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HR Must be Empowered to Enable Workforce Transformation for the Financial Sector

At this year’s annual Institute of Banking & Finance Singapore (IBF) Distinction Evening, HR was identified as a critical enabler for workforce transformation in the financial sector.

“Digitalisation will continue to transform jobs and processes in the financial services industry. To take our workforce transformation to the next level, there are three things that we need to get right – first, organisations have to build up their capability in workforce transformation, second, re-skilling needs to be institutionalised and thirdly, to achieve all these, HR must be empowered” said Mr Ng Nam Sin, Chief Executive Officer, IBF in his opening remarks. Financial institutions with a strong HR function are able to bring together multiple business units to develop firm-wide strategic workforce plans and identify skills needed for the future. They will also be able to put together resources for workers to re-skills and pivot to roles where they can contribute meaningfully.

The IBF Distinction Evening annually recognises excellence within Singapore’s financial industry and honours outstanding financial sector professionals and organisations who are committed towards raising industry standards and individual capabilities. Graced by Guest of Honour Mr Ong Ye Kung, Minister for Education and board member of MAS, IBF also unveiled the Skills Framework for Financial Services at the event, which sets out progression pathways and skills required for a career in the industry.

Our Corporate Partners honoured by WSG and IBF for workforce transformation efforts

To recognise efforts in workforce transformation, six financial institutions were conferred the inaugural “Workforce Transformation Award” by WSG for their commitment and progress in reskilling existing employees through the Professional Conversion Programme (PCP), which is part of WSG’s Adapt and Grow initiative.

The IHRP team gives our heartiest congratulations to our three Corporate Partners, DBS, Citibank Singapore and OCBC Bank for receiving the Workforce Transformation Award. The winners shared their thoughts on their win here.

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