Cost pressures set the tone for the banking and financial services sector, dampening hiring and investment appetites in 2024. According to Punyanuch Sirisawadwattana, Country Manager at Robert Walters Thailand, businesses focused their efforts on cost optimisation, a trend most noticeable in the retail sector. Some sectors even experienced layoffs.

More than ever, the job market regards digital skills as essential competencies that professionals must have. The ability to adapt to new tools and systems is key, more so than technical knowledge in a given field, as professionals now need to get up to speed quickly as new technologies are constantly being integrated into the workplace. These competencies also unlock new opportunities in emerging industries such as virtual banking.

Beyond these challenges, Punyanuch points to the strong investment banking market and increase in initial public offerings (IPO) as the key areas that drove hiring demand in the past year.

Read on to find out more about Punyanuch’s expectations of the labour market and hiring trends for Thailand’s Banking & Financial Services professionals in 2025.

Industry prioritises remote work, digital smarts and contracting

Since the pandemic, candidates have developed a preference for remote and flexible work. Moving into 2025, Punyaunch says that this trend is here to stay, especially as companies recognise the benefits of these arrangements for contract or project-based employees. Digital skills, too, will continue to take precedence in hiring in the year ahead.

Companies have also relied on contract positions to manage costs and build a more flexible workforce, and it is expected that they will continue seeking out talent on contract to access specialised skills for specific projects.

Lastly, the Bank of Thailand is also set to launch virtual banking licenses by mid-2025, a move that is set to create new career opportunities in the banking and financial industry. 

More opportunities in virtual banking, compliance and private wealth

The emerging virtual banking sector will spur demand across a range of positions, including operations specialists, technology leaders, data intelligence analysts and digital security experts.

Thailand’s financial markets have seen an influx of new players in recent years, creating a need for professionals in risk management and compliance. Demand for these talents will continue to go up in 2025 as businesses navigate complex regulations, mitigate risks and cultivate a strong reputation in the industry.

The private wealth sector is another space that will drive hiring activities next year. “The retail banking sector is struggling in the current economic climate, so high net worth individuals have been turning to private wealth relationship managers for help with managing their portfolios,” says Punyanuch. “Valued for their client management skills, deep financial expertise and ability to build strong relationships, demand is climbing for these candidates.”

Across the board, businesses are after talent with expertise in acquiring licenses and establishing strong networks with regulators and key industry contacts. Those with strong product knowledge, particularly in offshore investment and structured products, will also stand out. No matter the role, soft skills like independence, critical thinking, ownership, multitasking, people management and leadership are extremely valuable.

Candidates careful to find the right fit

Candidates are now more risk-averse when it comes to job moves, with Punyanuch noting that they evaluate opportunities with job security, company reputation and hiring managers in mind.

To ensure a good fit between the role and candidate, hiring teams should clearly define job descriptions, expectations, and the required qualifications. That said, instead of looking for a candidate that matches every requirement, Punyanuch also advises hiring based on potential and investing in employees’ development.

“We often see that candidates feel motivated when they have room to grow in a role. Rotation plans and expanded job scopes keep them engaged and looking ahead as they hone their skillsets and expertise,” she relates.

In addition, she states that companies should still strive to balance workloads and backfill vacant positions promptly to avoid overstraining existing employees.

Salaries remain stable

Due to economic concerns and cost pressures, salaries are expected to increase just slightly compared to previous years.

Find out more

Request access to our 2025 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Banking & Financial Services industry in Thailand.