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1、Preparing the Financial Services Technology workforce of tomorrow amidst a rapidly changing landscape in SingaporeSingapore Technology Talent Report 20242The technology workforce of tomorrow must possess the necessary skills amidst a rapidly changing business,economic and social landscape in Singapo

2、re.The Singapore Technology industry has been fraught with uncertainty in 2024.Digital advancements such as generative AI(GenAI)are disrupting jobs and skills,economic shifts and continued geopolitical instability have slowed FinTech funding,while the needs and expectations across generational group

3、s continue to widen.How might we futureproof the workforce amid such ongoing change?As Financial Institutions navigate these challenges,they must be ready to evolve building resilience,maximising productivity and embracing change.Understanding the skills that are most in demand,existing skill gaps i

4、n the industry,and how employees perceive their jobs are essential in fostering a versatile and sustainable Technology community.The Singapore Fintech Association(SFA)and Accenture Singapore have collaborated to produce the Singapore Technology Talent Report 2024*a comprehensive effort to understand

5、 the specific needs of Technology talent,the skills required to thrive in the sector and talent practices that will help attract,develop and retain a diverse yet thriving workforce in Singapore.In the 6thedition of the report,we will:Examine the current Technology talent landscape amidst economic an

6、d industry challenges.Delve into roles and skills of the technology workforce that will evolve with the advent of GenAI.Investigate the employee value proposition needed to address employee needs.Explore ways in which Financial Institutions can futureproof talent.This study aims to provide Financial

7、 Services leaders,HR professionals,policymakers and Institutes of Higher Learning with insights on the latest talent trends and challenges,and prospects in technology,enabling them to better align efforts in defining the direction of Singapores Financial Services industry.We extend our heartfelt gra

8、titude to leaders,practitioners,members and partners who participated in the research and provided valuable insights that will help shape Singapores Technology talent for a better future.ForewordSHADAB TAIYABINESAN GOVENDERPresidentSingapore FinTech AssociationManaging DirectorTalent and Organisatio

9、n LeadAccenture Southeast Asia*Previously termed as FinTech Talent Report 30Executive Summary41Introduction:Navigating a New Talent Landscape 82Redefining Jobs and Skills with GenAI183Relooking at the Employee Value Proposition324A Mismatch in Talent Priorities465Recommendations486Conclusion637Appen

10、dix65Table of ContentsExecutive Summary05The Market Is Optimistic,Expecting Positive Revenue Growth Financial Institutions(FI)*are optimistic,57%of FIs expect sector growth to accelerate in 1-2 years with FinTechs taking the lead at 68%.Talent Outlook Normalises Amidst Growth OptimismThe workforce i

11、s gradually stabilising towards 2022 levels,however hiring sentiment remain cautiously optimistic with a 5%increase in the Financial Services workforce from Q1 to Q2 2024,with an estimated 4%decline in Singapore.A Multitude of Disruptors Cast a Shadow on GrowthOrganisations must navigate financial,t

12、echnological,regulatory and social disruptors to sustain growth.FinTech funding has continued to decline in H1 2024.Technologies like GenAI are projected to boost productivity by 2230%,but also raise concerns around governance and societal impacts.Regulatory changes increase focus on risk management

13、,while FWA guidelines boost work-life balance but add compliance challenges.Shifts in Talent Profile Composition Reflect FinTech MaturityThe FinTech workforce composition is shifting,with a stagnation of Technology Wizards,and an increase in Operations Champions and Corporate Drivers,suggesting that

14、 the industry is maturing and focusing on running technology operations vs.conceiving ideas and bringing technology solutions to life.Shifts in the Talent LandscapeExecutive Summary1The talent landscape in the Financial Services industry in Singapore is undergoing rapid transformation due to a multi

15、tude of disruptors.In#1:Navigating a New Talent Landscape,the report paints the backdrop and explores the key trends impacting talent needs,supply,demand and composition in Singapore.*Note:Financial Institutions refer to Banking,Asset Management,and FinTech organisations unless specifically mentione

16、d.6Redefining Job and Skills with GenAI GenAI adoption is rapidly expanding across FIs,transforming business operations.Smaller,agile FIs and FinTechs are leading the way in GenAI adoption.GenAI is primarily applied to back-end(enabling)functions within FIs to enhance productivity.GenAI will reshape

17、 job functions,with some roles undergoing dramatic changes.Behavioural and cross-functional skills such as creative thinking,AI literacy,data science and risk management are gaining importance as GenAI automates technical tasks.A new talent profile of a Techno-Functional Collaborator is emerging tha

18、t blends technical expertise,business acumen and strong interpersonal abilities.This“Human Fluency”is key to manage an agentic workforce.Relooking at the Employee Value Proposition(EVP)Rewards emerges as a new paradox a reason why employees join and leave FIs.The Opportunity paradox continues.There

19、is a disconnect between employers and employees views on key factors for joining and leaving an organisation.Work-Life balance policies are widely demanded by employees.However,factors such as compensation and career advancement appear to take priority for job satisfaction among employees.Rewards an

20、d Opportunities are the anchors to keep employees satisfied and engaged,with a strong correlation between unmet needs and employee turnover.Tailored EVP strategies are required to meet the differing needs across generational groups,especially given the distinct priorities and values each group has,s

21、haped by their life stage.Mismatch in Talent Priorities A misalignment between employees top prioritiesRewards and Opportunitiesand the HR initiatives prioritised by Financial Institutions,highlighting the need to realign strategies to better meet workforce expectations.Impacts and ImplicationsExecu

22、tive Summary2The new talent landscape brings a direct impact on jobs,skills and talent practices.#2:Redefining Job Roles and Skills with GenAI,and#3:Relooking at the Employee Value Proposition,delves into these impacts and implications on the technology workforce.7Supercharge a New Employee Experien

23、ceTo attract and retain Technology talent,FIs must urgently rethink the(EVP).Use real-time data to track employee sentiment,making data-driven decisions to better understand employees needs.Focus on Signature Moments in the employee journey,such as exceptional onboarding,health and well-being,and ca

24、reer growth,to enhance engagement and retention.As cost-of-living pressures grow,rethink rewards to holistically address needs.Unlock Your Skills PassportTo maintain competitiveness in a technology disrupted landscape,FIs must enhance internal talent development.Establish a skills taxonomy to identi

25、fy and bridge skill gaps,creating a skills passport for employees to take ownership of their career development.Focus on upskilling beyond technical skills by developing AI literacy,creativity and critical thinking.Make Risk Everyones BusinessAs GenAI becomes integrated into operations,risk awarenes

26、s must be a shared responsibility across the enterprise.Build enterprise risk literacy amongst all employees and enhance the skills of risk and compliance teams to address AI-related threats like algorithm bias.Foster a strong risk culture led by leaders,encouraging collaboration and accountability

27、in risk management practices.Fuel the Talent EcosystemFIs should expand their talent pipeline by collaborating with educational institutions and government initiatives to grow Technology talent in Singapore.Partner with Institutes of Higher Learning to develop future-ready skills,and leverage scheme

28、s such as Institute of Banking and Finances(IBF)Future Skills Accelerator to boost reskilling.Participate in open talent marketplaces and industry exchange programmes to share talent and create broader talent pools.Executive Summary3Actionable Steps ForwardIn response to the impacts and implications

29、,#5 Recommendations outlines several practical steps which Financial Institutions can take forward to futureproof the workforce.Navigating A New Talent Landscape19Navigating a new talent landscapeAs Singapores economy gains momentum1,the labour market is gradually picking up2.However,a multitude of

30、disruptors continue to cast a shadow on growth,including the impact of geopolitical and trade conflicts;reduced FinTech funding;job disruption from technological advancements;regulatory changes and differing career expectations across generational groups.These disruptors create diverse talent challe

31、nges that must be surgically managed to sustain growth within FIs.a.The Market is optimistic with positive revenue growth expectations Revenue growth signals positivity,with the industry poised for accelerationAmong the FIs surveyed,57%anticipate growth in the sector to accelerate in the next 1-2 ye

32、ars,while 32%of FIs expect that growth will continue,but at a slower pace.FinTechs are generally more optimistic about revenue growth than the Banking and Asset Management sector with 68%of FinTechs citing that the revenue growth will accelerate in next 12 years.Figure 1:Business contextIntroduction

33、10Introductionb.Labour supply and demand normalises amidst growth optimism Mixed hiring sentimentsFollowing a contraction in 2023,the Financial Services workforce is gradually shifting back towards 2022 levels in 2024.Based on the Ministry of Manpower statistics,the Financial Services workforce incr

34、eased by 5%between Q1 2024 to Q2 2024,compared to 4%decrease over the same period in 20233.The current Financial Services workforce is estimated at 163,000,up 24%from 131,000 in 2023 but 10%lower than 2022s 181,0003.This adjustment over the years may be attributed to over-hiring due to the post COVI

35、D economic boom and subsequent labour market corrections to match demand.Figure 2:Estimated number of employees in the Financial Services industry(Source:Ministry of Manpower)This gradual market adjustment is reflected in Ministry of Manpower statistics,which show a 0.2%increase in recruitment4 and

36、a 0.2%rise in resignations4 for Financial Services Professionals,Managers,Executives and Technicians(PMETs)between Q1 and Q2 2024.This suggests a cautious approach to hiring,with less volatility in the job market.Meanwhile,the job vacancy rate3 for Financial Services PMETs in Q2 2024 stands at 3.1%,

37、the same level recorded in Q3 2023,marking one of the lowest levels in the past nine quarters.This indicates reduced urgency to expand the workforce,further supporting the idea that labour demand and supply is finding an equilibrium.This adjustment is observed in the FinTech workforce as well.Based

38、on Accentures estimates,the current FinTech workforce in Singapore is about 17,000representing a 5%decline from 2023.This is lower than the 30%growth rate estimated for 2024 in the 2023 edition of this report.11IntroductionSurvey findings further corroborate this with FIs taking a cautious approach

39、towards hiring.57%of FIs surveyed have cited to freeze or decrease their headcount forecast due to the current economic climate.Comparatively,only 22%of FIs cited that they are expecting to hire more.FinTechs seem slightly more optimistic with 27%of FinTechs looking to increase headcount compared to

40、 13%of Banking and Asset Management.Figure 3:To what extent has the current economic climate influenced your hiring forecasts for Technology talent?The survey findings also show an improvement in attrition,with 57%of FIs exhibiting attrition rates of 10%in 2024,up from 45%in 2023.While this may sugg

41、est improved industry expectations and more stable economic conditions,it could also be attributed to“quiet quitting”5,with employees staying in their roles despite dissatisfaction and limited job market alternatives.12IntroductionFigure 4:What is your companys attrition rate?*Cost Reduction and Fle

42、xibility Drive Outsourcing and OffshoringAccording to survey findings,only 8%of FIs indicated that they were not planning to outsource talent.Given the conservative approach to hiring,this appears to be an alternative for organisations to access capabilities without adding costs through payroll spen

43、d with an emphasis on flexible workforce models to scale where needed while continuing to remain operationally viable.The key reasons FIs are outsourcing and/or offshoring are to reduce operational costs and increase flexibility in managing workforce size in Singapore.Refer to Appendix Section(Chart

44、s)Figure 5:Key Drivers for outsourcing and offshoringNote*:Attrition rate refers to the number of employees who left during the past year/Average number of employees for the past year.13Introductionc.A multitude of disruptors foreshadow growth Organisations must keep up in todays fast-paced environm

45、ent or risk getting left behindFinancial The US Federal Reserve lowered interest rates by 50 basis points for the first time in four years to support growth and stabilise a slowing labour market6.Despite a more balanced inflation outlook in Singapore,monetary policy remains unchanged as of October 2

46、024 due to“significant uncertainty”in the 2025 economic outlook7.Although Singapores monetary policy is anticipated to ease in 2025,the Monetary Authority of Singapore(MAS)cautions that rising geopolitical and trade conflicts could significantly impact global and domestic investment and trade8.This

47、could lead to slower job creation and increased uncertainty in the labour market,as businesses may delay hiring or reduce talent spend.According to Accenture research,while deal activity in Singapore has increased in H1 2024,FinTech funding has continued to decline,driven by high capital costs,globa

48、l uncertainties,and a tightening regulatory environment.Investors are taking a cautious approach to their investment strategy,shifting away from large-scale deals towards smaller and focused investments.81%of FIs surveyed cited change in level of funding as a highly applicable sectoral shift to hiri

49、ng forecasts for the next 12 years.$0.5Bn invested in H1 2024 a-45.4%decline compared to H1 2023-21.3%drop in total deal valuein Q2 2024 vs Q2 2023Figure 6:FinTech deals in Singapore(number of deals)Figure 7:FinTech deal value in Singapore(USD Billion)(Source:Accenture FinTech Watchtower Report)14In

50、troductionTechnologicalTechnological advancements are rapidly reshaping jobs and skills in FIs.Based on conversations with industry partners,GenAI and its ability to simplify manual and routine tasks are a key disruptor on everyones minds.The World Economic Forums Future of Jobs Report 2023 predicts

51、 that 23%of global jobs will change in the next five years due to industry transformation,with artificial intelligence and GenAI text,image,and voice processing technologies9.Organisations that have implemented GenAI into their work processes have seen a 2230%productivity improvement within a year10

52、.Viable use cases are materialising,such as OCBCs AI-powered home and renovation loan specialist Emma11 and UOBs implementation of Copilot12.However,there are concerns around GenAI adoption,with skepticism largely centred around governance,accuracy and societal impacts.GovernanceAccuracy13 14Societa

53、l15Lack of last-mile governance,particularly around end-user accountability for GenAI systems.Users may exploit these systems for unintended or harmful purposes,such as creating deepfakes,as clear accountability frameworks are not available to manage outcomes.GenAIs propensity for“hallucinations”con

54、fidently generating incorrect or fabricated informationcan cause decisions to be made based off inaccurate data,which can have deep impact in high-stakes industries like Financial Services.Without clear oversight,GenAI could exacerbate issues like misinformation,creating societal risks that demand t

55、ransparent oversight and ethical AI practice.By just focusing on specific use cases without holistically considering how roles and activities evolve and how organisations should be structured for GenAI,you wont gain the real value.Humad Ahmed,Accenture”“15RegulatoryRegulatory changes have great pote

56、ntial to shape the future of Singapores Financial Services workforce.For employers,the Tripartite Guidelines on Flexible Work Arrangement(FWA)and parental leave enhancements would help organisations attract talent and boost employee satisfaction but organisations will also need to manage compliance

57、risks,costs and productivity concerns 16 17.For employees,these changes promise greater work-life balance,inclusivity and career opportunities,though they also come with new responsibilities around compliance and accountability.Additionally,the Financial Institutions(Miscellaneous Amendments)Bill(“F

58、IMA Bill”)was introduced to give the MAS wider investigative and supervisory power over the financial sector18.FIs would have to place greater emphasis on risk management capabilities to adhere to the enhanced requirements.Further tightening in regulatory requirements are also observed in sectors li

59、ke cryptocurrency,digital banking and data privacy.This has led to some investor hesitation in the FinTech industry,due to the perceived complexity and increased costs of navigating the evolving regulatory landscape.SocialAccording to Accenture research,career opportunities are perceived differently

60、 across the generational groups,with younger workers feeling more encouraged by their employers to pursue career growth19.This suggests that employers could be more effectively engaging younger employees in career development,while older generations may feel less supported in this area.The disparity

61、 highlights a potential gap in how organisations address career management across age groups,indicating the need for tailored strategies to ensure all employees,can feel sufficiently encouraged and supported.Introduction16Introductiond.Shifts in talent profile composition reflect industry maturityTe

62、chnology Wizards are flatlining with increase in operations and corporate rolesIn the 2021 edition of the FinTech Talent Report,four key talent profiles in the FinTech industry were identified.Each of them makes a distinctive contribution to the industry through specialised skills and capabilities.A

63、s the FinTech sector matures,a shift is being observed with a slight decline(-2%)in the demand for Technology Wizards in 2024.Conversely,increases were observed in the percentage of Operations Champions(+1%),Commercial Evangelists(+1%)and Corporate Drivers(+2%)in 2024.Survey findings also suggest th

64、at FinTechs envision a further shrinkage in percentage of Technology Wizards(-4%)and an increase in demand for Commercial Evangelists(+4%)in the next 12 years.On the contrary,the percentage of Operations Champions and Corporate Drivers in FinTech have increased compared to the forecasted decline in

65、2023,further suggesting that FinTech as an industry is maturing in Singapore with a focus now on running operations.This may be due to more FinTechs having established products or solutions,shifting the focus from creating innovative solutions to managing and scaling the business.Commercial Evangeli

66、stsObjective:Objective:Build the business and accelerate revenue growth Typical Roles:Typical Roles:Business Development,Sales and Marketing,Ecosystem PartnershipsTechnology WizardsObjective:Objective:Drive technological innovationTypical Roles:Typical Roles:Product/Software/Application Development,

67、Technical Architecture,Project Management,Technical Implementation,User Experience,Quality Assurance and Testing,Service ManagementOperations ChampionsObjective:Objective:To enable and support users and infrastructure Typical Roles:Typical Roles:Infrastructure Development and Maintenance,Service Ope

68、rations,Back-office Processing,KYCCorporate DriversObjective:Objective:To provide strategic shared services across the company Typical Roles:Typical Roles:General Management,Business Finance,Human Resources,Risk,Legal and Compliance,Facilities,Procurement17IntroductionFigure 8:Talent profile compari

69、son across the years(FinTech)In summary,the market is cautiously optimistic about the next 12 years,with the labour market observing an adjustment following the post-COVID era.However,caution needs to be exercised with financial,technological,regulatory and social disruptors at play which can furthe

70、r curtail growth.Redefining Jobs and Skills with GenAI219GenAI continues to drive changes to jobs and skills within FIs,impacting Technology roles to varying extents.An emphasis on behavioural and cross-functional skills is coming to play as a result of task automation and/or augmentation with GenAI

71、.With that,a new talent profile is emerging,driven by a stronger union between business and technology.a.The GenAI game continues to gain momentumA movement that is hard to stopAs organisations recognise the transformative potential of GenAI,its adoption is accelerating.From survey findings,89%of FI

72、s are exploring or have already explored,implemented or piloted GenAI in 2024.65%of FIs are already implementing GenAI in their operations,a 27%increase from 2023.This is aligned with Accentures global research on the adoption of GenAI20,where 86%of CXOs are using GenAI to some degree in their work

73、and 95%of employees see value in working with GenAI.Further,this validates research conducted by the World Economic Forum,which indicates that the Financial Services industry has the highest exposure to automation and augmentation by GenAI21.As organisations internalise the potential to scale GenAI

74、and transform their operations,many have yet to embed GenAI deeply enough to empower an agentic workforce defined by autonomy,initiative and self-directed innovation.Figure 9:Is your organisation exploring GenAI technology,and how is it being adopted in your operations?Redefining Jobs and Skills wit

75、h GenAI Redefining Jobs and Skills with GenAI20Organisations that have not integrated GenAI in their operations are seemingly smaller in nature,potentially due to difficulties in extracting return on investment.Only 8%of organisations are interested in but have not adopted GenAI,of which,all are FIs

76、 with fewer than 100 employees.b.GenAI Maturity:FinTechs lead adoption FinTechs tend to adopt GenAI faster and better understand its benefits Based on survey findings,52%of FIs have internalised the benefits of GenAI and are rapidly adopting it.24%of FinTechs and FIs surveyed are at the peak of infl

77、ated expectations with a mix of success and failures.Further analysis shows that amongst the 52%ahead of the curve,FinTechs outnumber Banking and Asset Management.Figure 10:GenAI adoption across the hype cycle22FinTechs are ahead in realising the benefits of GenAI with 64%FinTechs at the Slope of En

78、lightenment compared to 36%of other FIs.FinTechs,with their agile and flatter organisational structures,can adopt GenAI faster due to streamlined decision-making and fewer layers of approval.This allows for quicker integration of new technologies into workflows.In contrast,larger FIs potentially fac

79、e more bureaucratic hurdles and requiring greater coordination,slowing down the pace of adoption.Financial InstitutionsBanking&AMRedefining Jobs and Skills with GenAI21c.GenAI Integration:Enabling functions prioritisedOut of sight,Top of mindFIs today leverage GenAI in different areas with the aim t

80、o reap productivity and efficiency benefits.GenAI has been deployed across two areas of work:Interacting(Front-end)Functions that directly drive customer-facing aspects of a business and focuses on business growth.Typical functions include Sales and Marketing,Customer Service,Onboarding and Support,

81、etc.Enabling(Back-end)Functions that drive operationsof a business and focuses on enabling productivityTypical functions include Data Processing and Management,IT Support and Infrastructure,Risk Management,Human Resources,Finance,Procurement,etc.Figure 11:GenAI function considerations:Interacting vs

82、 Enabling functionsBy industry focusBanking/Asset Management Interacting functionRedefining Jobs and Skills with GenAIInteracting function22According to survey findings,55%of FIs indicated that their focus on utilising GenAI is within the enabling function.Looking deeper at insights,FinTechs have a

83、balanced approach of utilising GenAI across both the interacting function(53%)and enabling function(47%).On the other hand,Banking and Asset Management focus GenAI usage on enabling function(64%)as compared to interacting function(36%).This can be attributed to differing priorities between Banks and

84、 FinTechs.Banks prioritise GenAI to manage the scale and complexity of their operations,where automation can streamline vast data processing,predictive analytics,and risk management related tasks.In contrast,FinTechs,with fewer legacy challenges,have more balanced adoption between interacting and en

85、abling functions.This corroborates with World Economic Forum research,which indicates that IT/Technology job function groups have a high level of exposure to automation and augmentation by GenAI21.Additionally,Financial Services,alongside IT services,are expected to see the highest potential for bot

86、h automation and augmentation due to the rise of large language models(LLMs).In fact,73%of work time in IT functions is now seen as exposed to LLM technologies,a transformative shift that will reshape technology operations.d.All Roles Will be Disrupted,Some More Than Others(i)Fundamental shifts for

87、Top 5 roles disrupted by GenAIAccording to survey findings,the top 5 roles that will be most disrupted by GenAI are Test Engineers(41%),Data Analyst(38%),IT Support Associate(32%),Database Admin(30%)and Software Developer(27%).Most of these roles have also been observed to be within the top roles wi

88、thin industry and function groups to be impacted by automation and augmentation brought about by large language models like GenAI in a World Economic Forum research.9 Refer to Appendix Section(Charts)Figure 12:Roles Most Likely To be Disrupted by GenAI(ii)Code Generation and Summarisation to see big

89、gest impact The top tasks that will be automated by GenAI include Code Generation and Summarisation(84%),Language Translation(89%)and Question Answering(87%).Roles such as Test Engineer,Software Developer,IT Support Associate,Solution Architect,AI Engineer and Cloud Engineer that deal with Code Gene

90、ration and Summarisation with GenAI have the highest propensity to change given the automation and augmentation of the task.On the other hand,tasks least likely to be disrupted include tasks that involve Speech Translation(29%),Speech Recognition(29%)and Natural Language Understanding(21%),as these

91、niche tasks require human cognitive abilities to understand nuances and intervene in real time.Redefining Jobs and Skills with GenAI23Figure 13:Tasks likely to be automated or augmented by GenAIDeeper analysis on roles such as Test Engineers,Data Analysts,Software Engineers,and UI/UX Developers usin

92、g Accentures Talent Frontier*toolset reveals that GenAI can save up to an average of 5.14 hours per day across these roles.Further details on how GenAI affects each roles tasks and skills can be observed below:Test Engineer(see page 25)For the Test Engineer,the tasks most impacted by GenAI include i

93、dentifying,analysing and documenting problems and developing testing programmes.This aligns with broader trends of automating repetitive tasks like testing and error detection.This role is highly susceptible to automation by GenAI due to the structured nature of the tasks.Skills clusters like Qualit

94、y Assurance and Test Automation are impacted the most,reflecting the increasing reliance on automated testing tools.Redefining Jobs and Skills with GenAIImagine a place where code flows as effortlessly as your ideasGitHub Copilot brings it closer,enhancing developers productivity by 50-60%.Gaurav Go

95、el,Microsoft“”24Data Analyst(see page 25)For the Data Analyst,the tasks most impacted by GenAIsuch as testing and refining models and analysing relationships and trendsalign closely with the broader automation of data-intensive tasks that require extensive processing and computation.However,tasks li

96、ke designing surveys remain less likely to be disrupted due to the need for contextual understanding and strategic insight.The impact on skills clusters,including Data Science and AI/ML,emphasises that while automation will handle the technical processing,human expertise in interpreting and applying

97、 these insights to business strategy remains crucial.Software Developer(see page 26)For the Software Developer,the tasks most impacted by GenAI,such as documenting test procedures and reviewing software documentation,are closely aligned with the broader trend of automating code generation and summar

98、isation tasks.However,tasks requiring consultation with stakeholders or compliance review are less likely to be disrupted by GenAI as they demand more human judgment and oversight.This aligns with skills clusters such as Software Development Tools and Web Design which are most impacted by GenAI.UI/U

99、X Designer(see page 26)For the UI/UX Designer,the tasks highly impacted by GenAI differ from the automation-heavy roles such as Test Engineer or Software Developer.Tasks like Market Research and creating documenting specifications may be automated by GenAI.However,the complex and creative nature of

100、design work means some tasks will remain largely augmented rather than automated.For example,designing multimedia campaigns require Graphic and Visual Design and Web Design skills which need human creativity and cannot be fully automated.Note*:Accentures Talent Frontier is a proprietary toolset that

101、 provides a numerical rating to indicate the potential impact of GenAI on automating or augmenting the tasks and skills clusters for roles,with high-impact tasks more likely to be automated,medium-impact tasks more likely to be augmented,and low-impact tasks less likely to be disrupted.Impact scores

102、 indicate the relative impact of a disruptor on the task/skills cluster.Redefining Jobs and Skills with GenAI25Test EngineerTotal time savings:5.01 hrs/dayIdentify,analyse,and document problems with program function,output,online screen,or content1.49 18.65%Develop testing programmes that address ar

103、eas such as database impacts,software scenarios,regression testing,negative testing,error or bug retests,or usability1.1414.28%Document software defects,using a bug tracking system,and report defects to software developers1.1414.23%Job tasks impactedQuality assurance and control52.79%Software qualit

104、y assurance51.25%System design and implementation44.75%Test automation43.73%Computer science27.00%Skills clusters impactedTime savings(Hrs/day)ImpactscoreTasksImpactscoreSkillsDataAnalystTotal time savings:5.07 hrs/dayJob tasks impactedSkills clusters impactedTime savings(Hrs/day)ImpactscoreTasksImp

105、actscoreSkillsTest and refine models to ensure accurate outcome predictions0.577.16%Analyse relationships and trends affecting research results0.566.95%Identify business problems that are solvable using data analysis0.546.81%Review scientific literature to stay updated on emerging trends0.394.92%Cre

106、ate visualisations like graphs and charts to present results.0.364.57%Design surveys or tools to collect relevant data0.151.83%Data analysis 84.26%Artificial Intelligence and Machine Learning(AI/ML)82.77%Data science 81.97%Software development44.39%Query languages33.80%HighMediumLowImpact levelHighM

107、ediumLowImpact levelNote:Analysis shown above is illustrative Redefining Jobs and Skills with GenAI26Software DeveloperTotal time savings:4.94 hrs/dayJob tasks impactedSkills clusters impactedTime savings(Hrs/day)ImpactscoreTasksImpactscoreSkillsUI/UX DesignerTotal time savings:5.55 hrs/dayJob tasks

108、 impactedSkills clusters impactedTime savings(Hrs/day)ImpactscoreTasksImpactscoreSkillsHighMediumLowImpact levelHighMediumLowImpact levelInstall,maintain,or use software testing tools0.29 3.64%Document test procedures to ensure standard compliance0.28 3.46%Review software documentation for complianc

109、e and risks0.253.18%Consult with stakeholders to identify computing needs.0.161.99%Test,maintain,and monitor computer systems.0.161.98%Software development78.32%Web design and development60.28%Java58.92%Office and productivity equipment and technology37.03%Computer science36.79%Software development

110、tools30.76%Market research on web architecture and technologies0.8610.73%Research on current trends and new technology0.708.76%Create detailed documentation of website specifications0.708.71%Assist in multimedia campaign design0.334.14%Collaborate with clients0.323.98%Develop and assist in designing

111、 user interfaces0.121.44%Graphic and visual design56.87%Graphic and visual design software54.77%Web design and development54.35%Digital design45.10%Art and illustration43.38%Note:Analysis shown above is illustrative Redefining Jobs and Skills with GenAI27e.The spotlight shifts away from technical sk

112、ills(i)Behavioural and cross functional skills to take centre stageAs GenAI gradually integrates into the fabric of organisations,the skills landscape is expected to shift extensively.Three categories of skills have been identified:Behavioural SkillsPeople skills/behavioural traits including interpe

113、rsonal and intrapersonal abilities that are expected of all employees in the organisation Typical skills:Communication,Critical Thinking,Leadership,Adaptability,etc.Cross Functional SkillsPractical skills that enable an individual to carry our specific job functions or multiple rolesTypical skills:D

114、ata Fluency,Digital Literacy,Data Science,Customer Service,Risk Management,Compliance,etc.Technical SkillsSpecialist skills relevant to an individuals role,team or specific departmentTypical skills:Programming,Web Development,Data Engineering,etc.Survey findings show that the top skills gaining impo

115、rtance with GenAI integration are Critical Thinking(61%),AI Literacy(55%),Data Science(39%),and Creativity and Innovation(39%).Notably,two are behavioural and two are cross functional.This emphasises the growing importance of behavioural and cross functional skills besides foundational AI knowledge.

116、Behavioural skills are crucial for fully harnessing GenAIs potential,while cross functional skills ensure the reliability and resilience of its application.This highlights the need for Technology professionals to combine technical expertise with interpersonal skills,enabling them to navigate and thr

117、ive in a GenAI world.We need to reengage the fundamental human skills that that have allowed us to thrive across the ages.These are our ability to relate,communicate,sense make and be creative in ways that only humans can.Essentially,humans need to be more human.These skills,augmented with GenAI ski

118、lls,will be what is needed go forward.Ho Seong Kim,Singapore Institute of ManagementRedefining Jobs and Skills with GenAI“”28There is an emerging need for behavioural skills to complement GenAIs inability to fully replicate human judgement.Survey insights suggest that these are Critical Thinking(61%

119、),Creative and Innovation(39%)and Adaptability and Agility(30%).In the Financial Services sector,where decision-making often involves complex regulatory frameworks and ethical considerations,behavioural skills are essential to ensure that GenAI enhances rather than replaces human oversight and judgm

120、ent.Figure 14:Skills likely to gain importance or lose relevance as a result of GenAI Redefining Jobs and Skills with GenAI0%0%0%Data scienceThe cognitive,problem solving and critical thinking skills are going to be important to complement technical skills.Clarissa Wang,Endowus“”29(ii)The age of adm

121、inistrative skills is overAs GenAI becomes more integrated,traditional administrative skills are increasingly being automated.According to survey findings,Administrative Duties(73%),Memorisation&Rote Learning(67%),Data Entry(58%),Content Creation(48%)and Customer Support(36%)are ranked as the top sk

122、ills to lose relevance.This shift underscore the growing demand for more humanised cognitive,creative,and technical skills.Figure 15:Skills Likely to Gain Importance or Lose Relevance as a Result of GenAI(iii)Unpacking the dichotomy of skills The workforce is experiencing a dichotomy in skill demand

123、,marked by the increase in digital and AI-related competencies and the decline of manual,repetitive task-related skills.From the survey,respondents noted skills such as Data Science,Leadership and Cross Disciplinary Knowledge,to be of increasing relevance.Conversely,a handful of respondents also not

124、ed that these skills will be seeing a dip in relevance.39%of respondents cited Data Science as gaining importance while 33%cited it as losing relevance.This may imply that with GenAI,majority of primary data analysis will be automated,while a stronger emphasis on secondary data analysis will be driv

125、en by human cognitive abilities.Redefining Jobs and Skills with GenAIAs knowledge becomes increasingly commoditised and AI can replicate tasks,theres a much greater emphasis on cognitive flexibility to navigate ambiguity,make complex decisions and provide wisdom.Nupur Mehta,Pure Storage“”30Further,2

126、7%also cited that Cross-Disciplinary Knowledge will gain importance as compared to 24%who cited it as losing relevance.This is expected with the rise in new cross functional skillsets such as AI Literacy and Risk Awareness that have emerged as a result of AI adoption in the business.Lastly,15%cited

127、that Leadership and Social Influence will gain importance versus 12%cited it as losing relevance.With the changes to skills and roles,leadership types are expected to evolve.There is a need for stronger people leadership to be inculcated to better steer the workforce.In summary,the skills landscape

128、continues to evolve with GenAI,and the dichotomy is a sign of the fluctuations it can bring.(iv)Practicing GenAI responsiblyWith increasing regulatory pressure to ensure the reliability and resilience of digital financial services23,organisations will need to prioritise the development of risk manag

129、ement skills across the workforce to mitigate emerging vulnerabilities.Survey results spotlight increased focus on Ethical and Responsible AI(33%)and Regulatory and Compliance Awareness(21%)as important skills for the technology workforce readiness.A concerted effort at the organisation level is ess

130、ential to get everyone onboard.Yet,organisations are not placing sufficient importance on Risk Management and Assessment skills and see the risk function as the sole custodian of this responsibility.However,Accentures Risk Study reported that 77%of risk functions struggle to support the wider busine

131、ss in developing risk capabilities and a risk mindset24.Redefining Jobs and Skills with GenAIWe are observing areas for growth in risk management capabilities across organisational levels,especially in the areas of technology and risk management as an integrated whole,which highlights an opportunity

132、 for financial institutions to enhance resilience.Stephen Lee,NETS“”31f.A New Talent Profile Emerges:A stronger union between business and technology(i)Emergence of the Techno-Functional Collaborator Talent Profile As GenAI disrupts the Technology landscape,organisations are witnessing a shift in de

133、mand for certain skillsets.With this,a new talent profile is emerging,The Techno-Functional Collaborator is powered by multidisciplinary skillsets,that blends technical expertise,business domain capabilities,and strong interpersonal abilities.This profile bridges the gap between business and technol

134、ogy,showcasing new levels of human fluency to bring people and processes together to drive impactful results.Redefining Jobs and Skills with GenAIScaling towards an agentic workforceA tighter union of both business and technology are expected to be seen as new roles emerge,bringing an amalgamation o

135、f skills not traditionally seen together to power the agentic workforce.Organisations need to cultivate an environment where talents can leverage advanced AI tools to make informed,independent decisions and drive creative solutions is needed.This shift will drive a stronger fusion of business and te

136、chnology,blending skills in novel ways to empower the agentic workforce.These roles will be a focal point to enable organisations to harness the power of GenAI across business effectively,ensuring that AI solutions are not only technically sound but also aligned with business objectives,can deliver

137、practical value and uphold ethical and compliance standards.Objective:To bridge the gap between technology and business strategy,ensuring that technical solutions drive business objectivesTechno-Functional CollaboratorTypical Roles:AI Business Analyst,AI/ML Learning Engineer,Business Data Analyst,Ri

138、sk Analyst,etc.Relooking at the Employee Value Proposition333Relooking at the Employee Value PropositionRelooking at the Employee Value Propositiona.Unpacking the EVP Model The Employee Value Proposition(EVP)model refers to a set of benefits and values that an organisation offers its employees in re

139、turn for the capabilities,experience and contributions an employee brings.An EVP represents the total value an employee derives from working for the organisationits the promise employers make in exchange for their employees effort,commitment and loyalty.The model plays a crucial role in shaping the

140、overall employee experiencedriving talent attraction,retention and engagement within the organisation.A good EVP consists of 5 key levers:5 key levers:People:Emphasises the importance of building a collegial work environment,ensuring that employees feel supported and empowered throughout their caree

141、r.Collegial work environment Co-worker quality and camaraderie Leadership and people managementWork:Focuses on providing meaningful and engaging roles,ensuring that employees find meaning and satisfaction in daily tasks.Innovative and impactful work Personal and professional alignment Work-life bala

142、nce Opportunity:Ensures that employees are supported to grow and progress in their career and recognised for their contributions,creating an engaged and motivated workforce.Self-development opportunities Professional growth opportunities Meritocracy Rewards:Focuses on ensuring that employees feel fa

143、irly compensated for contributions to the organisation.Compensation Benefits including leaves Well-Being Organisation:Focuses on the organisation culture,prestige in the market,and work environment Diversity and inclusion Ethics,social and environmental responsibility Prestige in the market34b.Under

144、standing What Employees Really WantAccording to survey findings,employees key considerations for joining an organisation are equally split between Opportunity and Rewards,with both factors rated at 75%.Rewards is also cited as the key consideration for employees leaving the organisation.Figure 16:Re

145、asons cited by employees for leaving organisationsRelooking at the Employee Value PropositionWhat are the key reasons you would consider when joining an organisation?What are the reasons why you may leave your organisation in future?75%67%39%75%65%71%48%40%75%69%RewardsWorkPeopleOrganisationOpportun

146、ity(i)Rewards Emerge as the New Paradox While the Opportunity Paradox ContinuesIn 2021,2022,and 2023,an Opportunity Paradox was observed,where Opportunity was the leading factor for both employee leaving and joining FinTech*.However,employees now cite Rewards as the highest reason for leaving(75%)an

147、d joining(75%).In comparison,in 2023,rewards as a reason for employees joining(30%)and leaving(53%)was significantly lower.This change indicates a growing disconnect between employee expectations and employer promises,particularly in terms of compensation and benefits.Opportunity remains important a

148、nd is listed by employees as the 2nd highest reason for leaving(75%)and joining(71%).While rewards have emerged as the top factor influencing employee decisions,the sustained importance of Opportunity highlights that employees are still deeply motivated by career growth and development.This suggests

149、 that organisations must not only address compensation and benefits but also provide ample opportunities for employees to learn,develop and progress in their careers.(ii)Work-life Balance Policies Widely Demanded but of Lower PriorityA significant majority of respondents cited a desire for Flexible

150、Working Arrangements(FWA)and Flexible Leave(FL)policies.When employees were asked about benefits they would like their organisation to provide,83%of respondents expressed a preference for FWA policy while 84%prefer FL policies.*For previous years,the reasons cited for joining/leaving were specifical

151、ly for FinTech organisations35However,despite this high demand for work-life balance policies,when the same respondents were asked to rank the factors contributing to job satisfaction,only 23%placed work-life balance and well-being as their top priority.This suggests that while work-life balance is

152、valued,factors such as compensation and career advancement may take precedence for many employees.As a result,employees might be willing to compromise on achieving an ideal work-life balance if other aspects of the job,such as financial rewards or professional growth,are fulfilled.Refer to Appendix

153、Section(Charts)Figure 17:Perceptions regarding employee benefitsIn line with the demand for FWA policies,employers are already addressing this demand largely driven by recent government regulations in Singapore.In April 2024,the Ministry of Manpower implemented the Tripartite Guidelines on Flexible

154、Work Arrangement Requests(TG-FWAR)policy which mandated the formal consideration of FWA requests for employees who have completed their probation period 25.Relooking at the Employee Value Proposition(iii)The Employer:Employee DisconnectPerceptions on Joining There is a notable divide between employe

155、rs and employees when it comes down to understanding key factors influencing employee decisions to join or leave an organisation.Figure 18:Key reasons for joining an organisation36According to survey findings,employees identified top three considerations to join an organisation as Opportunity(75%),R

156、ewards(75%),and Work(67%).However,employers think that the top three employee considerations are Opportunity(76%),People(65%)and Organisation(62%).This misalignment reveals that while both parties agree on the importance of opportunity,employers believe that employees place greater emphasis on facto

157、rs like people and organisation,while employees are more focused on rewards and the nature of the work itself.Employees consider it as a reason to join(%)Employers perceive it as a consideration for joining(%)Perception Gap(%)Rewards75%32%43%Organisation39%62%23%Work67%57%10%This disconnect becomes

158、particularly evident in the case of rewards,which 75%of employees cite as important.In contrast,only 32%of employers perceive rewards as a top factor,revealing a substantial gap in perception of importance.Similarly,organisational considerations are overestimated by employers,with 62%viewing it as a

159、 priority in comparison to only 39%of employees.Relooking at the Employee Value Proposition37Relooking at the Employee Value PropositionFigure 19:Key reasons for leaving an organisationPerceptions on Leaving When it comes to reasons for leaving an organisation,employees identified their top three co

160、nsiderations as Rewards(75%),Opportunity(71%),and People(69%).On the other hand,employers believe the top three considerations are Rewards(78%),Opportunity(65%),and Work(49%).While employers recognise rewards and opportunities as the top two reasons driving employee attrition,they significantly unde

161、restimate the importance of the People element in an employees decision to leave.The perception gap is particularly significant in the People factor where 69%of employees consider it a reason to leave,but only 43%of employers recognise it as a consideration,creating a 26%perception gap.38In 2023,emp

162、loyers ranked People as the least important factor,with only 4%citing it as a reason for employee departure.This trend continues in 2024,with People still ranked last by employers.However,People was ranked as the 3rd most important reason to employees for leaving,making it a key factor driving emplo

163、yee attrition.This stark misalignment highlights a major oversight in how employers understand their workforces priorities,particularly regarding the impact of workplace relationships and people leadership on retention.Perceptions on Compensation TypesSurvey findings also show a significant disconne

164、ct between the types of compensation employers offer and those that employees value.In some cases,employees are overprovided with compensation types they value less,while in other cases,employers are underproviding on benefits that employees deem important.Refer to Appendix Section(Charts)Figure 20:

165、Perceptions regarding employee compensationFor instance,57%of employees have sales commissions,yet only 24%express a desire for them.Similarly,70%of employees have Employee Stock Ownership Plans(ESOPs),but only 66%actually want this benefit.On the other hand,areas of under provision are much more pr

166、onounced.For example,only 46%of employees receive allowances,while 67%would like this benefit.Likewise,while only 76%of employees receive performance bonuses,88%prefer them.It is important to acknowledge that certain findings,such as profit-sharing models,may not hold the same relevance across all F

167、Is as they do for FinTechs.Employees consider it as a reason to leave(%)Employers perceive it as a consideration to leave(%)Perception Gap(%)People69%43%26%Rewards75%78%3%Opportunity71%65%6%Work48%49%1%Organisation40%46%6%Relooking at the Employee Value Proposition39Perceptions on BenefitsThe survey

168、 findings also highlight a notable gap between the benefits employees want and those that employers currently provide.Currently,employers are overproviding benefits that employees do not prioritise as much,while underproviding the benefits that employees value more.Refer to Appendix Section(Charts)F

169、igure 17:Perceptions regarding employee benefitsFor example,team cohesion and mental wellness benefits are provided to a higher percentage of employees than those who express a desire for them.On the other hand,benefits such as learning&development(L&D)budgets,health benefits,lifestyle discounts and

170、 flexible work policies,which are highly desired by employees,are underprovided.Refer to Appendix Section(Charts)Figure 21:Compensation Model FinTech&Figure 22:Compensation Model Banking and Asset Management The magnitude of the gaps in perception across joining,leaving,compensation and benefits sug

171、gests that employers may be overlooking essential aspects of employee motivations.By aligning more closely with employee expectations,employers can enhance strategies for attracting and retaining talent.Refer to Appendix Section(Charts)Figure 23:Work Motivations(iv)Compensation and Growth Opportunit

172、ies The Anchors of Employee RetentionThere is a strong correlation between the top factors of job satisfaction and the reasons employees choose to leave an organisation.According to the survey,employees identified Rewards and Opportunities as their top two reasons for leaving,which also align closel

173、y with what drives their overall job satisfaction.When these key needs are not adequately met,employees are more likely to seek opportunities elsewhere.This means that while Rewards and Opportunities serve as the foundation for retention,the lack of these critical elements also influences attrition

174、rates.Relooking at the Employee Value Proposition40Figure 24:Factors related to job satisfactionDespite employers not meeting employees expectations as demonstrated above,attrition rates have not increased significantly in the recent year.This apparent contradiction can be attributed to external eco

175、nomic factors that have curbed job turnover.Employees are choosing to stay due to broader economic conditions,such as a cautious hiring climate and limited job market alternatives.The uncertainty in the market has made employees more risk-averse,leading them to prioritise job security over job satis

176、faction.As a result,even though some needs remain unmet,employees are staying put because of a lack of attractive opportunities elsewhere.This highlights the importance of addressing these gaps to ensure long-term retention,especially as market conditions improve and employees may become more willin

177、g to change jobs.In a market where skilled professionals have multiple options,offering competitive rewards that align with or exceed industry benchmarks is crucial.The two tables on the below provide salary benchmark data from for in-demand FinTech and Banking and Asset Management roles.Relooking a

178、t the Employee Value Proposition41RoleJuniorMid-LevelSeniorData Engineer50k 120k60k 150k 90k 220kAI/Machine Learning Engineer70K 130K80K 160K160K 200KBlockchain Developer40K 140K80K 150K90K 160KCybersecurity Engineer40K 120K50K 160K80K 200KDevOps Engineer40K 120K70K 150K90K 180KFullstack Developer40

179、K 100K60K 140K70K 180KProduct Manager(FinTech)45K 100K60K 150K100K 200KUX/UI Designer40K 90K80K 120K110K 140KFinancial Analyst(FinTech)40K 90K80K 110K100K 130KRegTech Specialist50K 120K110K 150K140K 160KFigure 25a:In-demand FinTech rolesFigure 25b:In-demand Banking and Asset Management rolesRoleJuni

180、orMid-LevelSeniorRelationship Manager80K 120K120K 150K130K 200KRisk Manager100K 130K130K 180K180K 220KBusiness Analyst90K 120K120K 180K180K 220KFinancial Accountant50K 70K70K 90K90K 100KCompliance Officer80K 100K100K 140K120K 160KData Scientist100K 130K130K 160K140K 200KCloud Engineer90K 110K110K 14

181、0K120K 180KSoftware Developer80K 100K100K 140K120K 180KTreasury Analyst100K 120K120K 150K150K 180KPrivate Banker120K 150K150K 200K160K 380K(Source:Accenture Research)(Source:Accenture Research)Relooking at the Employee Value Proposition42(v)Opportunities and Work Drivers of Talent Engagement in FinT

182、ech According to survey findings,in the FinTech sector,Opportunity(82%)and Work(82%)tied as the top consideration in influencing an employees decision to join an organisation.The Opportunity factor is highly valued in FinTech,with 82%of employees highlighting it as a crucial factor when choosing an

183、organisation,compared to 72%of Banking and Asset Management employees.This is supported by secondary research,where career progression in FinTech tends to be faster due to the high demand for Tech skills-especially for those with specialised skills.For reference,junior developers in FinTech often mo

184、ve to mid-level roles within 24 years,and senior roles within 68 years.In other FIs,progression tends to be slower due to the more hierarchical and structured nature of the industry.In comparison,junior developers in Banking and Asset Management often take 46 years to move to mid-level roles,and 810

185、 years for senior roles.However,this focus on Opportunity also leads many FinTech employees to consider leaving.79%of FinTech employees cited Opportunity as the top reason they would leave their current organisation,compared to 68%in the other FIs.The Work factor is equally important with 82%of FinT

186、ech employees citing it as a major aspect in their decision to join an organisation,in contrast to 61%of Banking and Asset Management employees.FinTech employees are particularly drawn to work that aligns with their passions and their organisations mission.This focus on work alignment highlights Fin

187、Tech employees desire to be involved in impactful projects and contribute meaningfully.Relooking at the Employee Value PropositionWhat attracts people to us is the mission.We attract people who want to make an impact and who are aligned to our purpose.Clarissa Wang,Endowus“”43Relooking at the Employ

188、ee Value PropositionFigure 26:Reasons to join/leave(employees response)(vi)People Key Driver of Talent Engagement in Banking and Asset Management The People factor was listed as a key consideration for both joining and leaving an organisation by employees in the Banking and Asset Management sector.W

189、hen Banking and Asset Management employees were asked about their top factors for joining,77%cited People as their main consideration,compared to 41%of FinTech employees.This highlights how People plays a pivotal role in attracting talent in the Banking and Asset Management industry.The larger scale

190、 of banks,combined with their structured environments,often provides stronger leadership and more cohesive teams,making them more attractive to prospective employees.Banking/Asset Management 44At the same time,74%of Banking and Asset Management employees cited People as a key factor for leaving,comp

191、ared to 56%of FinTech employees.This suggests that while strong leadership and camaraderie are major attractions,any perceived gaps in these areas could drive employees to seek opportunities elsewhere.In traditional Banking and Asset Management environments,where leadership and teamwork are essentia

192、l to daily operations and career progression,any failure to meet expectations in these areas could lead to higher turnover.If we desire a culture of mobility where people feel empowered to take charge of their own careers,it must be nurtured at every step,with leadership and a culture that is highly

193、 supportive.Yap Aye Wee,OCBCRelooking at the Employee Value Proposition“”c.Looking at EVP through a Generational Lens As the needs and expectations across the generational groups are drastically evolving,organisations must adapt their EVP to address these differences.Consisting of Baby Boomers(1946-

194、1964),Generation X(1965-1980),Millennials(1981-1996),and Generation Z(1997-2012),each of these generational cohorts bring unique perspectives,values and priorities to the workplacerendering a one-size-fits-all approach to employee engagement ineffective.Interviews with HR experts also explained that

195、 the difference between the needs and expectations of the various generational groups can be attributed to the different stages in lifewhich results in different priorities.For example,older generations,who may have families and greater financial responsibilities,often prioritise stability and job s

196、ecurity.In contrast,younger employees,who are early in their careers,tend to seek monetary compensation and opportunities for growth,flexibility and personal development.These differences are shaped by the distinct circumstances and responsibilities each generation faces at their specific life stage

197、.The survey highlights that the gaps in EVP are further complicated by the differing needs across generations,emphasising the need for tailored HR measures.45The table below shows the different priorities ranked for each generation:Figure 27:Priorities for joining/leaving(Data for Baby Boomers were

198、omitted from the analysis due to insufficient survey responses.)Relooking at the Employee Value PropositionGen Z tends to have a more transactional approach to work,particularly when joining an organisation.They place much higher priority on Rewards and Opportunities than on workplace relationships,

199、largely because they are early in their careers.At this stage,financial incentives have a more significant impact,whereas,later in ones career,such increments may feel less substantial.On the other hand,Millennials demonstrate a balanced approach when it comes to joining and leaving an organisation.

200、They initially prioritise Rewards and Opportunities when joining an organisation,seeking financial stability,career growth and alignment with the nature of work.They are likely to leave if they feel growth opportunities are lacking,compensation is insufficient,or workplace relationships and culture

201、become unsatisfactory.Gen X focuses more on People when joining but prioritises Opportunity and Rewards when leaving.As Gen X tend to be in more senior positions,People-strong workplace relationships matter to them more upfront due to their connections,but ultimately,they will leave if they do not s

202、ee long-term growth or financial benefits.To address these differences,organisations must continuously measure,assess and evolve their EVP,ensuring that it includes and addresses the distinct needs of each generation.The value proposition that organisations offer must be balanced and customised to e

203、ach individual.Humad Ahmed,Accenture“”A Mismatch in Talent Priorities447Lost in focusSurvey results suggest a mismatch between the workforces needs and aspirations and the HR and talent strategies that Financial Institutions prioritise.Refer to Appendix Section(Charts)Figure 28:Which HR initiatives

204、are your organisation prioritising to enhance its Employer Value Proposition(EVP)and drive talent attraction and retention in the next year?According to survey findings,the top three HR priorities for organisations are Flexible Work Arrangements(FWA)(59%),employee recognition and engagement programm

205、es(51%),and performance management revamp(46%).While FWA are top-of-mind for employees and FIs alike,HR priorities also align with it being the top priority with organisations investing time and effort in provisioning for it.HR professionals confirm that most FIs have implemented FWA policies,indica

206、ting progress toward greater adaptability.However,a crucial gap exists in other areas.Employees top two priorities,Rewards and Opportunities,do not feature in HRs top three focus areas,highlighting a misalignment between organisational priorities and employee expectations.Work-life balance support(1

207、9%),mentorship and coaching(22%),and internal mobility and cross-functional collaboration(24%)rank among the lowest HR priorities.Meanwhile,initiatives such as compensation and benefits enhancement(43%),employer branding(43%),and well-being programmes(43%)depict a lukewarm focus.Bridging this gap is

208、 key for organisations to harness the needs of the workforce and unlock a new,refreshed employee experience.A mismatch in talent prioritiesA Mismatch in Talent PrioritiesRecommendations5491.Supercharge a New Employee ExperienceFinancial Institutions need an urgent rethink of the Employee Value Propo

209、sition(EVP)to attract and retain technology talent.(i)Listen to the Voice of the Employee FIs can use a multitude of high-touch and low-touch methods to gather real-time data on employee sentiment and engagement.By doing so,HR teams can gain immediate insights into what employees truly value thus ma

210、ke informed decisions to adjust the EVP and tailor experience accordingly.Aside from traditional pulse checks,no-touch tools like Microsoft Teams Analytics and Chatbots enable organisations to track and gather behavioural data without any manual intervention.These tools facilitate just-in-time feedb

211、ack on an ongoing basis for organisations to adjust and take proactive adjustments to their initiatives.(ii)Hyper Personalise the Employee Experience While all organisations seek to enhance the employee experience,leading organisations often prioritise their investments based on what their current a

212、nd prospective employees care about.FIs need to identify the Signature Moments”across the employee journey that truly matters and craft HR practices accordingly.Some examples of Signature Moments centred around HR practices include Exceptional onboarding programme,Health and Holistic Well-being,Limi

213、tless Career Opportunity and World Class Talent Mobility.Getting this right will enable FIs to better attract,inspire,unleash and retain the best talent.To identify key Signature Moments that truly matter in the employee journey,organisations should adopt a data-driven and employee-centric approach,

214、as aforementioned.(iii)Create a Rewards Promise As inflation and the cost of living in Singapore continues to grow,FinTechs can no longer rely solely on the allure of“Start-up Culture or the promise of opportunities and growth.FIs need to rethink the definition of what constitutes Reward and to cons

215、ider incorporating Learning&Development(L&D)budgets,Health Benefits,Flexible Leave(FL)policies,and Lifestyle Discounts which employees value more.FIs can leverage on the six dimensions in Accentures Net Better Off(NBO)model to guide rewards practices more holistically:RecommendationsRecommendations5

216、0RecommendationsFigure 29:Net Better Off model DimensionExamplesFinancial Being financially secure without undue economic stress or worry and having equitable opportunity for future stability and advancementProvide Competitive Pay Packages Organisations can leverage salary benchmarking tools and sou

217、rces such as NodeFlair,Levels.fyi and MOM data to evaluate how their compensation packages compare with industry standards and make informed adjustments to remain competitive in the market.Personalise Rewards to Address Varied Employee PreferencesOrganisations can implement a points-based system all

218、owing employees to choose from options like paid leave,flexible work arrangements,health benefits or bonuses,addressing both financial and non-monetary preferences.This approach enhances satisfaction and retention across different career stages by catering to varied priorities.Additionally,offering

219、targeted incentives for in-demand skills and key contributions ensures alignment with organisational goals while driving performance.Emotional&MentalFeeling positive emotions and maintaining mental wellnessIntroducing Flexible Leave PoliciesOffering flexible leave options allows employees to better

220、manage their work-life balance,which contributes to higher job satisfaction and well-being.RelationalFeeling a strong sense of belonging and inclusion;having many strong personal relationshipsPromote Team-Building ActivitiesOrganise regular team-building exercises,both in-person and virtually,to enc

221、ourage collaboration and bonding among employees and incentive participation in these events.These can include activities that are both work-related(such as problem-solving challenges)and non-work-related(like social events or group sports)can foster stronger personal connections.PhysicalBeing in go

222、od physical health with a lack of stressImplementing Health Benefits for Employee Well-beingAddressing the 26%gap between the health benefits employees desire and what is currently provided can lead to a healthier and more engaged workforce.EmployableHaving marketable,in-demand capabilities and skil

223、ls to obtain good jobs and advance in a careerExpanding L&D Budgets for Career GrowthIncreasing investment in learning and development provides employees with opportunities for continuous development,a benefit highly valued by 66%of the workforce.PurposefulFeeling that one makes a positive differenc

224、e to the world and that life has meaning and a greater sense of purpose beyond oneselfAlign Roles with a Larger Mission through Mentorship ProgramsEstablish a structured mentorship program where experienced employees guide newer team members,helping them understand and align their individual passion

225、s with the companys broader mission and societal impact.This mentorship helps guide newer employees with concrete steps that connect their daily responsibilities to the companys mission.This program can help to foster strong professional relationships and help ensure that employees are aligned with

226、the organisations vision.512.Unlock Your Skills Passport To grow technology talent in the evolving skills landscape,FIs need to urgently uplift workforce capabilities and broaden internal talent development channels.With the skills landscape set to shift extensively due to technological disruption,i

227、t is essential for organisations to evaluate their existing skillsets as a baseline to identify skill gaps.Establishing a skills infrastructure consisting of skills taxonomy and ontology will allow organisations to categorise and measure employee skills,enabling HR practices(i.e.learning,recruiting,

228、job role mapping,etc.,)to be strategically adjusted.This can start off with getting a view of the skills that exist in the workforce.By creating access to skills data and helping individuals build their personal“skills passport”,organisations can unleash the ability for organisations to make strateg

229、ic talent decisions.Further,this puts employee growth and development in the hands of individuals,allowing them to take ownership of career development.(i)Build Skills beyond the Technology Workforce,across the enterpriseWhile GenAI holds significant potential,prioritising behavioural and cross-func

230、tional skills is essential to ensure ethical and safe application within organisations.Organisations must enhance their human fluency,the ability to harness technical knowledge with people-centred skills such as critical thinking,stakeholder management and cross-functional collaboration to maintain

231、reinvent work and address areas that GenAI cannot fulfil.Importantly,no role within an organisation will remain unaffected by GenAIs influence.To navigate this effectively,organisations can deploy structured training to ensure employees across all levels possess foundational AI literacy,enabling the

232、m to understand how GenAI can be applied responsibly within various contexts.RecommendationsSkills AreaExamplesTechnical SkillsAI Literacy:Introduces fundamental concepts of artificial intelligence,focusing on understanding machine learning,algorithms and data ethics.It covers practical applications

233、 like natural language processing and the impact of AI on decision-making,emphasising responsible use and critical thinking around biases and ethical concerns.Cross-Functional SkillsRisk Management and Responsible AI:Focuses on understanding the risks associated with AI deployment,including bias,fai

234、rness and transparency.It emphasises governance,accountability and ethical AI practices to ensure AI systems are developed and used responsibly,mitigating risks like privacy violations and unintended consequences.Behavioural SkillsCritical thinking,Creativity and Leadership:Develop essential critica

235、l thinking skills,fostering the ability to analyse and solve complex problems in dynamic environments.Additionally,the programme may emphasise creativity in leadership,helping leaders to drive innovation and adapt to emerging trends,while inspiring and guiding their teams effectively in an ever-evol

236、ving landscape.52RecommendationsFigure 30:Illustrative GenAI training curriculumUnderstand GenAIArtificial Intelligence OverviewGenAI BasicsBasic Large Language Models GenAI Leadership SpeakUnderstanding AI TypesFoundation model fundamentalsUsing GenAI responsibly5 must-dos to lead in GenAIRole Spec

237、ific LearningUnderstanding AI-Driven Risk AssessmentEthical AI and ComplianceAI in Fraud Detection&PreventionAI-Powered Data Analytics for AuditorsIndustry Specific LearningIndustry and workforce implicationsEvolving skills and work with GenAIGenAI Impact&Use Cases for IndustrySample GenAI Digital S

238、killingLead with Value(for Leaders)Demonstrating GenAIReinventing with GenAIModular approach to drive valueIndustry case study(ii)Urgently Invest in People DevelopmentFIs need to invest more in L&D to ensure that the workforce possesses the relevant skills to operate in the future.FIs should conside

239、r:1.Setting aside a L&D budget for Formal Learning With the myriads of critical skills of the future growing and ever-changing,it is critical for FIs to plan ahead and set aside a L&D budget that is aligned to the strategic business goals.FIs can set aside an annual average of SGD 1,500 per employee

240、 for L&D initiatives.With the constant evolution of skills and L&D being one of the top priorities for employees to stay,there is an urgent need for FIs to increase their L&D budget to better facilitate the development of talents and improve retention.2.Mandating up to 80 learning hoursFIs need mand

241、ate learning periods for employees and also take the lead to dedicate stipulated learning days/weeks to facilitate organisation-wide learning.According to research,FIs should aim to budget up to an annual average of 60 hours of learning time per employee27.533.Learning in the flow of work and beyond

242、 traditional learning Learning should not be confined to just formal classroom learning but expanded to include mediums for practical application of skills such as hackathons,community of practice and peer mentoring.The concept of“work-learn fusion”28 emphasises integrating learning into the flow of

243、 daily work and projects to enable employees to continuously develop new skills through practical and hands-on experience.4.Linking development to performanceEnabling managers to help employees craft individual development plans(IDPs)aligned to both strategic business goals as well as personal devel

244、opment goals for individuals are a vehicle to drive personalised skill development in a targeted,continuous way.By creating clear,actionable IDPs that are directly tied to performance goals and organisational objectives,FIs can ensure that employee development drives both individual success and broa

245、der business performance.(iii)Cultivate a Talent Reservoir with a Focus on Techno-Functional RolesWith the growing emphasis on talent that combines technical expertise with business domain capabilities,organisations need to build an enterprise-wide skills ontology to support identification of skills

246、 proximities.This provides organisations with a clear view of their skills across the organisation,enabling them to reinvent existing roles and create new ones.RecommendationsOrganisations need to define the work to be done for new initiativesLeverage matching capabilities used for external talent a

247、cquisition to match current employees to the initiative.Identify the technical,cross-functional and behavioural skills needed to do the work including those that are“proximate”to ones current role and can be developed along the way.54RecommendationsFigure 31:Skills proximity between Data Engineer an

248、d Product ManagerTechnical SkillsTechnical SkillsMachine LearningData Engineering ToolsProgramming&ScriptingData Visualisation&Analytics Data EngineerProduct ManagerFunctional SkillsFunctional SkillsData GovernanceAgile MethodologyDevSecOps PracticesData Mining&TransformationData Ethics and Responsi

249、ble AIBehaviouralBehavioural SkillsSkillsCritical ThinkingLogical ThinkingManaging ComplexityStakeholder ManagementCross-Functional CollaborationTechnical SkillsTechnical SkillsUI/UX DesignJira and ConfluenceData Visualisation&AnalyticsBasic Programming&ScriptingFunctional SkillsFunctional SkillsVal

250、ue RealisationDevSecOps PracticesProduct DevelopmentRequirements GatheringRisk and Compliance AwarenessBehaviouralBehavioural SkillsSkillsCustomer CentricityManaging ComplexityInnovation&CreativityDecision Making&Prioritisation Cross-Functional CollaborationSkills ProximityHigh ProximityMedium Proxi

251、mityLow ProximityEmerging SkillsLegend:High proximity refer to skills that are closely related or share a high degree of overlap in terms of knowledge and expertise,requiring minimal upskilling to be proficient in the skills.Medium to low proximity refer to skills that have a lower degree of overlap

252、 and requires upskilling/reskilling to build the necessary proficiency.Emerging skills refer to skills that are perceived to gain importance in the coming years.The diagram below shows the pathway from a Data Engineer to a Product Manager.Skills required by the Data Engineer role are listed on the l

253、eft and mapped to skills required by a Product Manager on the right based on degree of skill proximity.Selected list of skills based off Accenture Technology roles and skills mapping.55RecommendationsProjects,Gigs&Volunteering OpportunitiesInternship(Internal)Apprenticeship(Internal)Job Opportunitie

254、s(permanent roles)Skills Based VolunteeringRotation ProgrammesWays to enable talent exchangeWhile upskilling is effective for workforce development,the absence of opportunities to apply new skills often limits the return on investment(ROI)of such efforts.To enable organisations with reinventing exis

255、ting roles,FIs can create and leverage short-or long-term opportunities for employees to apply newly acquired skills and broaden their experience and exposure into new skills areas.Examples:Enabling talent exchange1.OCBC Grow Your Way Expedition 29 Grow Your Way aims to create excitement around care

256、er mobility and showcase the diverse career growth options within OCBC.Alongside OCBCs existing 19,000 programs for employees,the inaugural Grow Your Way event introduced the Build Your Skills Portfolio workshops,designed to facilitate career reflection and skills discovery,steering employees toward

257、 building their unique skills portfolio.2.Intuit internal mobility initiatives 30 At Intuit,there are many opportunities for employees to grow their careers by taking stretch assignments,building skills through training,or moving laterally into new roles.In one of Intuits internal mobility pilot pro

258、grammes,employees with at least three/years of experience were matched to roles across different business units to build new skillsets.563.Make Risk Everyones BusinessGiven that most FIs have integrated GenAI into operations,employees across functions are going utilise GenAI in some forms of their w

259、ork and will be exposed to AI risk.(i)A shared responsibility The changing patterns of technology risk and usage now include all employees and not just the ones designing,developing or deploying the tools.This points to the significance of a shared responsibility within the organisation across all t

260、hree lines of defence to ensure that every employee is capable and needs to be equipped with the relevant skills to identify and manage potential threats.To address this,FIs need to enhance their 1st line of defence,which is made up by all employees,through the build-up of general risk literacy skil

261、ls such as Risk Awareness and Risk Identification.FIs will need to recalibrate and bolster their 2nd and 3rd line of defence,such as the Risk&Compliance and Internal Audit Teams.The skills of these teams are largely confined to traditional model risks,these needs to be expanded to include skills suc

262、h as advanced Fraud Detection and Interpretation,and be comparable to identify and mitigate new risks associated with advanced AI modelling and algorithm biasness.(ii)Strong leadership and culture will pave the way To address the evolving risk landscape,FIs must prioritise not only governance framew

263、orks and processes but also foster a strong risk culture and mindset.Function-wide collaboration across risk-related topics is crucial for aligning the organisations risk appetite with its strategic goals,thereby positioning risk management as a key enabler of business resilience and growth.Addition

264、ally,cultivating a forward-thinking mindset where the workforce embraces continuous learning and new approaches to risk management is necessary for FIs to thrive.Leadership plays a pivotal role in this transformation.Senior leaders must actively guide and lead the organisation in adopting risk manag

265、ement and mitigation strategies,fostering cross-functional collaboration within the C-suite and the Board.This ensures that cultural shifts towards risk awareness are effectively embedded and sustained.To achieve a sustainable risk culture,leadership commitment,collaboration,and accountability are f

266、undamental,alongside appropriate resource allocation to support the organisations risk management initiatives.Recommendations57Figure 32:Financial Institutions can consider the 3 tenets while establishing a risk culture within the organisationRecommendationsContinuous LearningStay up to date with la

267、test development in AI.Commitment to mitigating AI RiskAwareness of AI risks and high commitment for an ethical AI code of conduct.Initiative and AccountabilityProactiveness and full responsibility in using AI and managing its risks.IndividualBehavioursTeam DynamicsOrganisationalCapabilityCross-func

268、tional CollaborationVarious teams collaborating to mitigate AI risks.Psychological SafetyExperiment AI freely and responsibly;calling out AI risks without repercussions.Adaptive and AgileAdaptive response to use AI and respond AI related incidents in an agile way.Clear Governance FrameworkClear stan

269、dards,roles&responsibilities to manage and deal with risks.Clear and Robust AI Risk Management FrameworksUp-to-date,clear and robust processes,for risk mitigation,response and consequence management.Risk LeadershipLead with risk strategies that align with business goals and promote accountability th

270、rough an org wide risk culture.Note:The Tenets are based off the IT Risk Culture Diagnostic Framework being developed by Accenture Talent&Organisation Southeast Asia.58Recommendations4.Fuel the Talent EcosystemTo grow and sustain technology talent effectively,FIs should expand the talent pipeline by

271、 engaging the broader ecosystem in Singapore comprising of Government Agencies,Institutes of Higher Learnings and Technology Giants.(i)Partner with IHLs to Strengthen the Talent Pool IHLs like Singapore Management University(SMU)and Singapore Institute of Management(SIM)offer various programmes in c

272、ollaboration with FIs to develop future ready skills and capabilities for their workforce.Specific learning programmes for employees target future ready skills such as Critical Thinking,Sense Making,Risk Resiliency and Leadership,which play a key role in helping organisations uplift and future-proof

273、 their workforce.SMU Academy:a.Advanced Certificate in FinTech and Future of Finance31 The programme is designed to equip individuals with comprehensive knowledge and practical skills in the evolving FinTech industry,providing a holistic view with practical applications to help participants understa

274、nd the FinTech landscape,its drivers,and trending technologies for implementation in their organisations.Participants will take a total of six modules,including:Risk Management and Regulatory Compliance Beyond Tech and Finance Environmental,Social,and Governance(ESG)Considerations and Ethical Implic

275、ations in FinTechb.SkillsFuture Level-Up Programme32The programme with SMU is designed to enhance the skills of mid-career professionals by providing additional funding for selected advanced courses.This initiative aims to support continuous learning and career transition opportunities for participa

276、nts.It is applicable to six specific programmes,including:Advanced Certificate in Driving Sustainability for the Future Advanced Certificate in Software Development with the Amazon Web Services Cloud Advanced Certificate in iOS Application Development with Swift Programming Data Protection and Data

277、Governance Track59RecommendationsSIM Corporate University:Development of management and leadership expertise33SIM currently offers over 100 professional development courses tailored for working professionals at every stage of their careers,empowering them to become effective change-makers and leader

278、s in todays evolving workplace.Some courses SIM provides:a.Leadership and Management Change Management:Leading Successful Transformations Conflict Mediation:Inspiring Positive Outcomes Executive Presence:Leadership with Authenticity Inclusive Workplace Culture:Leading and Sustaining a Culture Transf

279、ormationb.Critical Core Skills(CCS)Programmea.Business Resilience Course,Innovation Course,Employability Course,Sustainability Coursec.Systems Thinking Critical Thinking and Reasoning Edward De Bonos Six Thinking Hats Solving Complex Problems A Systems Thinking Approach Systems Thinking:Practice Of

280、a Strategic Thinker in Collaboration With Cabrera Research Lab60RecommendationsCase in Point:SIM Corporate University Better U Development Initiative 34SIM collaborates with UOB to identify and develop leadership learning solutions and programmes that align with strategic business goals.Additionally

281、,this partnership facilitates internship and employment opportunities for SIM graduates within UOB,enhancing the professional development of students while supporting the banks talent acquisition efforts.(ii)Tap on Schemes to Accelerate Reskilling/Upskilling The Singapore Government and various orga

282、nisations have continued to avail schemes and fundings to help grow the Financial Services and establish Singapore as the vibrant financial hub.FIs should assess the eligibility of these schemes and tap on them to help propel their workforce learning roadmap.a.WSG and IBF:Job Redesign Reskilling Car

283、eer Conversion Programme(CCP)35 The programme provides grants to FIs to reskill mid-career new hires and existing employees for in-demand roles within the FI industry.The programme supports workforce transformation in the financial services industry through two tailored modes.The Place-and-Train CCP

284、 targets mid-career hires without relevant experience,providing them with structured and on-the-job training to prepare for growth roles.The Job Redesign Reskilling CCP focuses on upskilling existing employees,enabling adaptation to redesigned roles aligned with industry roadmaps and ensuring their

285、long-term relevance in emerging areas.b.WSG:Job Redesign under Productivity Solutions Grant(PSG-JR)36The PSG-IR encourages enterprises to work with pre-approved JR consultants to redesign work processes,tasks and responsibilities.Through supporting workforce and business transformation,JR can help m

286、ake jobs more productive and attractive for workers,and benefit enterprises by allowing them to hire and retain good workers.c.Skills Future:Queen Bee Network 37The SkillsFuture Queen Bee network is an initiative in Singapore where industry leaders guide SMEs in developing critical skills needed for

287、 business transformation.Through the network,businesses receive free support from a skills manager to identify skills gaps,access relevant training programs,and benefit from shared knowledge and resources.The network includes companies from:Advanced Manufacturing and Trade:HP Singapore,Siemens Human

288、 Health and Potential:Kwong Wai Shiu Hospital Urban Systems:Johnson Controls Modern Systems:Microsoft,Prudential.Singtel Cyber Security Institute Lifestyle:Capitaland,Grab,Raffles Hotel Resource and Environmental Sustainability:DBS Bank,Sembcorp Solar61Examples:Schemes to support Workforce Reskillin

289、g/Upskillinga.IBF:Standards Training Scheme(STS)and Financial Training Scheme(FTS)38 The IBF Standards Training Scheme provides funding for training and assessment courses that develop key skills for the financial sector,accredited with the Skills Framework for Financial Services.It is accessible to

290、 both self-sponsored and company-sponsored Singapore Citizens and Permanent Residents who complete an accredited IBF-STS course.The Financial Training Scheme provides funding for industry-specific training courses tailored to the financial sector but not accredited under.It is exclusively for compan

291、y-sponsored Singapore Citizens and Permanent Residents who complete an FTS-recognised course.This scheme is intended to enhance specialised skills for employees in financial institutions and certified FinTech firms.b.MFA:RegTech Grand Scheme 39The grant is part of the Financial Sector Transformation

292、 and Innovation(FSTI)scheme supports Singapore-based financial institutions with under 200 employees to enhance risk management and compliance through technology.c.IBF and WSG:Technology in Finance Immersion Programme(TFIP)40The TFIP is an industry Attach-and-Train Career Conversion Programme that a

293、ims to build up an industry pipeline of capabilities in key technology areas to meet the talent needs of the financial services sector.TFIP is a full-time programme that provides mid-career individuals with the opportunity to attend industry-curated structured training,followed by attachment with fi

294、nancial institutions to gain on-the-job experience to pivot into a career in technology within the financial services sector.d.SSG:Career Transition Programme(SCTP)41The SCTP helps mid-career individuals to gain industry-relevant skills to improve their employability and transition to new job roles

295、or sectors.This program offers flexible,part-time or full-time training lasting three to twelve months and is delivered through Continuing Education and Training(CET)Centres,which also provide employment facilitation and career advisory support.e.WSG:Overseas Markets Immersion Programme(OMIP)42The O

296、MIP supports companies that are interested in overseas expansion to reskill employees with little to no overseas experience in the market,supporting companies to invest in their employees development and ultimately enhance the companies global mobility.Recommendations62(iii)Support an Open Talent Ma

297、rketplace to Expand the Talent PoolIn Singapore,technology giants are actively supporting open talent marketplaces,collaborating with industry leaders and government agencies to build in-demand technical skills such as AI,Cloud Computing and Data Analytics.These marketplaces allow organisations to s

298、hare talent and resources while promoting upskilling initiatives.For example,Googles Skills Ignition SG programme and Microsofts collaboration with SkillsFuture Singapore(SSG)demonstrate this effort to upskill mid-career professionals and future-proof the workforce.FIs can join consortia-led efforts

299、,by sharing opportunities within the talent marketplace to help employees stay relevant.Being a part of the consortia,FIs can use this opportunity to grow their talent pipeline by scouting and gaining early access to young talent who participates in short-term gigs.Example:MAS and SFA Industry Excha

300、nge Programmes The SFA and MAS industry exchange programmes in FinTech and Technology are talent programmes with AWS and Google that allow cross-organisation exchanges to target skill development in areas like blockchain,AI,and cybersecurity.Example:SSG Skills Ignition SG and WSG Mid-Career Pathways

301、 ProgrammeGoogle and SSG launched the Skills Ignition SG programme,which is a traineeship programme at Google to help graduates pivot into technology roles and build technology skills.There is also the WSG Mid-Career Pathways Programme,which supports mature mid-career individuals looking for a switc

302、h in careers,to be attached to a host organisation lasting up to six months where they can gain industry-relevant skills and experience.They can look forward to conversion to a full-time role with their host organisations if their training and performance is assessed to be satisfactory during the at

303、tachment.RecommendationsConclusion664The Financial Services Technology talent landscape is undergoing significant adjustment due to macroeconomic shifts and technological disruptions like GenAI.As Financial Institutions navigate this new environment,talent strategies need to be more dynamic and attu

304、ned to internal needs.To future-proof the workforce,Financial Institutions must urgently focus on internal talent transformation.This includes evaluating current skillsets,identifying gaps and investing in continuous learning and development programmes.By fostering a culture of learning and adaptabi

305、lity,institutions can build a more resilient workforce that is prepared to thrive in a technology-driven future.Along this vein,Financial Institutions can leverage the broader talent ecosystem by collaborating with Institutes of Higher Learning,Industry Partners and government initiatives to strengt

306、hen the talent pool.These partnerships will not only fill immediate skill gaps but also future-proof the industry by fostering the development of in-demand skills.As Financial Institutions continue to reinvent themselves,a people-first approach is essential for sustainable growth.Prioritising employ

307、ee experience,well-being and engagement will create a stronger alignment between business goals and workforce needs,ensuring long-term success.ConclusionFuture Proof your Workforce Now,More than EverAppendix766Research MethodologyAppendixA four-pronged research methodology was applied:1.Market-wide

308、survey A survey was sent to 1000+leaders and practitioners in Financial Services and Technology,with 167 valid responses received.2.Market Consultation and Interviews 12 interviews with key industry players,including leaders from Human Resources,Financial Institutions,Technology Organisations,FinTec

309、hs and Institutes of Higher Learning(IHLs)were conducted.3.Focus Group Discussions 2 focus group discussions with a total of 10 market representatives were conducted.4.Secondary Research Comprehensive databases and sources from Accenture as well as the public domain were leveraged to extract and ana

310、lyse data.Accentures proprietary tool,“Talent Frontier”,was utilised to evaluate the impact of GenAI on job tasks and skills clusters within selected technology roles in Financial Services.Talent Frontier applies a structured,AI-led approach using labour market data from Lightcast and Occupation dat

311、a from O*Net to identify the job-specific tasks and skills clusters relevant to each job role,determine how these elements would be automated and augmented by GenAI,along with the potential time savings resulting from such disruption.Accentures Centre for Data&Insights were also employed to conduct

312、a social media and news scan,offering insights into skills,salary benchmarks,employee reviews,and key publications.In addition,Accentures FinTech Watchtower report for H1 2024 provided valuable insights on emerging FinTech trends in Singapore.67Acknowledgments 1/2AppendixBenjamin GanAssociate Profes

313、sor of Information Systems(Education),Singapore Management UniversityCandy ChngChief People Officer,AXS GroupClarissa WangHead of People,EndowusGaurav Goel Senior Account Technology Strategist,Microsoft SingaporeHo Seong KimChief Executive Officer,Singapore Institute of Management(SIM)Humad AhmedMan

314、aging Director,Southeast Asia Banking Lead,Strategy&Consulting,AccentureJanice XuGroup COE Lead,Advance Intelligence Group Monica Divik AgarwalHead of People&Talent,MoneyHero GroupNupur MehtaRegional HR Director,Pure StorageOmbelle ZhangHead of Human Resources,Hashkey CapitalRena LimHuman Resources

315、Executive,AXSRichard JonesChief Business Officer,Group Operations&Technology Office APAC,UBSStephen Lee Group Chief Risk and Compliance Officer,NETSYap Aye WeeGroup Head Learning and Transformation,OCBCInterviewees68AppendixReuben LimChief Executive OfficerNesan GovenderManaging Director,Lead Talent

316、&Organisation SEA Tarinni Khattar Director,Talent&Organisation SEAHuang Junming Management Consulting,Talent&Organisation SEAKey contributorsSingapore FinTech AssociationAccenture SingaporeJames Gan Hwa JaanWilliam LimMaurise SeahAngela Lu Accenture Survey Solutions&AnalyticsAccenture Centre for Dat

317、a&InsightsAccenture Applied Intelligence Accenture Song With support fromChristine Chua Lead,Talent DevelopmentEdmund LumManagement Consulting,Talent&Organisation SEAJau Hwee Yan Management Consulting,Talent&Organisation SEAAcknowledgments 2/269AppendixFigure 5:Key Drivers for outsourcing and offsho

318、ringCharts70AppendixFigure 12:Roles Most Likely To be Disrupted by GenAI71AppendixFigure 17:Perceptions regarding employee benefits72AppendixFigure 20:Perceptions regarding employee compensation73AppendixFigure 21:Compensation Model FinTech74AppendixFigure 22:Compensation Model Banking and Asset man

319、agement75Figure 23:Work MotivationsAppendix76AppendixFigure 28:Which HR initiatives are your organisation prioritising to enhance its Employer Value Proposition(EVP)and drive talent attraction and retention in the next year?77References 1/21 Channel NewsAsia,Singapores economy grew 4.1%in Q3 of 2024

320、:MTI advance estimates,https:/ 2 The Straits Times,Unemployment rate in Singapore down across the board in June:MOM report,https:/ 3 Ministry of Manpower,Statistical Table:Job Vacancy,https:/stats.mom.gov.sg/Pages/JobVacancyTimeSeries.aspx 4 Ministry of Manpower,Statistical Table:Labour Turnover,htt

321、ps:/stats.mom.gov.sg/Pages/LabourTurnoverTimeSeries.aspx5 Channel NewsAsia,January 2024 Moonlighting,quiet quitting,rage applying trends set to continue in 2024 Moonlighting,quiet quitting,rage applying trends set to continue in 2024,survey finds-CNA 6 J.P.Morgan,September 2024 Fed meeting:Fed cuts

322、rates by half point to support economy,https:/ 7 Channel NewsAsia,MAS keeps monetary policy unchanged,expects inflation to decline further,https:/ 8 Reuters,Singapore seen keeping monetary policy unchanged as inflation risks linger,https:/ World Economic Forum,Future of Jobs Report 2023,https:/www3.

323、weforum.org/docs/WEF_Future_of_Jobs_2023.pdf 10 Accenture,The age of AI:Bankings New Reality,2024.11 OCBC Bank,OCBC Bank Launches First Artificial Intelligence-Powered Home&Renovation Loan Specialist,https:/ 12 UOB,UOB pioneers trial of Microsoft 365 Copilot Generative AI tool across multiple busine

324、ss functions to enhance productivity and collaboration,https:/ 13 Gartner,Hype Cycle for Artificial Intelligence,2024.14 Accenture,Technology Vision,2024.15 Unite.AI,Social Impact of Generative AI:Benefits and Threats,https:/www.unite.ai/social-impact-of-generative-ai-benefits-and-threats/16 The Str

325、aits Times,More than just WFH:Flexible work arrangements for employers and employees to consider,https:/ The Straits Times,NDR 2024:Parental leave enhancements add to recent slew of family-friendly measures,https:/ 18 Monetary Authority of Singapore,Explanatory Brief:The Financial Institutions(Misce

326、llaneous Amendments)Bill 2024,https:/www.mas.gov.sg/news/speeches/2024/explanatory-brief-the-financial-institutions-miscellaneous-amendments-bill-2024 19 Accenture,Employee Experience Insights by Generation Report.20 Accenture,Work,Workforce,Workers;Reinvented in the age of Generative AI.21 World Ec

327、onomic Forum,Jobs of Tomorrow:Large Language Models and Jobs,https:/www3.weforum.org/docs/WEF_Jobs_of_Tomorrow_Generative_AI_2023.pdf 22 The stages referenced in this question relate to the Garner Hype cycle.https:/ Monetary Authority of Singapore,Annual Report 2023/2024https:/www.mas.gov.sg/publica

328、tions/annual-report/2024/annual-report-2023-2024 24 Accenture Risk Study,2024 Edition 25 Ministry of Manpower Tripartite Guidelines on Flexible Work Arrangement Requests(TG-FWAR):Tripartite Guidelines on Flexible Work Arrangement Requests(TG-FWAR)(mom.gov.sg)26 Accenture Care to Do Better Report,202

329、0 27 Accenture,FY23 Performance Data table.https:/ Accenture Research-Work,workforce,workers reinvented in the age of generative AI,Generative AI Future of Work Talent Transformation|AccentureAppendix78References 2/2Appendix29 OCBC Sustainability Report 2023https:/ Intuit Global Stories Internal mob

330、ility can enhance skill developmentif companies get it right-Intuit Blog31 SMU Advanced Certificate in FinTech and the Future of Financehttps:/academy.smu.edu.sg/courses/advanced-certificate-fintech-and-future-finance32 SMU SkillsFuture Level-Up Programmehttps:/academy.smu.edu.sg/skillsfuture-level-

331、up-programme33 SIM Professional Development Courseshttps:/www.sim.edu.sg/professional-development/overview 34 UOB launches more support initiatives across all career stages at annual Better U festival,including industry-first programme for work and study targeting Polytechnic and Institute of Techni

332、cal Education students https:/ 2023.page?path=data/uobgroup/2023/279&cr=segment35 IBF Career Conversion Programme(CCP)https:/www.ibf.org.sg/home/for-financial-institutions/talent-development-and-training-support/develop-mid-career-talent/career-conversion-programmes36 Support for Job Redesign under

333、Productivity Solutions Grant(PSG-JR)https:/www.wsg.gov.sg/home/employers-industry-partners/workforce-development-job-redesign/support-for-job-redesign-under-productivity-solutions-grant?gad_source=1&gclid=Cj0KCQjwm5e5BhCWARIsANwm06jsI1N3svYcL_UzlWHUG2ni1fc3ho_giR2ERKnAL7oS6pa8JCUY3TUaAlygEALw_wcB37 SkillsFuture Queen Bee Networkshttps:/skillsfuture.gobusiness.gov.sg/support-and-programmes/skillsfu