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A new survey by recruitment specialist Robert Half reveals challenging employment markets in banking and financial services with the fear of losing staff being most acute in Singapore and Hong Kong.
Nearly 90% of financial services leaders surveyed globally find it challenging to find skilled financial services professionals. Around the globe, 83% were concerned about losing top performers to other opportunities, rising to a high of 93% in Hong Kong and 92% in Singapore.
Neil Owen from Robert Half Financial Services said: “While some areas within financial services institutions have seen cutbacks, other more profitable product lines are receiving further investment, resulting in additional hiring. This makes it a challenge to find the requisite staff to capitalize on emerging opportunities.”
The survey found demand is currently strongest for financial services professionals with finance and accounting experience and risk expertise. “Competition for the industry’s top talent has intensified, particularly risk and compliance professionals who continue to be in high demand as companies navigate unprecedented regulatory shifts while growing their core business,” added Stella Tang from Robert Half Singapore.
Globally, 89% of institutions reported difficulties finding skilled financial services professionals, and these numbers are higher in Hong Kong and Singapore where 95% and 93% reported such recruiting challenges.
Ms Tang said “the challenge of recruiting and retention is only going to get harder. Employers will need to enhance their efforts, including offering salary increases and progressive perks, to keep their most valued employees in an increasingly tight manpower market.”