Compliance sector poised for growth, according to industry survey
More than two-thirds of compliance professionals polled stated that the General Election result will enable companies to increase turnover, while boosting staff numbers.
The research – carried out among more than 100 sector specialists – revealed that in the last 12 months nearly half of respondents saw their workforce stagnate or reduce in size. In addition, the survey showed that retaining and finding skilled employees was one of the biggest challenges facing the compliance sector (50%), with 65% of people admitting that this factor has impacted on the business’ success.
Richard Abelson, director at specialist recruitment consultancy, MERJE, which conducted the research, commented, “Two months on from the General Election result, the sentiment amongst compliance professionals is positive. While 58% of companies have experienced an increase in their workforce over the last 12 months – witnessed across multiple disciplines, including legal, operations, financial crime, risk and international business development – the political result clearly shows a renewed confidence for the remaining businesses.
“The issue of attracting the best talent to the sector remains a significant obstacle within compliance, coupled with the ongoing problem of the legislative burdens being placed on the profession.”
The research carried out amongst members of the International Compliance Association (ICA), also showed that of those surveyed 67% of companies have already experienced an increase in turnover or profits in the last 12 months.
Abelson added, “With a majority Government in place and the UK political landscape set for the next five years, the sector is perfectly placed to tackle the issues of talent acquisition and legislative red tape and translate them into continued business growth.”