Just 2% of financial services organisations believe they’re ‘very effective’ at retaining future leaders despite high levels of investment in development programmes.
Research by Right Management, the talent and career management arm of ManpowerGroup, suggests that only 40% of senior managers in UK and Ireland financial services organisations are confident of retaining the high-value individuals who are critical to their success. In addition, just 50% believe they are effective at retaining their future senior leaders.
Despite a high level of investment in development programmes, only 38% of senior managers in financial services believe that critical individuals are being developed in such a way that will help their organisation achieve its business objectives.
Mark Hodgson, talent management practice leader at Right Management, said: “Of all the sectors we surveyed, financial services has the biggest problem retaining key talent. At a time where the sector faces such high-profile scrutiny, the organisations that find the most creative way of keeping people engaged with their organisation will really differentiate themselves from their competitors.”
The Chartered Institute of Personnel and Development puts the costs of hiring a senior leader at up to £100,000 in advertising costs and agency or search fees alone. In 2010, 68% of organisations reported difficulties in filling vacancies.
Sally Percy is editor of The Treasurer