, Singapore
255 views

Future-ready: Singapore banks target inclusive hiring

They aim to comply with an advisory that covers HR issues like retrenchments.

About 156 banks under the Association of Banks in Singapore (ABS) will adhere to new human resource (HR) practices for banks that involves hiring, reskilling, redeployment and retrenchment, and encourages banks to equip their workforce with relevant skills and capabilities.

According to a joint statement, the HR advisory was developed by ABS, Monetary Authority of Singapore (MAS), Ministry of Manpower (MOM), National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) as one of the initiatives under the jobs and skills agenda of the Financial Services Industry Transformation Map (ITM).

This shift in focus will be important as more jobs are transformed by technology and finance professionals re-skill and move into new jobs.

The advisory said banks should proactively assess the likely impact of technological changes on their workforce, and work with the MAS, Institute of Banking and Finance, and Workforce Singapore to reskill and redeploy their professionals into areas of job growth through professional conversion programmes.

Banks should also adopt inclusive hiring practices which focus on the skills required to perform the job rather than set a strict minimum number of years of experience.

Any retrenchment exercise must also be conducted responsibly, and the company must work with tripartite partners to support affected employees.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

SMBC, Fujitsu Limited to create data analytics business
Japanese companies reportedly want data-driven operations to improve efficiency.
Retail Banking
India’s credit card spend slumps 9% MoM to 7-month low
Whilst spending grew 12% YoY, the pace of growth has slowed compared to previous months.
CommBank establishes tech hub in Seattle
The first cohort focuses on learning to fast track adoption of agentic AI and gen AI solutions.

Exclusives

Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
RCBC boosts rural presence with ATM Go
The service, which allows cardless transfers, is now available in all Philippine cities.
BCA superapp drives digital transaction growth
Inter-account transfers were the most widely used service, followed by virtual payments.