Thirty-eight percent of Singapore's banks and financial institutions are less risk prone after the Global Financial Crisis (GFC).
The banks and financial institutions in the country are now leaner, more efficient and more risk adverse, according to a survey by specialist recruitment company Robert Half.
Like any other country, Singapore was also affected by the global financial downturn. However, it has recovered from the setback and a survey of 150 senior financial services leaders in the nation indicates a significant shift towards the use of interim and contract staff.
The survey asked respondents to nominate the benefits to their bank or financial institution directly resulting from the GFC and findings show that financial companies and leaders in Singapore are now benefiting from the actions they took during the crisis.
“Banks and financial institutions have been through the pain and are now seeing the gains,” said Stella Tang, director of Robert Half Singapore.
Achieving more with fewer employees
Forty percent of respondents in Singapore said their teams are now more effective and they are now achieving more with fewer employees.
Survey shows an increased use of contract and interim employees with 59 percent of finance leaders saying use of contract and interim employees has increased as a result of the economic meltdown.
Large firms with 1,000 employees or more are more inclined to hire contract employees. Sixty-eight percent of these large firms create more non-permanent roles.
Contract and non-permanent roles are more frequently created in organisations that search for professionals with specific skills to manage sensitive projects or when a company undergoes a restructuring.
“The rise of contract work is a sign that the Singapore workforce has changed significantly after the global financial crisis," added Tang. “Where once everyone sought a permanent job in a solid company offering good career progression, working on successive contract jobs is now an appealing option for a growing number of talented people.”
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