Singapore banks lead pay as hiring access ranks low

DBS and OCBC were at the bottom 20% for job opportunities to non-degree holders and less experienced workers.

Singapore’s top banks emerged amongst the top companies in Singapore in terms of pay and career progression, whilst hiring standards remain limited for non-degree holders or less experienced jobseekers.

DBS, OCBC, and UOB all ranked in the top 40% companies in terms of pay competitiveness and wage growth, according to the Singapore Opportunity Index published by the Ministry of Manpower.

The index used occupation, wage and hiring records from nearly one million Singapore residents working in more than 1,000 firms.

Of the big three banks, DBS landed in the top 20% percentile in terms of pay, whilst OCBC and UOB were in the top 40%.

OCBC got the edge in terms of progression, or how well employees progress in their careers both within the organisation and when they move to other roles elsewhere. OCBC was in the top 20% for progression, whilst DBS and UOB were in the top 40%.

Both DBS and OCBC landed in the bottom 20% for hiring, which measured the opportunities for non-degree holders or job-seekers with less prior experience. UOB was at 40%-60%.

All three banks were in the top 20% in gender parity, or equality in pay and advancement for men and women; and top 40% in retention, or early and ongoing employee stability.

Banks with Malaysian parents— notably Maybank Singapore and CIMB Bank Berhad— also got in the top 20% in terms of pay.

Maybank Singapore is also in the top 20% for gender parity, whilst CIMB is at the top 40% for career progression and gender parity.