Beyond salary: Banks use share plans to attract Singapore’s wealth talent

Employee share purchase plans (ESPPs) are becoming a more important benefit for banking and wealth management professionals in Singapore, as banks compete for talent amid rising demand for wealth services.

ESPPs allow eligible employees to buy company shares at a discount. While they were once seen as an additional perk, recruiters say they are now becoming a useful differentiator when banks compete for experienced talent.

Glen Chua, senior manager for banking and finance at Robert Walters Singapore, said ESPPs are no longer simply a "nice-to-have" in competitive sectors such as banking and wealth management.

"While it's not always the primary driver, ESPPs can be a compelling addition to an overall benefits package, particularly for mid- to senior-level professionals who prioritise financial planning and equity participation," Chua said.

Banks expand wealth management teams

The focus on employee benefits comes as banks across Singapore increase hiring in wealth management.

DBS plans to add 600 front-line advisers and platform engineers across six key markets by 2028. OCBC plans to hire 600 relationship managers over the next three years.

UOB is also aiming to double its sales team by the end of 2026.

Foreign banks are expanding as well. UBS plans to hire at least 100 wealth bankers across Asia Pacific in 2026. Citi is recruiting around 100 private bankers and 400 other specialists globally, with a significant share expected in Asia.

HSBC and Standard Chartered are also adding more than 100 and around 50 private bankers in Singapore respectively.

Pay and career growth still matter most

Despite the growing appeal of ESPPs, salary and bonuses remain the biggest factors for professionals considering a job move. Recruiters say employees who switch banks can secure double-digit percentage increases in pay.

Audrey Chan, executive director and human resources practice lead at Kerry Consulting, said banks risk losing strong talent when pay, career progression or confidence in leadership falls short.

"For senior professionals, in particular, the bank's financial strength, strategic direction, and willingness to invest in its people and platforms tend to matter more than any single benefit," she said.

Chua said banks are also reviewing other benefits to attract and retain talent.

"The offerings between local and foreign banks are consistently reassessed alongside other benefits like flexible work arrangements, targeted training programmes, and clear career progression pathways to attract and retain top-tier talent," he said.

While salary, bonuses and career growth remain key, ESPPs can offer a longer-term incentive by giving employees a direct stake in a bank’s performance.