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
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
ASIC chair Joe Longo has announced he will step down at the end of his term, departing the corporate regulator in May 2026.
When it comes to the phase-out of AT1 bonds, Schroders fixed income manager Helen Mason has urged financial advisers to sell up sooner rather than later or risk capital losses.
