New Report Examines Global Trends Affecting the Financial Services
TORONTO, July 9, 2013 /CNW/ - Today's financial services firms face
myriad challenges, yet many remain confident in their business
prospects, finds research from the recently released Robert Half Financial Services Global Report: Navigating Change in an Evolving
Regulatory Landscape. Based on a global survey of 1,100 executives, the report examines
firms' most pressing business concerns, confidence levels and reactions
to recent regulatory changes.
Among external forces, financial services institutions globally are most
concerned about their national economies, as cited by 46 percent of respondents. Despite these worries, seven in 10 (70 percent) firm leaders said they are confident in their country's economic
Respondents, in general, are even more optimistic about their own
institutions: 80 percent expressed confidence about their firm's growth potential. Executives in
Canada share a similar level of optimism as their global peers with 79 percent reporting confidence in their business prospects.
Looking within their firms, those surveyed are most worried about
business costs (41 percent), profitability (37 percent) and increasing regulatory issues (23 percent), the report found.
Globally, 88 percent of executives said managing regulatory change has proved challenging.
Two-thirds (66 percent) of executives worldwide foresee a continuation of heavier workloads
due to regulatory changes. Thirty-five percent of all respondents, 37 percent in Canada, anticipate spending related to financial regulations to keep
To address compliance demands, 33 percent of global respondents are working with interim or project professionals
and 23 percent plan to add full-time staff. Similar numbers -- 32 percent and 26 percent, respectively -- were reported in Canada.
Hiring and retaining employees with the requisite skills will not be
easy, however: 89 percent of executives worldwide are experiencing recruiting challenges, and 83 percent are worried about their ability to keep top performers on board.
Financial services institutions are realizing value from integrated
governance, risk and compliance programs. Sixty-eight percent of respondents globally and 66 percent in Canada said these programs have been effective for their businesses.
Canadian executives cited improved business performance (42 percent), optimized risk-return outcomes (30 percent) and reduced compliance costs (39 percent) as the primary benefits.
"The financial services industry is clearly undergoing great change,"
said Neil Owen, global practice director of Robert Half Financial
Services. "Executives must balance compliance demands in equal measure
with profitability goals. The firms best-positioned to succeed are
those that are staffed with financial professionals who take a
proactive stance to managing regulatory compliance and develop
long-term strategies that address shifting business priorities."
Owen added that institutions looking to add staff to support growth and
manage compliance initiatives should be prepared for a challenging
employment environment. "As firms look to hire, they are encountering
talent shortages within in-demand specialties. Businesses face
increased competition for strong candidates, and the improved job
market has exposed employers to greater risk of losing top performers."
About the Report
Robert Half Financial Services Global Report: Navigating Change in an Evolving
Regulatory Landscape is based on a survey of 1,100 financial services executives, including
finance directors, chief financial officers and chief operations
officers, across seven countries -- Canada, France, Germany, Hong Kong,
Singapore, the United Kingdom and the United States -- as well as
interviews with senior industry executives.
The report can be downloaded at www.roberthalf.ca/financial-regulations, where visitors also can view video commentary and an infographic highlighting results from the study.
About Robert Half
Founded in 1948, Robert Half is the world's first and largest
specialized staffing firm. For more information about the Menlo Park,
Calif.-based company, visit www.roberthalf.ca.
SOURCE: Robert Half Canada
For further information:
Contact: Vanessa Radu