High Demand for Banking Professionals

Worldwide talent shortage

Recruitment looks poised to be a real issue for businesses across all sectors in 2007. Talent shortages have reached critical levels and companies are already feeling the impact on their organisations. "Many CFOs, CEOs and CIOs in today's world have no choice but to grapple with an ever-increasing talent shortage," says Levina Poon, Manager of the Banking & Finance division, Robert Walters Hong Kong. "Talent management and retention programs are no longer viewed as 'nice-to-haves', rather a mandatory element of corporate strategy if organisations are to remain competitive."

The banking & finance industry is not spared from this looming threat and faces an unprecedented talent crunch. In Hong Kong, qualified accountants, in particular, are in extremely short supply with organisations competing fiercely to secure the strongest candidates. The shortage however is not just confined to finance staff - it is a trend being seen right across the professional space covering the HR, IT and sales and marketing disciplines.

Changing mindsets

In today's labour market where demand far exceeds supply, financial services organisations that have traditionally adopted a conservative approach to hiring staff, are having to change their mindset and move much more quickly to secure talent ahead of the competition.

Poon comments that, "With competition for talent so fierce, an elongated short-listing and interview process can lead to organisations missing out on securing talent to other faster moving businesses. It is imperative that the recruitment process is made as efficient and effective as possible."

The talent crunch is also leading many financial services organisations to increasingly look outside their traditional staff hunting grounds - whilst specific financial services expertise is still preferred, there is an increasing trend of financial services organisations, broadening their talent net and considering talented individuals with demonstrable transferable skills from other market sectors.