Asia Pacific Banking Salary Increases to Slow in 2017, but Pay for Digital Roles to Hold Firm -- Willis Towers Watson Study - Seite 2

Unlike in pre-financial crisis times, banking no longer stands alone as the industry of choice amongst top-tier university graduates, according to Greg Kuczaj, Asia Pacific Head of Willis Towers Watson's Global Financial Services practice. "There is continued attraction and retention pressure from non-financial services firms, such as those in high tech or fintech, as the pay premium in financial services has decreased to where it is no longer a major attraction," said Kuczaj. 

Even at mid- and senior-level positions, technology firms are increasingly attracting key talent away from the financial services industry due to less regulation and scrutiny in the high tech industry, more innovative and entrepreneurial work environments, and highly competitive total rewards packages.

Demand for Tech and Digital Talent Evident Across Industries

Demand for tech and digital talent is evident elsewhere in the region across many industries. As banks move online and adopt mobile solutions, insurance companies are also adopting wearable devices and data analytics technology to tailor policies, pushing Insurtech salaries higher. Other areas competing for digital talent include Fintech, online-to-offline (O2O) and e-commerce.

"In China, Beijing has been pushing entrepreneurship as a cornerstone of its economic restructuring. Digitalisation plays a significant role in this as a key element of an effective entrepreneurship ecosystem," said Mr. Kuczaj. "It's similar in India with the government-backed 'Made-in-India' campaign. India is also home to a huge e-commerce and taxi-hailing market, creating very high demand for talent in mobile payment technology and data analytics."

Digital transformation means there's a need to review and redefine the talent strategy to identify key skills and differentiate compensation for talent in key roles.

"In Silicon Valley, for example, top talent is often rewarded with equity in addition to a competitive base salary and annual bonus. It's very compelling," said Mr. Kuczaj. "To truly compete, financial services firms will need to think beyond merely using pay to attract and retain talent. Career opportunities, organisational reputation, security and manager/leadership effectiveness are all critical drivers of attraction and retention."