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The introduction of regulatory changed in the financial services sector has resulted in notable changes in recruitment, where the use of temporary, interim, and project professionals has become increasingly prominent, according to research from recruitment firm Robert Half Financial Services.
The financial services industry in London reports that executives in London spend as much as one full day every working week managing regulatory changes. With heavy penalties incurred for regulatory breaches, the demand for experts capable of undertaking short-term projects is increasing.
89% of executives surveyed across the world confirmed that finding the right people to help address new regulatory concerns and keep businesses profitable continues to be a key challenge. As the roles of financial professionals have broadened in recent years, it is expected that recruitment for high level candidates will intensify.
Financial institutions in Hong Kong and Singapore are especially worried about their ability to retain their most capable staff; with 93% and 92% reporting concern, respectively, compared with the global average of 83%. Outside of Asia, firms in Germany were the most worried about retention, with 87% of respondents admitting concern.
The shortage of skilled professionals has resulted is opportunities for mid-level professionals to assume roles of greater seniority, but at the same time, placed increased pressure on labour costs and budgets. New regulations also prompted a rise in the use of interim workers within the financial services industry.
An increasingly large proportion of work is project-based, meaning professionals are often brought in on a temporary basis to manage initiatives such as regulatory compliance. Interim and project professionals with the requisite expertise and knowledge are highly sought after. 33% of global respondents confirmed plans to increase their number of interim staff as a mean of preparing for current and future regulatory changes. 23% intend to hire additional full-time staff.
Robert Half Financial Services specialises in recruiting and providing financial services professionals on a temporary, interim, and full-time basis in the areas of banking and financial markets, finance and accounting, risk, compliance, and operations.