Fear of losing staff most acute in Singapore and Hong Kong

Fear of losing staff most acute in Singapore and Hong Kong

SINGAPORE – Financial services firms in Hong Kong and Singapore were shown to be the most concerned about retaining good employees.

A study conducted by recruitment firm Robert Half showed that 93 per cent and 92 per cent of respondents, respectively, cited concerns about losing valued staff.

Nearly nine in 10 (89 per cent) of financial services leaders reported recruiting difficulties, and 83 per cent said they are concerned about losing top performers to other opportunities this year.

In each of the seven countries surveyed, at least 76 per cent of respondents expressed some level of concern.

The global survey found 89 per cent of financial services leaders find it challenging to recruit skilled financial services professionals, while 83 per cent are either very or somewhat concerned about their ability to hang on to top performers this year.

Neil Owen, Global Practice Director, Robert Half Financial Services said while some areas within financial services institutions have seen cutbacks, other more profitable product lines are receiving further investment, resulting in additional hiring.

"This makes it a challenge to find the requisite staff to capitalise on emerging opportunities,” he said.

Stella Tang, Director, Robert Half Singapore said competition for the industry’s top talent has intensified, particularly for risk and compliance professionals who continue to be in high demand as companies navigate unprecedented regulatory shifts while growing their core business.

“Building a team with the right skills is becoming increasingly difficult. Banks and financial services firms face a market where demand for skilled professionals often outweighs the supply," she said.

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