The jobs are plenty but few are qualified: 93% of HK employers struggling to fill vacancies in finance

Although 30% of companies intend to increase their full-time staff in 2H11, finding skilled professionals remains a challenge.

Firms in Hong Kong are not alone. According to the latest workplace survey by recruitment specialist Robert Half, 90% of employers in the Asia Pacific are struggling to find skilled finance professionals in the current market. Only 3% of employers in Singapore find it easy to recruit talented finance employees.

The survey found that Hong Kong employers are having the most difficulty finding skilled professionals in the areas of finance (30%) and compliance (24%), up 11% and 8% respectively year over year. To help address these talent shortages,48% of hiring managers are trying to build the skill sets within their own team while 47% cope by promoting from within.

“A focus on staff training and development not only allows companies to build the skill sets of their current teams but also may improve retention rates, since employees appreciate the opportunity to acquire new skills and take on different challenges,” said Pallavi Anand, Director of Robert Half Hong Kong.

Coping mechanisms by Hong Kong firms have extended to tapping headhunters to search for qualified professionals (37%), increasing financial incentives like salaries and bonuses (35%), and offering staff incentives for recommendations and referrals (30%) in order to attract and retain the best talent.

The survey also reveals that the majority (88%) of Hong Kong employers are concerned about losing top financial performers to other job opportunities in the next year. This is well above the regional average of 76% according to the survey.

“Employers’ fear of losing top performers is a valid one, as 45% of finance professionals surveyed in Hong Kong admitted that they plan to seek employment or a promotion with a new company in the next two years,” Anand said.