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I have been thinking about Ravi Menon’s letter and how bereft of hard data it was. ST chose to write a news story on it (leaving a key point out) when it should have nailed down some more facts. Anyway, my 2 cents here.
I thank Mr Raymond Koh Bock Swi for his thoughtful letter (Workforce composition in banks needs to be examined, Aug 15). I have asked my team to reach out to him for further views and suggestions.
Protecting and growing Singaporean jobs, especially in current economic conditions, is a top priority. The Monetary Authority of Singapore (MAS) established a $125 million package earlier this year to encourage financial institutions (FIs) to retain, train and hire Singaporeans.
(What is the update on this? Sounds like a lot of money. Which FIs have taken it up and what has been the result?)
We want to see a strong Singaporean core complemented by high-quality and diverse foreign talent in every major FI.
(How does MAS define the Singapore core - with PRs or without? How diverse is diverse? What is your definition of a major FI?)
MAS closely monitors these FIs' workforce profile by locals (citizens and PRs separately ) and foreigners, broken down by seniority, business function, qualifications, and so on.
(Since MAS has the statistics, can we see them as well? Is it correct to assume that locals is used interchangeably with Singapore core?)
MAS engages FIs' senior management on their workforce profiles and plans to grow the Singaporean core. We will intensify these engagements.
(What does “intensify engagements’’ mean? Do you have a team which looks at employment issues in FIs?)
While not yet where we want to be for every FI, the picture across the sector as a whole is better than often portrayed. (Where DO we want to be for every FI?)
MAS estimates that citizens make up 70 per cent of the sector's workforce, (of how many?) with PRs making up another 14 per cent. Singaporeans are well represented across business functions, but we need to improve the local proportion in areas like technology and risk management. (What are the proportions for both?)
MAS estimates that Singapore citizens account for about 70 per cent of senior management roles in retail banks' local functions.
(Define senior management and what proportion are retail banks compared to rest of industry? What are “local’’ functions and how big is this part of work in a retail bank?)
Across the entire sector, the proportion is about 43 per cent, reflecting Singapore's role as an international financial centre.
(Again, we need to know how big retail banks are to make sense of the above statement. Why does MAS pick only the retail banks’ local functions to highlight local employment? If 43 per cent is a reflection of Singapore’s role as an international financial centre, could you tell us what diversity is like in other international financial centres in the world)
As our financial sector attracts more regional and global HQ functions, it creates more good jobs and opportunities for Singaporeans.
(More regional and global HQ functions as compared to what? Does this mean if not HQ functions, there would be fewer job opportunities? Please elaborate)
But it also means a higher proportion of foreigners in senior management in these functions as FIs understandably draw from a global talent pool to fill these positions.
(Can we have an idea of the proportion of foreigners in senior management in these regional and global HQ functions?)
Even so, a good number of Singaporeans have assumed regional leadership roles. More Singaporeans are taking on overseas positions, typically a prerequisite for these leadership roles. MAS has been working with FIs to develop a strong local leadership pipeline, and the industry is making progress.
(What is a good number?)
My colleagues and I are committed to growing the Singaporean core in the financial sector. We do this by working with our FIs to develop Singaporeans: building critical skills, broadening capabilities, gaining international exposure, and ensuring equal opportunity to take on the many good jobs and leadership roles that our financial centre will continue to create.
Ravi Menon
Managing Director
Monetary Authority of Singapore
Bertha Henson FB
I thank Mr Raymond Koh Bock Swi for his thoughtful letter (Workforce composition in banks needs to be examined, Aug 15). I have asked my team to reach out to him for further views and suggestions.
Protecting and growing Singaporean jobs, especially in current economic conditions, is a top priority. The Monetary Authority of Singapore (MAS) established a $125 million package earlier this year to encourage financial institutions (FIs) to retain, train and hire Singaporeans.
(What is the update on this? Sounds like a lot of money. Which FIs have taken it up and what has been the result?)
We want to see a strong Singaporean core complemented by high-quality and diverse foreign talent in every major FI.
(How does MAS define the Singapore core - with PRs or without? How diverse is diverse? What is your definition of a major FI?)
MAS closely monitors these FIs' workforce profile by locals (citizens and PRs separately ) and foreigners, broken down by seniority, business function, qualifications, and so on.
(Since MAS has the statistics, can we see them as well? Is it correct to assume that locals is used interchangeably with Singapore core?)
MAS engages FIs' senior management on their workforce profiles and plans to grow the Singaporean core. We will intensify these engagements.
(What does “intensify engagements’’ mean? Do you have a team which looks at employment issues in FIs?)
While not yet where we want to be for every FI, the picture across the sector as a whole is better than often portrayed. (Where DO we want to be for every FI?)
MAS estimates that citizens make up 70 per cent of the sector's workforce, (of how many?) with PRs making up another 14 per cent. Singaporeans are well represented across business functions, but we need to improve the local proportion in areas like technology and risk management. (What are the proportions for both?)
MAS estimates that Singapore citizens account for about 70 per cent of senior management roles in retail banks' local functions.
(Define senior management and what proportion are retail banks compared to rest of industry? What are “local’’ functions and how big is this part of work in a retail bank?)
Across the entire sector, the proportion is about 43 per cent, reflecting Singapore's role as an international financial centre.
(Again, we need to know how big retail banks are to make sense of the above statement. Why does MAS pick only the retail banks’ local functions to highlight local employment? If 43 per cent is a reflection of Singapore’s role as an international financial centre, could you tell us what diversity is like in other international financial centres in the world)
As our financial sector attracts more regional and global HQ functions, it creates more good jobs and opportunities for Singaporeans.
(More regional and global HQ functions as compared to what? Does this mean if not HQ functions, there would be fewer job opportunities? Please elaborate)
But it also means a higher proportion of foreigners in senior management in these functions as FIs understandably draw from a global talent pool to fill these positions.
(Can we have an idea of the proportion of foreigners in senior management in these regional and global HQ functions?)
Even so, a good number of Singaporeans have assumed regional leadership roles. More Singaporeans are taking on overseas positions, typically a prerequisite for these leadership roles. MAS has been working with FIs to develop a strong local leadership pipeline, and the industry is making progress.
(What is a good number?)
My colleagues and I are committed to growing the Singaporean core in the financial sector. We do this by working with our FIs to develop Singaporeans: building critical skills, broadening capabilities, gaining international exposure, and ensuring equal opportunity to take on the many good jobs and leadership roles that our financial centre will continue to create.
Ravi Menon
Managing Director
Monetary Authority of Singapore
Bertha Henson FB
