5 Strategies to Attract & Retain Finance &

In today's competitive job market, attracting and retaining top finance and accounting talent in Singapore can be a significant challenge for employers. With the city-state's reputation as a global financial hub, the demand for skilled professionals in these fields continues to grow. To help you stay ahead of the curve, I have compiled 5 strategies to not only attract but also retain the best finance and accounting talent in Singapore.

1. Offer Competitive Compensation & Benefits

While it may seem obvious, the importance of offering competitive compensation cannot be overstated. However, competitive compensation goes beyond just numbers. Finance and accounting professionals are increasingly looking for holistic benefit packages that cater to their well-being, including:

Health and wellness programmes: Offer perks such as gym memberships, mental health support, or wellness stipends.
Flexible work arrangements: The post-pandemic world has proven the importance of work-life balance. Offering hybrid or remote work options could set your company apart from others.
Retirement and insurance plans: Robust coverage that goes beyond the basics will appeal to candidates looking for long-term security.

2. Invest in Professional Development

Finance and accounting professionals value opportunities for growth and development, and companies that prioritise continuous learning are better positioned to attract and retain top talent. Implement a robust training programme that keeps your team updated on the latest industry trends, technologies, and regulations. Consider partnering with local universities or professional organisations to offer certifications and advanced courses. By investing in your employees' professional growth, you not only increase their value to your company but also demonstrate your commitment to their long-term success.

3. Promote a Positive Work Culture

A company’s culture is becoming a critical factor in attracting and retaining finance and accounting talent. Many professionals in this field now prioritise culture alongside compensation when evaluating job opportunities.

To build a culture that resonates, focus on fostering open communication, regularly recognising employee achievements, and creating an inclusive environment. Implementing diversity, equity, and inclusion (DE&I) initiatives helps cultivate a welcoming atmosphere for professionals from various backgrounds. Moreover, promoting a healthy work-life balance by discouraging burnout and respecting personal time will not only improve employee satisfaction but also make your company more attractive to potential hires.

4. Build a Strong Employer Brand

In today’s digital age, a company’s employer brand can significantly influence its ability to attract talent. A strong employer brand showcases your company’s culture, values, and the unique opportunities you offer. Engaging on social platforms like LinkedIn or Glassdoor allows you to highlight employee success stories, company achievements, and workplace initiatives. Additionally, maintaining a positive online presence can help you reach passive candidates who aren’t actively job hunting but might be tempted by the right opportunity. Building and promoting your employer brand is not just about filling positions; it’s about positioning your company as a desirable place to work.

5. Create Clear Career Progression Paths

Finance and accounting professionals are often highly career-driven, and they are more likely to stay with organisations that offer clear pathways for growth. Having transparent promotion criteria is critical, as it helps employees understand what they need to do to advance within the company. Offering mentorship programmes can also be highly beneficial, pairing junior staff with experienced professionals to guide their development. Additionally, creating leadership development programmes for high-potential employees shows that you are invested in their future. By offering these growth opportunities, you are more likely to attract professionals who see a long-term future with your company.

6. Adopt a Data-Driven Recruitment Process

In a competitive market such as Singapore, recruiting top talent requires a proactive and data-driven approach. Use market data to understand candidate expectations, identify trends, and refine your recruitment strategy. AI-powered screening tools can help streamline the hiring process, ensuring you connect with the most suitable candidates efficiently. Collaborating with specialised recruitment firms can further expand your reach by providing access to a larger talent pool and offering insights into industry standards.

As Singapore continues to be a financial epicenter, employers must adapt to the evolving expectations of finance and accounting professionals. Implementing these strategies—and continually reviewing them to reflect changing market needs—will help position your company as an employer of choice in this highly competitive landscape.

If you are looking to hire within the finance and accounting space in Singapore, feel free to reach out to me at joey.chen@ambition.com.sg.