The reopening of international borders in 2022 has led to an overall positive economic outlook in Thailand’s Banking and Financial Services sector. Fintech companies introduced new digital products in an increasingly cashless market, fuelling demand for digital banking and social banking. Meanwhile, demand for digital wealth and digital insurance also increased, as consumers shifted from traditional purchasing behaviours to buying products and services digitally.
Charatsanan Holasutsakul, Manager of Banking & Financial Services, Robert Walters Thailand, shares: “Many companies in the banking and financial services sector experienced higher turnover rates in 2022 compared to the year before, as improved and increased confidence in the job market led to resignations after the annual bonuses period in the second quarter.
The banking industry faced significant challenges in attracting younger talent, as many moved out of banking into newer businesses such as tech start-ups and e-commerce.
Read on as Charatsanan shares her expectations of the labour market and hiring trends for banking and financial services professionals in 2023.
Fintech drives hiring demand across sector
As fintech disrupts the financial sector and competition heats up, 2023 will see commercial banks striving to beef up on retail digital financial products. According to Charatsanan, this will drive hiring demand for financial product-related roles such as retail lending, customer experience, project management, and digital marketing.
Skilled professionals in strategic and product development will also be highly sought after to create new businesses or products for variety and diversification. The offshore expansion of wealth management companies will lead to active hiring of Fund Managers, Analysts, and Investment Product Managers with knowledge of and experience in offshore investments.
While business development skills remain essential in developing and strengthening business relationships, companies will be looking out for tech-savvy professionals across all seniority levels. “Adaptability will be required, as the sector is transforming work processes and promoting agility within teams and across organisations,” shares Charatsanan.
Flexible work arrangements key to attracting talent
Charatsanan believes listening to employees’ needs and motivation is key to retaining talent. “Companies should rethink their employee engagement models and obtain feedback from existing staff.”
Besides job responsibilities and compensation, flexibility in work arrangement has been one of the top factors considered by candidates changing jobs. Hence, companies can consider offering remote work or hybrid work models to stay ahead in the recruitment market.
Rethink employee engagement models and obtain feedback from existing staff.
Stay ahead with salary rises above market standards
In 2023, companies can expect to offer salary rises of 5-10% above market rate to secure top talent in banking and financial services.
Find out more
Request access to our 2023 Salary Survey to benchmark salaries and to find out more about the latest hiring and talent trends in the Banking and Financial Services industry in Thailand.
