Economy

Financial services sector back on hiring mode: PwC report

PTI New Delhi | Updated on July 23, 2014

More than half of financial services CEOs globally are planning to raise the headcount by at least 5 per cent in the coming year as recovery in the developed markets gathers pace and confidence in the sector improves, says a PwC report.

Financial services industry leaders plan to bring in people from diverse backgrounds, including people from Internet and social media companies, the report said, adding that gamers, government relations and social media specialists on the most sought after list.

Financial services CEOs have hiring back on their minds with 56 per cent planning to take on extra staff in the coming year, it said.

According to the PwC report – Remoulding your workforce for a new marketplace – the insurance industry is especially bullish with 40 per cent planning to expand their workforce by more than 5 per cent, compared to around 30 per cent among banks and asset managers.

Game designers are of interest to financial service employers, as companies are planning to improve their digital appeal and interactivity, the survey that included 338 interviews with financial services CEOs in 53 countries said.

“Financial Services organisations are re-thinking their core values and objectives, taking into consideration their customers and the larger commerce community when expanding their business model going forward,” PwC Global Financial Services HR Consulting Leader Jon Terry said.

In order to counter cyber-attacks, which is perceived as a threat to business growth, companies are planning to bring on board even ex-hackers to get ahead of these threats.

Moreover financial services companies are planning to rope in more people from public service and NGO community as government relations is increasingly becoming as important as investor relations.

According to the report, re-engaging with society and reputation building among financial services organisations continues to be key focus areas as 70 per cent of industry leaders recognise the need to satisfy societal needs while balancing the interests of all stakeholders.

Nearly 60 per cent of financial services CEOs see the limited availability of skills as impeding growth, yet barely a quarter of respondents have initiated changes to their talent strategy and only 35 per cent believe HR is prepared to make necessary changes.

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Published on July 23, 2014
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