67% of finance jobseekers no longer wait on job offers

An overwhelming 88% will quit if the role doesn’t meet their expectations.

Singapore’s financial sector is battling skills shortage as 67% of 150 CFOs said candidates have become more unwilling to wait to find out if they got the job compared to 12 months ago, specialised recruitment firm Robert Half revealed. Moreover, 88% are willing to quit within the first month if the job doesn’t match their expectations.

“As Singapore’s financial employers continue to battle an ongoing skills shortage, top candidates are increasingly gaining leverage during the recruitment process,” Robert Half said.

According to its study, finance candidates have become more unwilling to wait to find out if they got the job, and more than half (54%) of CFOs cited a change of attitude in job applicants – which is indicative of the power balance shift towards candidates in a skills-short market.

Other reasons why finance candidates have become more impatient during the hiring process include an increase in counteroffers (46%), an increase in jobs available for finance candidates (45%), an increase in the number of interview rounds (41%), and an increase in the total duration of the hiring process (20%).

Robert Half Singapore managing director Matthieu Imbert-Bouchard said, “Oftentimes, job seekers receive multiple job offers, which puts them in a much more favourable position when interviewing for a role. Consequently, top candidates are unlikely to wait around if they haven’t received a timely response before accepting an offer elsewhere, highlighting the need for employers to act fast once they have found a match – otherwise they risk losing their preferred candidate to the competition.”

In a further study of 500 job seekers, 40% admit they decide whether they would or wouldn’t accept a position straight after the first meeting. One in three (34%) wait until the contractual negotiations or until they have completed subsequent interviews to decide.

However, highlighting that first impressions count, 15% know if they are interested within the first five minutes of the interview and 11% decide after the first communication (call/email).

Even once candidates have accepted a role, 88% admit they would consider leaving a job within their first month and 91% during their probation period. Reasons for leaving during the first month include poor management (59%), followed by a discrepancy between the job in practice and how it was advertised (49%).

Moreover, over four in 10 (43%) cite a mismatch with the corporate culture and 36% refer to a lack of proper onboarding. One in four (25%) say they would leave if they receive a more attractive job offer.