Bad publicity hits financial services recruitment
The recent spate of enforceable undertakings (EU) and the resultant bad publicity around the wealth management industry's reputation has created an obstacle to attracting new employees.
Such is the finding from specialist financial recruitment firm Marks Sattin, which found 82 per cent of hiring managers surveyed said recent EUs have tainted the industry and its professionals.
This comes at a time when 56 per cent of those surveyed were looking to increase staff due to expansion or acquisition, and hiring intentions look set to boom over the next 12 months.
Furthermore, 73 per cent of hiring managers believed reputation or a familiar brand name is the key to attracting new employees to their firms.
But Marks Sattin suggested companies should be focusing on fostering an ethical and well performing corporate culture and career progression prospects for their employees, while also developing training and flexible working options.
Director of Marks Sattin Ieuan Williams said large banks were already taking an initiative in reassuring clients and prospective employees through an open approach.
"Those smaller organisations yet to act would do well to consider these examples," Williams said.
Meanwhile, 50 per cent of the 470 finance, accounting, insurance and wealth management hiring managers surveyed said new regulations will hinder hiring and retaining employees.
AUTHOR
Malavika Santhebennur
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
