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Robert Half Global Survey

Robert Half Global Survey

Recruiting challenges, retention concerns emerge as common themes

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

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

Demand is strongest for financial services professionals with accounting and finance expertise, operations support experience

 Already faced with a changing regulatory landscape globally, the financial services sector may have yet another challenge: finding and keeping good employees. In a recent Robert Halfstudy, nearly nine in 10 (89%) executives surveyed in seven countries reported recruiting difficulties, and 83% said they are concerned about losing top performers to other opportunities.

Neil Owen, Global Practice Director, Robert Half Financial Services said: “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 since the beginning of the year. This is creating challenges in finding the requisite staff to capitalise 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”.

Recruiting Challenges

Eighty-nine per cent of executives surveyed said it is either very or somewhat challenging to find skilled financial services professionals today. Talent shortages, the research found, are especially acute in Hong Kong, where 95% of respondents cited difficulties. Even in France, which had the lowest level of difficulty in the report, 82% -- more than eight in 10 -- firms are experiencing recruiting challenges.

When asked how challenging it is 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%

UK

29%

62%

91%

Canada

28%

62%

90%

US

30%

54%

84%

France

15%

67%

82%

Neil Owen continues: “Institutions around the world need staff who can manage fundamental business needs, drive profitability and ensure compliance mandates are met. However, building a team with these skills has become increasingly difficult as firms face a market where the demand for skilled professionals often outweighs the supply”.

Retention Concerns

With the market 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. A large majority, 83%, of financial services executives, are either very or somewhat concerned about their ability to hang on to top performers this year, the study found.

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

When asked how concerned they are 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%

UK

24%

59%

83%

US

29%

48%

77%

France

21%

55%

76%

Neil Owen concludes: “Combined with an improving job market for financial services professionals in specialised roles, the growing need for regulatory expertise and the substantial operational changes taking place in the sector will likely exacerbate current retention challenges. Employers will need to enhance their efforts, including offering salary increases and progressive perks, to keep their most valued employees”.

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