6 Biggest Challenges of UK Financial Services Sectors
Almost three-quarters of companies operating within the financial services sector believe that 2013 will be a better year for their business than 2012. The figure, revealed in the recently published Q1 Financial Services Recruitment Update from Randstad Financial & Professional, suggests an optimistic outlook in the sector which encompasses insurance, asset management and investment banking. This report was created from the data extracted from a survey carried out by Randstad among its clients in the sector.
There are still many challenges facing recruitment in the sector with 41.2% of survey respondents stating they believe that headcount and budget approvals are the biggest obstacles they face. This information confirms that the financial crisis is still having an impact on businesses, and it doesn’t seem to disappear in the short term.
Not far behind, 38.9% of employers believe that finding the right candidate will be the toughest challenge they face this year. The reason behind this belief is that the market is demanding new tasks, especially due to Internet and new technologies. As well, teamwork skills are more important than ever, and they will become even more relevant when finding the right candidate.
Financial services companies also highlight other areas including strong competition for candidates, unreasonable expectations from candidates and a lengthy recruitment process as the greatest demands they face.
Perhaps interestingly, there is no general belief that regulation will have an impact on their businesses. However there is a great deal of uncertainty, whilst only 19.8% of clients affirm that regulation changes will affect financial services businesses, 44% are unsure about it.
Finally, in addition to this data, 39% of respondents confirm that they couldn’t find the right person for the job opening they were advertising. This reinforces the thoughts about finding the right candidate being the most challenging issue companies will confront this year.