A 2020 Selby Jennings survey revealed that financial services professionals are confident in their job security despite being negative about the economic outlook. Among APAC professionals participating in the survey, 60.4% foresaw a worse economic outlook for the next 12 months. But despite the negative outlook, 60.8% of the respondents are not worried about their jobs.
According to Selby APAC managing director Andrew McNeilis, the relatively high levels of compensation across APAC are not surprising. “Regardless of the market, those people who can add value and generate success in business-critical roles can still command impressive packages – especially at the mid-to-senior level that we focus on,” he added.
Despite the anticipated slowing economy, he is positive about an upward demand for members of the C-suite. “The next year is going to be a roller coaster ride – growth in China, transformation due to digital and fintech disruptors and transformation, crisis due to supply chain impact of COVID. Many firms will need to buy in such talent, and those talented people already capable will no doubt get approaches,” he added.
Asked what experience are in demand in 2020, he listed crisis response, turnaround, growth, transformation and disruption are of particular interest to hiring companies.
“Today’s C suite will need to demonstrate tons of resilience, agility and smart decision making. Emotional intelligence will be in high demand. It is worth highlighting that leadership needs and thrives on control. Many external factors are happening that C suite cannot control – so their agility and ability to play with the cards they are dealt will be of paramount importance – do not underestimate the importance of CEOs who understand sales, cost control and who have emotional intelligence – they will be in high demand as competencies and skills,” continued McNeilis.
Dusting the CV
For professionals looking to up their career prospects post COVID-19, he suggests “Be the change. Don’t wait to be asked.” – my strong advice is that you are a lot more employable when employed than unemployed. If it gets tough in your world, slug it out, and do not quit. The people who rise to the top in the next 18 months are those who step back and ask the simple question “How can we turn this to our advantage?” and then EXECUTE.”
He acknowledged that crisis and change are nothing new to BFSI, from the Global Finance Crisis (GFC), regulatory changes, technology disruption, all keep coming – COVID-19 is nothing new – it is yet another “out of our control” event.
He suggested seeing an opportunity whilst mitigating against the threat. Wars, crisis, regulation, business will evolve.
“Adapt and change – to survive and thrive have been the watchwords of financial services for over 140 years. Will they be the same? Of course not. Will the new look be worse? Not necessarily. Will we learn from this? Probably not? Is humankind capable of recovering and advancing – you bet!,” concluded McNeilis.
