You’ve lost or are about to lose your banking job at Standard Chartered, Barclays, Deutsche Bank, or RBS in Asia. Bad timing. With several European banks cutting roles in Singapore and Hong Kong right now, recruiters say there’s an unusually high number of unemployed finance professionals like you on the job market – your search for new work could be tricky.
To help you overcome the obstacles, here’s some expert advice for getting back into the workforce in Asia, a region where being unemployed still carries some stigma.
1. Accept your situation
“I’ve seen job seekers who just haven’t fully come to terms with or accepted their transition to unemployment, so their searches have been futile as a result,” says Angela Kuek, director of search firm Meyer Consulting Group in Singapore. “For example, they desperately want to get back into the same role and they don’t widen their search, or they don’t leverage their networks because they’re too embarrassed about their situation.”
2. Don’t search straight away
If you have the financial means, consider delaying your job search for a few weeks so you can recover from the mental upheaval of being laid off. “Take time off to destress, sleep well, eat well, rest and exercise,” says Daniel Koh, a psychologist at Insights Mind Centre in Singapore. “This builds you up physically and emotionally for your job search – it helps your mind deal more effectivity with stress and make better decisions.”
3. Vent your frustrations
“Sharing with others and venting out can help you to feel freer from stress,” advises Koh. “Plus at times other people may see things differently from you and therefore provide you with better advice.”
4. Don’t take on other big tasks
Once you’ve got over the initial shock of losing your job it’s tempting to use your free time to take on another big project. Don’t – warns Koh. “It’s difficult enough to deal with one transition, so avoid making others like moving house. Put all your attention into looking after yourself and finding a new job.”
5. Avoid negativism
Spending time addressing your emotional state will pay dividends down the line. “It helps you avoid the very common mistake of bringing negativism into job searching and interviewing,” explains Kuek. “No hiring manager will take on someone with a defeatist attitude and experienced hirers can smell discouragement and lack of energy a mile away. So maintain an upbeat disposition and don’t bad mouth your old employer, no matter how traumatic your exit was.”
6. Take stock of your career
Don’t just rush to look at vacancies in the same field – treat your retrenchment as an opportunity to take stock of your career and consider alternative next steps, says Henry Chamberlain, a Hong Kong management consultant and former head of selection at Standard Chartered. Paul Heng, founder of NeXT Corporate Coaching Services in Singapore recommends asking the following questions: How do I see myself progressing in my banking career from here? What do I want to achieve – what are my key motivators? What other interests do I have? And are these interests possible career options, or are they not, given the stage of my career now?
7. Consider the middle office
If you’re looking for career change into a more stable part of the banking sector, it may be possible to move into a middle-office role in Singapore or Hong Kong. “We’re seeing a few compliance, risk and audit functions looking for ex-front office staff who have had an element of controls in their roles,” says Aaron Bolton, a manager at recruitment company Black Swan Group in Singapore. “If you want to move functions, highlight where you’ve mitigated risk, developed control frameworks or engaged with compliance or audit.”
8. Craft a communications strategy
Plan your job search as though it were a marketing campaign, says Maniyadeth Narayanan, a career coach at consultancy Lee Hecht Harrison in Singapore. “Develop an effective communications strategy and a marketing plan based on your interests, skills and competencies, then survey your professional environment and identify the target market. Think of yourself as a ‘new product’ in the market place and prepare for a product launch. Some key considerations while developing this are: What qualities and competencies make you a lead candidate in your search? And what benefits can you deliver to a potential employer?”
9. Network without losing face
“There are ways to advertise that you are searching for work without too much ‘loss of face’ – the number-one obstacle preventing people in Singapore from networking after a redundancy,” says Kuek from Meyer Consulting. She provides the following example: “I have recently left the bank and am actively exploring opportunities in these fields [insert a maximum of three]. If you know of someone who might have suitable roles, it would be great if you could link me up.” If the person expresses an interest to take your case forward, you can then send them your CV, but keep it casual at first, says Kuek.
10. Prepare your elevator speech
Always be prepared for impromptu networking. “Have an elevator speech or ‘verbal business card’,” says Maniyadeth. “This is a one-minute description of who you are professionally. A strong pitch will create a positive first impression in any meeting.”
11. Prepare your exit statement
Whether you’re interviewing or just networking, you are bound to be asked about your layoff. So have a consistent explanation you can reel off to anyone who pops the question. “The market is aware of the cuts happening, so if you’re not truthful about why you were chosen to be cut your credibility will take a huge hit,” says Kuek. “Your reply can be as direct as: ‘the bank decided to do away with this business (or exit this portfolio), so my entire team was made redundant’. Or ‘there will be less emphasis on this business and there were too many of us, so a few of my colleagues and I were impacted’.”
12. Get a leaving letter
Ideally your exit statement should be supported by a letter of recommendation from your previous boss. “Get a good referral if you can – in a redundancy situation it’s important to have someone who can vouch for your previous performance,” says Vince Natteri, a director at search firm Pinpoint Asia in Hong Kong.
13. Practice your interview skills
You’re out of work, so you now actually have time to practice your job interview techniques. “This is especially important if you haven’t applied for jobs for a few years,” says Hong Kong management coach Chamberlain. “Also do online practice tests if you expect to apply for roles requiring psychometric testing.”
14. Don’t push too hard on pay
“Don’t be aggressive with your salary expectations,” says Natteri. “Unemployed candidates should be prepared to take a lateral move on salary or even a pay cut to get their career back on track. Demanding a large increase is a real turn off for a hiring manager – they won’t pay a premium for a someone who’s been made redundant.”
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