Under the new company-initiated Professional Conversion Programme (PCP), employers have the flexibility to customise training for new hires.
They can also leverage on the PCP to redeploy existing staff who are at risk of redundancy into jobs in growth areas.
Participating financial institutions will receive funding from Workforce Singapore for salary support and training subsidies.
Ms Jacinta Low, head of human resource planning at OCBC Bank, the financial institution piloting the PCP, said: "The new company-initiated PCP allows us to explore alternative sources of manpower to build up our pipeline of compliance officers."
Mr Patrick Tay, co-chairman of the Financial Sector Tripartite Committee, said this new initiative will enable financial institutions to be more agile and have a supply of skilled workers quickly.
"In (this)day and age where technology is advancing rapidly leading to job churns in the industry, training needs to be fast and efficient to meet the ever-changing needs of the industry."
Professionals, Managers and Executives (PMEs) who wish to find opportunities, upgrade themselves and take on jobs in the financial sector can expect a series of events in the next few days.
Financial Services Week, which will run till Friday at the One Marina Boulevard NTUC Centre, will feature industry mentoring sessions, a career preparatory workshop and career fair.
There, PMEs can learn from industry experts about the challenges and opportunities in the financial sector.
This article was first published on Mar 29, 2017.
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