HR News Update – Optimism highest in financial services sector

HR News Update – Optimism highest in financial services sector

Financial services is the most optimistic industry, with nearly half (48 percent) of CFOs planning to hire during the second half of 2014, versus 37 percent over the same period in 2013. 

When asked about the top three reasons for increasing their teams, financial services leaders named new projects and initiatives (63 percent), new market penetration (46 percent) and international business growth or expansion (42 percent). The main areas within financial services requiring additional support include accounting and finance (77 percent), operations support (56 percent) and business development (29 percent). 

However, the research shows that it may not be that simple to fill these roles. A net 97 percent of financial services executives said that it is either very challenging (50 percent) or somewhat challenging (47 percent) to find skilled professionals today, with a net 90 percent saying compliance is the hardest role to fill, followed by finance (86 percent), data analytics (84 percent) and risk (83 percent). According to HR directors surveyed, talent shortages are abundant, with a net 93 percent indicating that it is very challenging (33 percent) or somewhat challenging (60 percent) to find skilled professional-level employees today. The primary reason for this challenge, according to 34 percent of HRDs, is a lack of niche technical experts available, followed by general demand outweighing supply (33 percent).

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