By Jessica Cheam

A BANKER today, but a teacher tomorrow? Or maybe a hospitality job at Singapore's upcoming integrated resorts?

Whatever takes your fancy, the world is your oyster. Being retrenched from the finance industry certainly does not mean the end of your career.

This was the message of a forum held last week by the Financial Women's Association of Singapore (FWA), whose objective was to help women affected by the downturn find jobs within and beyond finance.

The global economic crisis has resulted in job losses in Singapore - almost 13,000 in the first quarter, another 5,500 in the second quarter - and the financial sector was among the hardest hit.

Locally, the finance industry contributes a significant number of jobs - 5.4 per cent of employment, noted Mrs Lim Hwee Hua, Minister in the Prime Minister's Office and Second Minister for Finance and Transport, who was guest of honour at the forum.

'If the changes are purely cyclical, then employment can be expected to pick up in tandem with a recovery. If, however, the changes are structural, then some may find themselves out of a role even when recovery takes place,' Mrs Lim said.

FWA president Chan Ee Lin, head of wealth planning of South-east Asia at RBS Coutts, noted some trends have emerged from layoffs in the finance industry.

Older professionals who have achieved higher salaries are finding it harder to find replacement jobs as firms recruit junior staff who are cheaper, she said.

Another significant trend: women who go on maternity leave are highly vulnerable. Many have gone on long leave and returned to find someone else doing their job.

Unless the job contributes directly to the bottom line, many returning mothers may find it difficult to hold on to their positions, she said.

So what are female professionals to do?

Do not despair. There are many options, said FWA.

If you want to remain within the finance industry, this may mean upgrading or learning new skills or finding the right network to land the right job, said Ms Chan.

One can choose to stay with the same skill sets and upgrade them, or move into a related finance field or even set up one's own business.

Equally, one can consider another option: the world beyond finance.

FWA vice-president Lorraine Boon, executive search director at Garner International, said this means being willing to open up to new industries, going beyond comfort zones and learning a new business while harnessing financial skills.

This could include making the switch from bank to non-bank corporate environments.

Firms which participated at the forum included property firm Mapletree Investments, management consultancy Bain & Company, and information firm Thomson Reuters.

They offer a corporate environment outside the banking industry but utilise similar skills, noted Ms Boon.

Other avenues to consider include philanthropy, which could be suitable for former bankers searching for some meaning or looking to give back to society, added Ms Chan.

She pointed out that more such international organisations have been courted by the Economic Development Board to set up shop in Singapore, and the number of jobs available in this sector is growing.

The Ministry of Education was also invited to the forum to provide some insight into the world of teaching.

'You'll be surprised that bankers actually make good teachers. They have the hands-on knowledge and corporate experience to enrich lessons for the students,' said Ms Boon.

Then there is the hospitality industry: hundreds of jobs are available at Marina Bay Sands, which also participated in the forum's job fair that attracted almost 200 participants, including men.

Hospitality and banking require similar skill sets, such as the need to be service-oriented and an eye for business. 'Workers might find the move more seamless than expected,' added Ms Boon.

One silver lining from the recession: what comes down must go up. Ms Boon noted that across the finance industry, the recruitment scene is stirring back to life, especially for front-end jobs, so do not give up looking.

Still, Mrs Lim reminded the forum that the financial job market still remains very much a 'buyers' market'.

To succeed in finding a new job, mindsets need to change.

'Retrenchment will continue and can happen to anyone - however, it should not be seen as a personal failure but rather, it should be treated as an opportunity to upgrade or switch industries to find the job with the right fit,' said Mrs Lim.

This article was first published in The Straits Times.