Australian employers are becoming more innovative in their efforts to solve the skills shortage in the financial services sector, according to the world’s leading online financial careers site eFinancialCareers.
At a recent roundtable event with Human Resource managers in Melbourne, organised by eFinancialCareers, HR managers revealed that they are having to deploy entirely new strategies to cope with the current talent crisis.
“One firm said that they have taken to hiring experienced sales people from outside the finance sector and re-training them for a new career in financial planning, in order to help meet the critical shortage of financial planners,” said George McFerran, Head of Asia Pacific for eFinancialCareers.
“If you think about it, it’s a smart move. Salespeople have the skills needed to succeed in financial planning and are used to working on long-term deals,” said Mr McFerran
But financial planning isn’t the only industry in which firms are slowly extending their potential talent pool.
The insurance industry has begun to look outside their sector, with one roundtable delegate saying that she had turned to telecommunications to source candidates.
According to Mr McFerran there are significant benefits to hiring staff from outside the industry – or even just from a different sector.
“Candidates can bring new perspective to the business, broaden horizons and challenge the norms. And they can introduce improved efficiencies that have been successfully demonstrated elsewhere.”
One of the ideas discussed at the roundtable was that financial services employers should take a fresh look at public sector candidates, especially those from The Treasury and the Department of Finance and Deregulation. Many in the public sector are keen to pursue a corporate career and have a great understanding of risk and compliance issues.
“However, delegates told us that old prejudices and entrenched attitudes about the public service can make it difficult to sell public sector candidates to line managers in the business,” said Mr McFerran.