Financial executives around the world face numerous growth, regulatory and staffing challenges but remain confident about their prospects, according to a report by Robert Half, a U.S.-based staffing firm.
The study reveals that when it comes to external factors, financial services firms globally are most worried about their national economies (46% of respondents). Yet 70% of financial executives say they’re optimistic about their countries’ growth prospects.
As far as internal factors are concerned, leaders are most concerned about their companies’ business costs (41%), profitability (37%) and increasing regulatory issues (23%), according to the study. Despite that, 80% of participants say they’re confident about the future of their own firms.
The survey shows that, as a result of regulatory changes, two-thirds of respondents expect to deal with heavier workloads and more than one-third expect higher costs.
Another problem in financial services is hiring employees with the right skills amid a global talent shortage. The overwhelming majority (89%) of executives are experiencing problems with recruiting, according to the study. Eighty-three percent report fear about their ability to retain top performers.
“The financial services industry is clearly undergoing great change,” says Neil Owen, global practice director of Robert Half Financial Services. “Executives must balance compliance demands in equal measure with profitability goals. The firms best positioned to succeed are those that are staffed with financial professionals who take a proactive stance to managing regulatory compliance and develop long-term strategies that address shifting business priorities.”