Apart from a lack of mid-career professionals, firms are also struggling to hire for entry-level roles in areas like sales and customer relations. Unlike other industries like food or retail, even entry-level roles in finance require a certain level of background knowledge and minimum qualifications.
The “Great Resignation”—a global trend of mass resignations triggered by the COVID-19 pandemic—has landed in Southeast Asia (SEA), and it’s hitting industries hard. Despite expansions in hiring and the number of available roles, we’re seeing that over two in three companies across various industries in SEA are experiencing rises in staff turnover. This is a contradiction that companies must resolve.
It is well-documented that nearly all industries globally face a talent shortage, but the problem is particularly acute in the financial services sector. A combination of burdensome regulatory requirements, tedious and resource-intensive hiring processes, and immigration restrictions have limited firms’ ability to access the skilled talent they require.
