Financial Services Sector Voices Concerns on Hiring and Retention

Faced with a changing regulatory landscape globally, the financial services sector may have yet another challenge in finding and keeping good employees, according to recruitment consultancy Robert Half.

The firm’s latest hiring report, conducted by an independent research firm, includes responses from 1,100 finance directors, chief financial officers (CFOs) and chief operating officers (COOs) in seven countries: Canada, France, Germany, Hong Kong, Singapore, the UK and the US. Key findings include:

  • Nearly nine in 10 (89%) executives surveyed in seven countries reported recruiting difficulties.
  • Eighty-three per cent said they are concerned about losing top performers to other opportunities.
  • Eighty-nine per cent of executives surveyed said it is either very or somewhat challenging to find skilled financial services professionals today.
  • Talent shortages 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% of firms said they are experiencing recruiting challenges.
  • Eighty-three per cent of financial services executives are either very or somewhat concerned about their ability to hang on to top performers this year.

“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,” said Neil Owen, global practice director, Robert Half Financial Services.

“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.”

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