Despite a widely held belief that international financial services professionals are employed on expat packages, new research has revealed that this perception is far from reality.
An overwhelming 83{95a2435e1d5758f6d9d5615cfe8f4203fd5bccff0e058dcf69a7b31d3a698e0b} of overseas professionals based in Singapore say they have never been
employed on an expat package according to a recent survey from leading careers website
eFinancialCareers, which polled over 1,000 employed bankers and finance professionals based in
Singapore.
“A common misconception exists about the prevalence of expat packages in Singapore but our
survey shows they have almost become a thing of the past. In recent years there has been a
definitive shift away from them.” said George McFerran, Global Sales & Marketing Director at
eFinancialCareers.
He added: “financial services firms are becoming increasingly cost conscious and Singapore’s status
as an attractive place to live and work has also been a key driver. It is a leading financial centre
where professionals can develop their careers in a safe and enjoyable environment, meaning expat
packages aren’t needed to attract talent. The recent focus to proactively develop the Singaporean
talent pool could mean we see the already small number of expat packages further diminish.”
The research suggests that the move away from the expat packages could have a positive impact on
company culture. As 62{95a2435e1d5758f6d9d5615cfe8f4203fd5bccff0e058dcf69a7b31d3a698e0b} of Singaporean financial services professionals think that expat packages
cause friction in the office and 55{95a2435e1d5758f6d9d5615cfe8f4203fd5bccff0e058dcf69a7b31d3a698e0b} of them believe that foreigners are receiving preferential
treatment in the work place.
McFerran concluded: “there is a clear disconnect between perception and reality when it comes to
the number of overseas professionals that are on expat packages. Employers that are transparent
with their workforce and clearly communicate that expat packages are not the norm will stand to
achieve greater office harmony. This is a crucial part of building a positive corporate culture and is an
increasingly valuable retention tool.”
About the Survey
The eFinancialCareers Career Trends Survey was conducted between April and May 2014. The survey
polled a total of 1,142 employed bankers and finance professionals based in Singapore. Respondents
were asked about their career satisfaction and aspirations, and where they would want to work, if
given the choice, and why.
About eFinancialCareers
eFinancialCareers, a Dice Holdings Inc. service, is the world’s leading financial services careers
website, and the place to go for financial careers and talent.
