Online hiring for Singapore-based bankers spiraled down by 8%

Recruiters are still jittery when it comes to boosting headcount.

As recruiters consider hiring contract workforce to meet short-term demands, Singapore's online financial sector hiring continues to face a downward trend, with a reported 8% decline YoY in July.

According to the employment index of Monster Worldwide (MEI), online hiring in Singapore experienced a 2% annual decline in the past month, with the banking, financial services and insurance (BFSI) sector suffering the steepest dip in hiring activity at 8%.

"The BFSI sector emerged as the overall worst performing industry in Singapore and Malaysia," the report said.

Looking specifically on Finance and Accounts roles in Southeast Asia, Singapore recorded a worsened slump in demands, from 10% dip in June to 12% in July.

“The Finance sector in Singapore and Malaysia continues to face dampening demand. As recruiters continue to scrutinise the need to add on to the current headcount, they are also considering alternative options such as the contract workforce to meet demands in the short-term,” Monster Managing Director Sanjay Modi said in a statement.

Meanwhile, the city-state's IT and Telecom industry registered the strongest growth at 14%, with occupations under it having the greatest demand at 12%.

Real-estate occupation demands, on the other hand, were on the rock-bottom at 24% decline.

The MEI is a comprehensive monthly analysis of online job posting activity in Singapore, Malaysia, and Philippines.