By Chow Penn Nee

THE financial sector will have to fight even harder to attract top talent as new industries take root in Singapore, a top consultant said yesterday.

Knowledge industries such as software development and biotechnology will compete with the financial sector in the battle for brains, said Ron Collard, a partner at PricewaterhouseCoopers (PWC) in the UK, who advises financial institutions on HR strategy and development.

'The financial industry recruits people from a wide range of disciplines, not just those with a degree in banking and finance,' he told BT in an interview yesterday. 'So a person with a Masters in biochemistry might consider going into these new industries rather than finance.'

Managers in the finance industry should not think well-qualified people will always choose to work in the industry, he said. Handing out generous pay aside, these managers will have to think about 'engaging their staff'.

'People have to feel like they are well-managed,' said Prof Collard. 'They have proper career development and be given feedback on their performance.'

Another big challenge facing organisations - and not just in Singapore - is managing Generation Y, the 25-30-year-old demographic. These people are generally tech-savvy, eschew conventional job security and are much more attracted to interesting jobs rather than money. They like to travel, excel at jobs they find interesting and fail at those they find boring, said Prof Collard. 'So companies need to learn to be flexible when dealing with them. One way to do this is by keeping positions open for them while they take time off work to travel. Or companies can look at seconding them to work in places where they are travelling.'

Financial institutions are still a top choice for graduates and look after staff by paying them well, he said. But the management of these institutions cannot afford to be complacent. 'If they don't pay attention to talent development, employees will move,' he said.

This article was first published in The Business Times on 20 June 2008.

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