According to the new survey by Selby Jennings research, 6 in 10 workers expect the economic situation to further deteriorate in the coming 12 months.
The research also found that close to two-thirds or 60 per cent of respondents remain confident about their job security in the next six months, despite the increased negativity about the current job market.
Survey during COVID-19
In late January, as the Asian workforce flocked back to work, it was disrupted due to the virus outbreak. Thus, a Job Confidence Survey was conducted by Selby Jennings to gauge the views of financial services professionals on factors such as (1) economic outlook, (2) perceived job security, (3) current job satisfaction, and (4) satisfaction with compensation.
Selby Jennings consultants carried out the survey via email and telephone conversations from February to March. The sample respondents were over 350 financial services professional across Southeast Asia with most of them being middle to senior levels professionals.
Most finance professionals still receiving bonuses
The findings suggest that the majority of these professionals have yet to receive their bonuses, with more than 4 in 10 respondents believe that bonuses are likely or very likely to receive.
This is despite the uncertain economic climate caused by the pandemic. Also, 53 per cent or over half of respondents are receiving or had obtained the same or an increased bonus this year.
Not addressing employee satisfaction leads to loss of valuable talent
Based on the survey, 47 per cent of workers are satisfied or highly satisfied with their current jobs.
As challenges persist for the rest of the year, HR managers that do not address employee satisfaction could end up losing valuable talent, the report stated.
Financial Services Professionals lack confidence of the future
The survey also highlighted that 48 per cent of respondents are unconfident or very unconfident that the job market will get better.
The figure is similar, at 38 per cent, between those who feel confident in their ability to get a new job within three months if retrenched and those who do not feel so.
These results are expected given how the global markets are affected right now, the report commented.
Still employing for business-critical roles
“Employment prospects are conservative, but still moving forward. Companies are being more calculating and cautious, prioritising business-critical roles such as risk, governance, legal, sales, tech, cloud and cyber security. The recruitment process has slowed, but not been put on hold,” Natasha Madhavan, team lead for governance & technology at Selby Jennings.
“In the wake of Covid-19, digitisation and transformation in FS will be further deepened and accelerated. With a talent pool that is becoming increasingly specialised and digitally skilled, this could have positive ramifications for productivity and industry, and lay the foundations for future economic growth,” remarked Cheryl Koh, Head of Selby Jennings Southeast Asia.