Hiring market once again active for banking and financial services industry
Noticed since March 2021, which was the bonus period for the financial sector, candidates were observed to be less concerned about job security and more confident about changing careers yet started stepping out of their comfort zones.
Dynamic changes and expansions to investment and private wealth management were seen as many new players, including well-established securities and asset management companies, as well as local and international fintech start-ups, entered the market to capture the wealth business.
Trends foreseen within the sector
“In 2022, with the easing of restrictions and country to reopen, we expect more businesses to gear up for expansion. There will be new licensees of digital assets and fintech companies, and companies will be on the hunt for roles from sales and marketing positions to business support functions, such as corporate governance, and finance and accounting,” shares Charatsanan Holasutsakul, Manager of the Banking & Financial Services team.
We also foresee that the banking sector is expected to have more job openings to support new customer behaviours and new digital products and services developed to serve retail and corporate customers. In this regard, UX/UI designers in particular, will be highly sought after by financial institutions.
Investment management-related positions, such as relationship managers, fund managers, and investment advisors will continue to be in high demand in 2022.
Skills required to stay ahead of the game
With regards to the skills required in 2022, Charatsanan mentioned that regulatory compliance advisory skills will be in high demand while seasoned compliance officers with successful experience in license-acquisition for new products and services from regulatory agencies will be highly sought after
We also expect tech-savvy professionals who are able to adapt to fast-paced environments to be preferred and in demand.
Due to the growing economy and bonus cycle, suitable talent will not stay in the market for long. Hiring early and shortening interview processes will be advantageous for companies.
Hiring managers should hire early to avoid competition
Charatsanan quotes, “Companies looking to recruit and retain employees in 2022 need to know that companies are more aggressive with their hiring strategies to secure the best talent in the market. Candidates will have more than one offer to choose from. My advice is to hire early to avoid competition, due to the growing economy and the bonus cycle in the first and second quarters of 2022.”
She also shares that shortening the interview process will significantly improve candidates’ experience while contributing to positive employer branding. Talent who are open to work in 2022 will not be in the market long.
Salary to arise for banking & financial services professionals
Due to the active job market, salaries for professionals within the banking and financial services is expected to increase in 2022. Companies may need to increase salaries by 5% to 10% above market rate when making offers to skilled candidates.
Find out more
Request access to our 2022 Salary Survey to benchmark salaries and to find out more about key trends on the Thailand job market.