Financial services execs challenged by recruitment

83 per cent concerned about losing top performers: Survey
|hrreporter.com|Last Updated: 05/01/2013

Nearly nine in 10 (89 per cent) financial services executives surveyed globally find it either somewhat or very challenging to find skilled financial services professionals

Globally, 83 per cent of institutions are either somewhat or very concerned about losing top performers to other opportunities

Already faced with a changing regulatory landscape globally, the financial services sector may have yet another challenge: finding and keeping good employees, according to a Robert Half study.

Nearly nine in 10 (89 percent) executives surveyed in seven countries reported recruiting difficulties, and 83 per cent said they are concerned about losing top performers to other opportunities.

"While some areas within financial services institutions have seen cutbacks, other more profitable product lines are receiving further investment, which has resulted in additional hiring," said Neil Owen, global practice director of financial services recruitment at Robert Half. "This is creating challenges in finding the requisite staff to capitalize on emerging opportunities. Competition for the industry's top talent continues to intensify for middle-office and support roles, particularly accounting and finance, as well as operations positions."

Eighty-nine per cent of the 1,100 financial services executives surveyed — including finance directors, chief financial officers and chief operations officers from Canada, France, Germany, Hong Kong, Singapore, the United Kingdom and the United States — said it is very or somewhat difficult to find skilled financial services professionals today.

Talent shortages are especially acute in Hong Kong, where 95 per cent of respondents cited difficulties. Even in France, which had the lowest level of difficulty, 82 per cent of executives reported recruiting challenges.

How challenging is it to find skilled financial services professionals?

Very challenging

Somewhat challenging

Net challenging

All countries

33%

56%

89%

Hong Kong

38%

57%

95%

Singapore

49%

45%

93%

Germany

36%

55%

91%

U.K.

29%

62%

91%

Canada

28%

62%

90%

U.S.

30%

54%

84%

France

15%

67%

82%

"Institutions around the world need staff who can manage fundamental business needs, drive profitability and ensure compliance mandates are met. Building a team with these skills has become increasingly difficult as firms face situations in which the demand for skilled professionals often outweighs the supply,” said Owen.

Retention worries

With the hiring environment improving for financial services professionals who can fill roles in areas such as accounting and finance, operations support, revenue generation, and risk and compliance, employers around the globe are worried about losing their best and brightest to other opportunities, found Robert Half — 83 per cent of financial services executives are at least somewhat concerned about their ability to hang on to top performers this year.

The greatest worries appear to be in Hong Kong and Singapore, where 93 per cent and 92 per cent of respondents, respectively, cited concerns about losing good employees. In the seven countries surveyed, at least 76 per cent of respondents expressed some level of concern.

How concerned are you about losing top performers?

Very concerned

Somewhat concerned

Net concerned

All countries

31%

52%

83%

Hong Kong

40%

53%

93%

Singapore

50%

42%

92%

Germany

21%

66%

87%

Canada

22%

62%

84%

U.K.

24%

59%

83%

U.S.

29%

48%

77%

France

21%

55%

76%

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