There is still a strong demand for a number of skilled positions in the financial services sector, according to a number of top recruitment firms. The areas of skills shortage are accounting, auditing, compliance and banking.
Yet, there are a number of issues affecting different areas of recruitment within the financial services sector. In many cases there is a general shortage of staff, but certain sectors are currently being affected by a number of circumstances specific to their particular needs.
Banking, finance a financial services accounting: In this sector there are currently candidate shortages as well as a huge demand for commercial lenders, compliance and risk professionals. According to Kate Thomas, manager of this sector for Premier recruitment, ‘Regulations within the market place are at an all time high attributing to the lack of skills and need for SOX and Basel II knowledge.’
In addition, Thomas does not see this current situation changing in the near future. ‘Dublin is particularly well known for its strength in operations and back office support. I do not foresee any immediate changes in this area; however more and more organisations are developing strong functions overseas towards developing countries,’ she added.
Insurance, mortgage and retail banking: ‘A number of trends that emerged in 2007 look set to continue for 2008. There remains a significant demand for wealth management professionals across stockbroking and banking as well as in accountancy practices,’ said Andrea Clarkson of Premier.
In tense competition in the areas of pensions and mortgages has seen employees benefiting from increasingly attractive wage packets, said Clarkson, ‘Continued demand for pensions professionals has driven up salaries significantly this year, with pensions administrators in the 1-3 years experience category benefiting significantly. Despite uncertainty in the mortgage market this year there remains a stead demand for mortgage underwriters.
General insurance: This sector has been severely affected across the board by the skills shortage in 2007, with broking suffering the most. To be more precise, commercial broking has suffered the most . Another notable trend that looks set to continue into the new year will be an increased demand for chartered insurance professionals (CIPs) and associates of the Chartered Insurance Institute (ACIIs) candidates across a number of different areas, including claims, underwriting and broking. Graduates with insurance-related degrees are always high on most employers wish lists.
Financial services - temporary and interim: Once seen as a short stop solution for many firms, the provision of temporary and contract workers now forms a solid part of many companies’ staff numbers. As a result this area of recruitment has seen significant growth in recent times.
‘The Temporary and Interim Division continues to grow at a rapid pace within Premier Dublin, reflecting the buoyant market and strong demand for immediately available Accounting & Finance candidates, said manager Siobhan O’Shea of Premier.
Within this surge, there are a number of areas in particular that O’Shea points out as of particular interest for this kind of recruitment. ‘We expect to see a continued surge in demand for temporary staff within funds, reporting and treasury. The key challenge in 2008 will be in bridging the gap in the supply to meet the ongoing growth in client staffing requirements which we hope to be serviced by overseas candidates,’ added O’Shea.
Increase in skilled candidates: On a more general note, recruiters are beginning to see a marked improvement in the standard of applicants looking for positions. According to Julianne Hatton, consultant at Career Compass, there has been an increase of quality candidates. ‘This has been a busy period for us, and we are seeing an increase in the flow of skilled candidates applying to fill positions,’ she said.
‘However, there is always a demand for people with a couple of years experience and who have goos skills. And as has been the case for some time, there is a shortage of good accountants. Other areas where people are looking for staff is internal audit, compliance and banking,’ Hatton added. |
