Skills shortage remains in financial services

by Adam Smith,BN28 Jul 2009

Brokers, mortgage managers and lenders struggling to find qualified people to fill specialised roles in their businesses are not alone.

A survey of finance and HR managers found that despite the global financial crisis which has seen unemployment rise, there remains a shortage of high-quality finance and accounting professionals in Australia.

This was the feeling of 60% of the 40 Australian finance and HR managers surveyed by international recruitment firm Robert Half.

As a result the lack of skilled personnel continues to strain Australian companies and poses ongoing problems in the hiring of financial talent.

As a consequence of this shortage companies are hiring people unqualified for the job - almost a third of companies (28%) frequently hire someone with less relevant experience than initially sought for the position, the survey found.

"Firms that let go of their staff because of uncertainty about the economy have found they haven't been able to re-fill these positions with skilled staff when their needs have arisen," said Andrew Brushfield, director of Robert Half.

The results of the survey came at the same time as fellow recruiter Kelly Executive said that in financial services, among the key roles in demand are those for people with five or more years experience in risk management and those specialising in compliance.

Derek Del Simone, associate director of Kelly Executive, said now was an ideal time to secure specialist staff at reasonable salaries.

"The market has shifted in favour of the employer, allowing them to have a greater selection of candidates with specialist skills. Specialist staff are still commanding increases in salaries, though the trend of throwing money at staff in an effort to improve retention or attract new staff has decreased considerably," he said.

Related stories:

More bank jobs on chopping block - Suncorp Metway plans to slash 250 jobs, including 50 managers.



  • by John Santo 28/07/2009 1:46:13 PM

    I have 20 years experience in financial services. Tell me whos employing and I will apply.

  • by Already Employed 28/07/2009 2:52:51 PM

    What a great way to get people to approach this recruitment firm. Having just been through a process to find an employee I can tell you that there are plenty out there with "relevant" experience just that none of them are any good!
    An old saying, " You are always employable when you are employed" rings very true.

  • by Jim Serra 28/07/2009 6:07:23 PM

    I agree this is no more than an ad. Why does broker news put this stuff up? I am tipping its a cash for comment type article. I bet we see adds from this firm on broker news shortly.