Top performing employees in the finance and accounting industries are more difficult to find now than at the same time last year, contributing to greater concern amongst employers about attracting and retaining top performing employees.
According to a Robert Half survey of 1,678 finance, accounting and banking employers, 88 percent are struggling to find skilled financial professionals.
A third (34 percent) of employers report that accountants are the most difficult skilled job candidates to find, compared to just 18 percent who struggled to hire skilled accounting candidates last year. 17 percent of employers said it’s most difficult to find skilled finance candidates, up from 10 percent in 2010.
“Recruiting the right people is a chief concern for employers. Given how difficult it is for employers to find experienced and reliable people, they are more determined than ever to hold on to the talent they do have,” Robert Half Director Kevin Jarvis said.
The survey also found 70 percent of employers are concerned about losing top performing employees to other job opportunities in the next 12 months, up from 65 percent last year.
“Replacing key talent is costly for a business, particularly in relation to the loss of company knowledge. In addition, prolonged searches for new employees can place a real burden on existing staff, causing a loss in productivity, and adding to the risk of important projects being delayed,” Jarvis added.
Despite employer concerns otherwise, it appears retention strategies are broadly working, with 68 percent of employers reporting satisfaction their current role, compared with just 17 percent who are dissatisfied, and 15 percent who aren’t sure.
“From the research, we know that retention strategies really impact the ability to keep quality staff; and interestingly, it is these same strategies that candidates are looking for in a potential new employer.”
“Employers can’t afford to be complacent and must continue to motivate their staff, especially those who are valuable to the organisation. When it comes to keeping employees happy, and attracting new employees, relationships and strong leadership rate as important factors,” Jarvis added.
