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Financial services: Retention, recruiting prime concerns

April 30 2013

Eighty-nine percent of financial services executives surveyed in seven countries reported recruiting difficulties, and 83 percent are concerned about losing top performers to other opportunities, according to a survey from Robert Half.

“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 for 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 and back-office roles, particularly accounting and finance, as well as operations positions.”

In the United States, 30 percent of executives in the financial services sector said it is “very challenging” to find skilled financial services professionals today. Fifty-four percent said it is “somewhat challenging." Sixteen percent said it is “not challenging.”

In Canada, 28 percent of executives in the financial services sector said it is “very challenging” to find skilled financial services professionals today, 62 percent said it is “somewhat challenging." Ten percent said it is “not challenging.”

When asked, "”How concerned are you about losing top performers to other job opportunities in the next year?” 29 percent of the U.S. execs said “very concerned”, 48 percent said “”somewhat concerned.” Twenty-four percent said “not concerned.”

In Canada, 22 percent said “very concerned”, 62 percent said “somewhat concerned.” Sixteen percent said “not concerned.”

An independent research firm conducted the survey, which was developed by Robert Half. It included 1,100 financial services executives — including finance directors, chief financial officers and chief operations officers — across Canada, France, Germany, Hong Kong, Singapore, the United Kingdom and the United States.

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