Forget the front office: Why the real Aussie skill shortage is in operations middle management
We're all used to hearing about banks battling to recruit revenue generators, but the real skill shortage may lie in less glamorous sections of financial services.
Robert Half's recent Workplace Survey of 345 Australian financial, accounting and HR professionals found that 71 per cent of employers say there is not enough talent at middle-management levels.
"This situation poses a real problem for employers, as a scarcity of skilled professionals in risk, compliance, internal audit and tax roles, can seriously hamper an organisation's potential," says Kevin Jarvis, director of Robert Half.
Warren Price, managing director, Select Personnel, says there is a good supply of traders and advisors in the Australian employment market, but he agrees that the talent pool is too small in mid-management operations.
"There are not enough young people coming through the ranks in operations. Banks need people who know how the engine room runs, who know all the products and procedures, and can roll up their sleeves," comments Price.
The shortage extends across both permanent and contracting roles, and is especially prevalent at the Big Four banks thanks to the size of their operations teams, according to another recruiter who asked not to be named.
Train to me your leader
More than half of Robert Half's respondents (52 per cent) blame a lack of training and development opportunities as a reason for the shortage.
"In the financial crisis an 'all hands on deck' mode meant that mentoring and training programs were sidelined. Now that organisations have more financial flexibility, the need to reinvest in staff is back on the management agenda," says Jarvis.
According to the survey, 62 per cent would like specific training in leadership skills.
"Providing training opportunities for staff goes a long way in helping to plug the gap for skilled professionals. The fact that more than half of employees would like leadership skills training shows that many employees are looking to step up and take on more responsibility in their roles," says Jarvis.
