Singapore’s
Financial Sector – Positioning for the Upturn
Building
Manpower Capabilities Amid the Downturn
Many financial
institutions adopted cost-cutting measures such as
hiring freezes in the immediate aftermath of the financial
crisis. To sustain the longer-term talent pipeline
within the financial sector, MAS went beyond training
incentives and launched two graduate schemes in the
first half of 2009. The schemes, supported by the
Financial Sector Development Fund (FSDF), aimed to
provide attachments and job opportunities for fresh
graduates during the downturn and encourage continued
investment in financial sector talent.
The Finance Graduate
Immersion Programme (FGIP) provided fresh graduates
with industry and research attachment opportunities
which would prepare them for effective deployment
in the financial sector. Graduate trainees hired under
the scheme receive structured on-the-job training
to equip them with the relevant skills for specialised
financial activities. The Finance Graduate Leadership
Programme (FGLP) supported the hiring of management
associates (MA) by financial institutions in order
to build leadership pipeline for the financial sector.
More than 800 graduates
were supported under the two programmes. With improving
economic conditions, most of the FGIP participating
organisations have converted suitable trainees into
permanent hires. Overall, the two schemes have been
effective in building a pipeline of skilled talent
for the financial sector amid the downturn.
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