HK and Singapore banks fear losing key staff

Nine in 10 banks and financial services firms also experience recruitment problems.

A study conducted by recruitment firm Robert Half showed that 93% of Hong Kong respondents and 92% of Singaporean respondents were concerned about losing important employees. About eight in 10 said they worry about losing top performers to competitors this year.

The global survey found 89% of financial services leaders find it challenging to recruit skilled financial services professionals, while 83% are either very or somewhat concerned about their ability to keep top performers this year.

The survey noted that while some areas within financial services institutions have seen cutbacks, other more profitable product lines are receiving further investment, resulting in additional hiring.

It showed that competition for top talent has intensified, particularly for risk and compliance professionals who continue to be in high demand as companies deal with unprecedented regulatory shifts while growing their core business.

Building a team with the right skills is becoming increasingly difficult. Banks and financial services firms face a market where demand for skilled professionals often outweighs the supply.