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Finance Talent Gap

Author: Moe Harrison /Monday, December 30, 2013/Categories: SNI Companies, SNI Financial, SNI Certes, Accounting Now

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The financial services sector is continuing to build up its workforce, despite current market unpredictability. Around 50 percent of sector CEOs are looking to increase their headcount over the next 12 months, with about half of these anticipating staff increases of more than 5% over the coming year.

While this is good news for job candidates, employers in the finance sector are not hopeful about the talent pool. Only a third of financial services CEOs are certain that they will have access to the talent they need to execute their company’s strategy over the next three years. Forty percent believe that it is getting harder to hire good people in their industry according to Deloitte’s 2013 Global Finance Talent survey.


These talent constraints are already impeding and inhibiting business growth plans. Approximately one quarter of the financial services CEOs have had to delay or cancel a key strategic initiative over the past 12 months because the right people were not available to execute it.

The finance team is increasingly being asked to meet new demands from the business, at the same time that the pressures of globalization and increased regulation are changing the role and function of finance. The challenge for CFOs, and the industry, is to find a way to address growing and specialized talent needs in a changing environment.

Strategies to help financial employers deal with the talent shortage include:

  • Attract: Work hard to attract the talented, hard-working, productive candidates available in the talent pool. This means positioning your company effectively as an employer of choice and having a hiring process that is as efficient and as painless as possible.
  • Develop: Commit to talent development. Top performers want to be assured of an ambitious and rewarding career path. Training and development programs are essential to growing the talent you already have.
  • Retain: Retaining talented, ambitious employees is important. The pressure to replace experienced employees, managers, and executives will escalate as retirements of the nearly 80 million Baby Boomers increase in the next decade. Creating and implementing a retention program for your high potential employees is a critical step.

The finance talent shortage is an issue that will not go away any time soon. Employers who acknowledge the talent gap, and take steps to address it, will find themselves in a more favorable position in the future.

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Moe Harrison
Moe Harrison

Moe Harrison

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

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Contact author Full biography

Full biography

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

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