerning, HSBC is turning more towards grooming its own private bankers from within, said Mr Chris Meares, chief executive officer of HSBC Private Bank (Lynch 2008). Financial institutions can do their part to provide such continual training opportunities for their employees.

In Singapore, international banks such as ABN Amro and UBS have set up regional training centres here to serve the training needs for their Asia Pacific companies. Last year, the Monetary Authority of Singapore (MAS) conducted a survey among the almost 700 licensed financial institutions in Singapore on their manpower needs (Figure 2). The bulk of financial sector professionals continue to be employed in traditional areas such as commercial banking, general insurance, corporate finance, general treasury and trading activities (Monetary Authority of Singapore 2008). The manpower needs of the financial industry cannot be met overnight.

One way to bridge the skills gap and to increase the manpower resources available in Singapore is to recruit more international talents into her shores. “Currently, international talent form approximately 15 per cent of the total executives in Singapore’s financial sector” (Monetary Authority of Singapore 2008). As more foreign players increase their presence in Singapore, she can expect a greater proliferation of such financial talent into her shores. This will lead to greater cross-fertilization of ideas and increased innovation amongst industry players. This will provide the cutting edge for the nation’s competitiveness.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyStudyWriters
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Human Resources Management (HRM)
excellent
Customer 452773, July 11th, 2023
Human Resources Management (HRM)
excellent work
Customer 452773, July 3rd, 2023
Business and administrative studies
excellent job
Customer 452773, March 12th, 2023
Nursing
I just need some minor alterations. Thanks.
Customer 452547, February 10th, 2021
Social Work and Human Services
Although it took 2 revisions I am satisfied but I did receive it late because of that.
Customer 452603, March 25th, 2021
BUSINESS LAW
excellent job made a 93
Customer 452773, March 22nd, 2023
Social Work and Human Services
Great work I would love to continue working with this writer thought out the 11 week course.
Customer 452667, May 30th, 2021
Leadership Studies
excellent job as always
Customer 452773, September 2nd, 2023
Business and administrative studies
excellent work
Customer 452773, March 12th, 2023
Criminal Justice
The paper was not accused of plagiarism and was written very well. I will let you know the grade once it is graded. Thank you
Customer 452671, April 26th, 2021
History
Don't really see any of sources I provided, but elsewise its great, thank you!
Customer 452697, May 8th, 2021
Management
Thank you!!! I received my order in record timing.
Customer 452551, February 9th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp