Financial services skills shortage goes global as firms around the world compete for top talent

Tim Wallace
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SALARIES are set to jump again as the vast majority of finance firms around the world face a shortage of skilled professionals, according to a new report out today from recruitment group Robert Half.

In the UK 91 per cent of firms report finding the right staff is challenging, with the rapidly changing regulatory environment creating a particularly heavy recruiting burden in the City.

And 83 per cent fear rivals who are also suffering from the lack of talent will poach their best performing staff.

Middle-office and support roles are particularly stretched, with accounting, compliance and risk staff in very high demand.

The problems are spreading globally, too, with 89 per cent of finance firms around the world worried about being able to take on suitable workers.

The situation is worst in Hong Kong with 95 per cent reporting it is challenging, 93 per cent reporting problems in Singapore and 91 per cent in Germany.

“Combined with an improving job market for financial services professionals in specialised roles, the growing need for regulatory expertise and the substantial operational changes taking place in the sector will likely exacerbate current retention challenges,” said Robert Half’s Neil Owen.

“Employers will need to enhance their efforts, including offering salary increases and progressive perks, to keep their most valued employees.”

The situation is a little less strained in France and the US where 82 per cent and 84 per cent respectively report worries recruiting good performers.