Singapore’s third largest bank, United Overseas Bank (UOB) announced a freeze on hiring, pay and promotions, but the company will continue to hire in new tech roles that are deemed essential.
The hiring freeze will be in place until December 2021. However, UOB’s Head of Group Human Resources, Dean Tong, said new appointments will have to be approved by senior level employees.
“We will need to continue investing in and hiring for roles essential for strategic priorities,” said Mr. Tong.
In response to what positions are essential, Tong responded that roles in the digital space would be considered as such, including technology and data analytics.
This hiring practice shows the growing importance and marketability of digital expertise in a sector that increasingly relies on tech to upscale their banking and financial services.
“Given the transformational times we are in, we remain committed to seeing our people through to better times and will continue to invest in their reskilling and upskilling. This will ensure that our people, and the bank, will emerge stronger when these difficult days are over,” Mr. Tong reassured.
The economic outlook was described as ‘one of the worst in the decades’ after UOB was hit by a 26% decline in stocks and a 40% fall in Q2 net profits to $703 million due to the COVID-19 pandemic.
Other banks in Singapore, including OCBC and DBS are also said to be reviewing ways to cut expenses.
Got a story, opinion or more information on this article? Contact us at firstname.lastname@example.org.
And get the latest updates by signing up to the W.Media Newsletter!