Financial services businesses have increased their focus on staff retention in order to support growth, according to a quarterly report by recruitment group Hays.
The report, released yesterday, named superannuation, financial planning and funds management businesses as those focusing on retention.
An aging population of skilled professionals, combined with a shortage of candidates at the intermediate level to replace them, increased the importance of knowledge retention, the report said.
"Especially within wealth, financial planning and funds management, they are really looking to retain their talent," Hays director Edmund Gill told InvestorDaily.
Gill said businesses understood the detrimental effect of losing intellectual property and having to retrain staff was costly.
"When the market is not expanding at a consistent rate, that is something they do ensure the attrition is there, that people aren't looking outside [of their organisation]," he said.
While many employers had very strict requirements in terms of skills and experience, others were looking at new hires with long-term potential and would consider less experienced candidates who they could develop into a role, Hays director Jane McNeill said.
"The main reason is that they believe this gives the candidate a greater incentive to remain long term with the organisation," McNeill said.
"For the same reason, many employers will also invest in new graduates and develop their experience."
Recruitment was also being driven by an increased emphasis on risk, the report said.
Financial services companies are reviewing their operation risk procedures and implementing new strategies. As a result, candidates with specific product knowledge were also in high demand, the report said.
Likewise, demand for new equipment to drive growth has also created a need for equipment finance operations candidates.
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