Financial firms facing talent drought

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The hunt for talented professionals is proving to be a challenge for financial services firms as candidates fail to meet their expectations.

In a recent study by recruitment firm Robert Half, 98% of firms said they were struggling to find suitable candidates to fill their vacancies, with 35% of people lacking the skills the company was seeking - leaving bosses at a loss in specialist areas.

This could prove to be an ongoing issue for financial firms as 88% believe ongoing economic growth will result in more staff being needed to cover business expansion.

Robert Half’s senior manager, Phil Sheridan, anticipates a surge of employment for skilled professionals, saying: “We anticipate that demand will continue to build over the next 12 months for permanent and interim professionals in financial services and accountancy and finance, further extending the skills shortages as businesses look for specialised professionals with strong commercial acumen and communications skills.”

These findings echo PwC’s global report that was released last month. This also found a concern over skill shortages, with three-quarters of bosses listing finding the right staff as a major problem for their business.

Jon Andrews, leader of PwC’s global people and organisation practice, said skills shortages have grown from a “nagging worry into something more challenging.”

He also agreed that lack of credible candidates could affect a company’s growth plans, saying: “Despite rising business confidence and ambitious hiring plans, organisations are struggling more than ever to find the right people to achieve their growth plans.”

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