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Friday, June 14, 2024
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MAN WORKING IN IT DEPARTMENT OF LOCAL BANKS “HARD TO ADVANCE CAREER, A LOT FT”

A recent conversation with an IT professional working in a local bank has shed light on the difficulties faced by many in advancing their careers in this field. The individual, who wished to remain anonymous, shared their concerns about the limited opportunities for growth and the prevalence of foreign talent (FT) in the industry.

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According to the IT professional, the banking sector’s IT departments are often dominated by foreign talent, making it challenging for locals to climb the career ladder. This phenomenon is not unique to the banking industry, as many sectors in Singapore have seen an influx of foreign workers in recent years. However, the impact on career advancement opportunities for locals is particularly pronounced in the IT field, where specialized skills and expertise are in high demand.

The IT professional cited several reasons for the limited career advancement opportunities in local banking IT departments. Firstly, the presence of foreign talent has increased competition for promotions and leadership roles.

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Many foreign workers bring with them specialized skills and experience, making them attractive candidates for senior positions. As a result, locals may find themselves overlooked for promotions, despite their own skills and dedication.

Secondly, the IT professional noted that the banking industry’s emphasis on cost-cutting and efficiency has led to a reliance on foreign workers who are often willing to accept lower salaries and benefits. This has created a situation where locals are priced out of the market, making it difficult for them to secure promotions or even retain their current positions.

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Lastly, the IT professional expressed concerns about the lack of opportunities for training and development in local banking IT departments. With limited resources allocated to staff development, locals may struggle to acquire the skills and certifications needed to remain competitive in the industry. This can lead to a vicious cycle, where locals are unable to advance their careers due to a lack of opportunities, while foreign talent continues to dominate the sector.

The challenges faced by IT professionals in local banking departments are a reflection of the broader issues affecting the industry. As Singapore continues to grapple with the challenges of an aging population and a rapidly changing workforce, it is essential to address the concerns of locals who feel marginalized by the influx of foreign talent. By investing in staff development and creating opportunities for career advancement, local banks can help to retain and develop the skills of their local employees, ultimately benefiting the industry as a whole.

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