Jacqueline Loh: Talent development in the financial sector
Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority
of Singapore, at the Financial Women's Association's International Women's Day
Celebration, Singapore, 8 March 2016.
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Ladies and gentlemen,
1. Good afternoon. Thank you for the opportunity to celebrate International Women's
Day with you.
2. As a part of the leadership team in MAS overseeing manpower issues for the
financial sector, the topic of talent development and continuing professional development is
something that is close to my heart. I am very heartened by the Financial Women's
Association's cause to promote and advance the standard of professionalism, especially of
women, in the financial services industry. Your passion in the work that you do is truly
inspiring, and I believe many women in the industry greatly appreciate the opportunity which
FWA provides - like what your President Catherine Low said- "a platform that successfully
educates, edifies, and encourages, allowing members to not only "take" but also "give",
through FWA's mentorship programs and charity activities".
Gender parity
3. McKinsey Global Institute's 2015 study on "The Power of Parity" estimated that
advancing women's equality can add $12 trillion USD to growth worldwide. Our region (East
and Southeast Asia, excluding China) alone stands to gain $900bn in incremental GDP.
Within this region, Singapore is the fastest improving country - we are notably closing the
gender gap in labour participation at a rate of 1.1 percentage points a year.
4. The Singapore Diversity Action Committee found that the SGX-listed companies
saw 10.2% of board seats held by women in 2015, a notable increase from 7.6% in the
previous year; with large companies leading the growth. However, if we compare to other
centres like the UK and Hong Kong, the women's representation on boards is 26.1% and a
slightly higher 11.5% respectively.
5. The FWA Gender Survey, results for which will be discussed in depth later,
corroborates these findings. While we are heartened that the women participation numbers
are healthy at the lower levels, we need to remain focused on encouraging the contribution of
women at all levels, and especially at the more senior positions.
6. Singapore's greatest asset is its people, and developing talent must be a top priority.
In MAS, we place great emphasis on talent development, progression and retention in
the industry. You may know that we have recently formed the Financial Sector Tripartite
Committee (FSTC), which I co-chair with Mr Patrick Tay, Assistant Secretary-General,
National Trades Union Congress (NTUC). FSTC brings together the industry associations,
government and labour movement, to foster a financial sector workforce that is versatile and
well-equipped to seize the opportunities and adapt to the changing needs of the financial
services industry. Our overall objective is to build a financial sector that not only reinforces
Singapore's position as a major international financial centre, but most importantly, one that
provides good jobs for Singaporeans.
7. Allow me to elaborate on our approach.
8. First, strengthening talent development for individuals to achieve their fullest
potential.
• MAS works in close partnership with the industry to provide training pathways and
training opportunities for Singaporean finance professionals. The pursuit of continual
learning related to financial sector competencies will help each and every one to
attain mastery in their respective fields and achieve their fullest potential.
• MAS has a range of schemes to support the learning journey at all levels, from
undergraduates and fresh graduates, to early/mid-career professionals, and to those
in leadership positions. We have prepared a "SkillsFuture for the Financial Sector"
infographic that you can find at your table which provides more information on these
schemes.
9. For example, under the Finance Scholarship Programme (FSP), MAS supports
early-mid career Singaporeans in developing specialist capabilities through post-graduate
studies, in areas such as risk management, speciality insurance and quantitative finance.
The recently launched Financial Sector SkillsFuture Study Award will also provide an
additional channel of support to enable individuals to upgrade their skills through a wider
range of specialist programmes.
10. Second, beyond competency-based training, cross-functional and
international exposure is a key ingredient in building up leaders. We want to ensure that
there are Singaporean professionals taking up leadership positions in the key financial
institutions. So MAS works with many financial institutions to develop programmes for their
Singaporean professionals, for example, by enabling them to take up cross-functional roles,
such as via finance associate management programs, or to take international postings for
better exposure1. Last year, we launched the Asian Financial Leaders Programme, aimed at
equipping senior financial sector professionals who are on the path to leading financial
institutions in a variety of sectors including banking, insurance, asset management, private
equity etc, with the knowledge and capabilities to operate effectively across diverse
business, regulatory and legal environments.
11. Third, retention of skilled and trained professionals in the industry. MAS has
been working closely with financial institutions to ensure fair and equitable treatment for all
employees. For example:
We work with financial institutions to ensure HR policies are non-discriminatory,
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regardless of gender, race, or age
While we provide for specialist skills in areas of need, professionals will also need
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sufficient breadth of skills to be flexible and resilient in times of change. This means
pre-emptively identifying the key jobs that are evolving, and developing structured
training pathways. We must also identify new cross-functional competencies that are
needed across different areas of finance, such as data analytics and digital banking.
These initiatives will help to facilitate more seamless transitions within their
organization. With these structured training pathways in place, professionals
amongst us, particularly females who may need to take time out from work, can
reskill and re-enter the workforce more seamlessly.
• We also want to partner with financial institutions to create a working environment
that is conducive to accommodate changes, be it in life-cycles or lifestyles, so that
employees can manage demands better, both at work and from home. It is
heartening to note that many financial institutions are offering flexible work
arrangements, including flexible working hours, telecommuting and
teleconferencing, as well as mentors, who can lend a helping hand, providing that
needed uplift and moral support.
12. Our collaborative efforts in developing talent in the financial sector will allow
individuals opportunities to continually develop themselves and chart their own career
progression, from students to mid-career professionals to leaders within the sector.
Working hand-in-hand with FWA
13. Our efforts will be more effective and achieve greater success with the help of
industry professionals like yourselves. Given the strong network FWA has established, you
are well placed to play an important role in ensuring equal opportunity for all. I would like to
touch on three areas in which I see tremendous potential to harness the collective
experience and wisdom of the FWA.
14. My views are also shaped by personal experiences building my career in MAS, the
challenges and trade-offs that I have had to strike in balancing family and career, reflecting
on what would have been helpful for me then, and considering what can make a meaningful
difference for the professionals in our sector today.
15. Firstly, in encouraging a broadening of horizons via overseas postings. Over the
years, business leaders have consistently given feedback that our promising finance sector
professionals lack regional and international experience and that Singaporeans, in particular,
display greater resistance in taking on such assignments. In an international financial centre
like Singapore, the exposure gleaned in this part of the learning journey is extremely useful
and important for progression to the higher rungs of the corporate ladder. This is because
overseas exposure provides the breadth of perspectives expected of global and regional
management roles. This dilemma unfortunately affects women to a greater extent, as many
have chosen to or may have felt the need to turn down these opportunities due to family
commitments, spouses' careers, or children's education needs. How can we encourage more
to embrace these opportunities, and better balance competing priorities?
16. It is never an easy decision - and that is where a support network such as FWA is
valued. I do not know the percentages, but I would hazard a guess that many of you have
had overseas stints, be in in the region or beyond. And for those who have, I am sure that it
has been a rewarding and enriching experience. I myself had the wonderful opportunity to
work in MAS' NYO for about 4 years, and today, I strongly urge my young colleagues to
consider a posting overseas.
17. In your own capacities, you can contribute significantly to mentoring and advising
professionals in the financial sector, sharing with them your own personal experiences of
how you have overcome challenges, and flourished from such opportunities. Overseas
postings need not be a daunting and alienating choice. It can be an enriching opportunity, not
just for the professional, but his/ her loved ones and family.
18. Another area where I see tremendous opportunity for FWA is in helping women in
the financial sector better balance between career and family. It is not uncommon for women
to take time off after having a baby, especially in the early childhood years. Increasingly, we
have to also take longer periods of time off for caring of aged parents. Re-assimilation into
the workforce will be an increasing challenge, given the fast evolving pace of the industry
and the winds of change brought on by technology.
19. MAS, together with NTUC, ABS, IBF, the Singapore Workforce Development
Agency (WDA), will launch a Financial Industry Career Advisory Centre (FiCAC) in April that
will provide guidance to those keen to join the financial industry as well as those looking to
move to new jobs within the industry. FiCAC will also organise talks on job opportunities in
the financial sector. These will help affected professionals, including women and working
mothers, to find jobs suitable for their skills. We believe that industry professionals such as
yourselves will be able to make significant contributions towards this initiative, and we urge
you to participate in any way that you can.
20. As leaders in your respective companies, we hope that you will be welcoming to
those looking to rejoin the industry, and acknowledge the experience that these professionals
bring to the table.
21. Thirdly, given the challenging environment in financial services, it is more important
than ever for employees to take charge of their own learning, careers, and development.
Each of you can do much to encourage and institute training initiatives in your company, and
to allow more time for employees to pursue further education in their specialisations. We look
to FWA to continue being that strong influence in encouraging professionals to pursue
continual rejuvenation, both in terms of skills and mindsets.
Celebrating successes
22. I am glad to say that many financial institutions are with us in the journey of
developing talent in the sector. In fact, a number of them are institutional members of FWA,
who not only are close partners with us in building a strong manpower pipeline, but are also
especially supportive of nurturing female talents.
23. For instance, Barclays, our host today, is the first bank in the world to join the United
Nations initiative, HeForShe, which promotes gender parity in corporations. Their many
initiatives include "Women of the Year" programmes to recognise female employees for
outstanding success, as well as their Women's Initiative Network (WIN) which provides a
supportive platform for sharing and engagement among Barclays employees worldwide.
24. Amongst us, there are many women leaders who have blazed the trail in the
industry. The moderator for today's panel discussion, Deborah Ho, has had an illustrious
career with financial institutions in Asia and New York and is an IBF Fellow. Deborah serves
on the committees of Barclays' Global Investment Bank Diversity Council and Women's
Initiative Network. She is also Barclays' representative on BoardAgender.
25. The list goes on and thank you each and every one of you, for inspiring in your own
way and for being a role model.
Closing remarks
26. It is critical for us to diversify our workforce, especially since it has been shown over
and over again that the best performing organisations are those who tap on all of their
employees' talents, both men and women alike. In fact, according to another McKinsey
report, gender-diverse companies are 15% more likely to outperform their non-diverse
counterparts.2
27. We must do more in our own capacity to promote and encourage talent
development in the financial sector, being an inspiration in our own way. Not simply for the
benefit of employers, but to allow every individual an equal opportunity to pursue their goals
and dreams, and strive for their best. For the modern woman, and indeed all of us present
here, there is no reason why we cannot have it all.
28. I look forward to listening to everyone's views during the panel discussion later.
Thank you.