Only now as the ground ThE FINsIA-ChANdlEr MAClEod report
‘Broadening horizons – investing in talent’, released
steadies is it possible to make in late October 2009 revealed that 75% of its survey
respondents believe organisations are using the
an accurate appraisal of the economic downturn as a justification for cutting staff.
And, 55% believe that a notable capability or skills
GFC’s effects on Australia’s gap has emerged within their organisations as a
financial services industry. result of staff struggling to meet new expectations
within existing roles in the wake of redundancies
With an estimated 10,000 and hiring freezes.
Now the key issue is the need to strike a skills
jobs having been lost, balance. The legacy of the global financial crisis
(GFC) in terms of the remaining skills base must be
confidence in the industry’s addressed if the industry is to deliver products and
services effectively. And the skills shortage persists,
talent-management processes despite the increase in the jobless market.
has been undermined and David Reynolds, who heads up strategic HR
consulting for Chandler Macleod, says the risks for
perceptions exist that the many financial services organisations have been
magnified by the fact that ‘a large portion of the
industry has been weakened. talent that was made redundant early on in the GFC
has moved into other industries and roles, and may
not be easily attracted back into the industry’.
PETEr GlEEsoN is CEO of Specialist and Executive Recruitment, Chandler
Macleod Consulting. Peter was one of the speakers in the workshop panel
discussion on the future of the industry: the talent dimension at the Finsia
Financial Services Conference 2009.
To download a copy of the Broadening horizons – investing in talent report
please go to www.finsia.com/policyandadvocacy.
54 INFINANCE december 2009 The magazine for Finsia members