survey finds UK Compliance professionals voicing concern
on: February 13, 2008, 6:40 am
Release Author: Joslin Rowe
Release Summary: Joslin Rowe survey shows 60% of compliance professionals
believe current staffing levels are inadequate to meet UK regulatory
requirements according to an annual survey of compliance recruitment
Release Body: Despite a bumper year of compliance recruitment, professionals
remain concerned that a lack of staff is affecting their ability
to meet regulatory requirements. 80% of compliance departments recruited
permanent employees in 2007, whilst 20% also recruited contractors.
Despite this 60% remain apprehensive about the lack of important
headcount - a concern which is up from 48% in 2006 and 35% in 2005.
survey conducted by compliance
recruitment consultants, Joslin Rowe, and trade
press, Compliance Monitor, researched the opinions
of over 70 senior compliance professionals including heads of department.
Nearly three-quarters (70%) admitted it was incredibly difficult
to find candidates of the right calibre for the number of available
compliance jobs. Monitoring and capital markets specialists emerged
as the scarcest talent, especially at the compliance associate level.
Even when staff have the right skills some heads of department bemoaned,
"The general shortage of candidates with personality
as well as experience."
Myers, the senior consultant for temporary compliance
recruitment at Joslin Rowe said: "The demands
on compliance departments are already massive and, in the wake of
recent financial scandals, are set to increase. Increasing compliance
headcount will be necessary and contractors may be a useful short
term fix for the long term problem of exacerbated talent shortages."
indicated that reasons for the skills shortage range from the simple
- "demand is in excess of supply", through to improved
retention - "there are few good staff and those that are good
are locked in with good packages." The survey also revealed
a third major barrier indicated by respondents as potentially the
most worrying with compliance
jobs still seen as an "unglamorous job and therefore, there
is no replenishing pipeline of talent in the volumes required."
a year where compliance has almost continually been in the press,
it would appear compliance professionals are starting to know their
value and question their worth via salary
surveys. The number of respondents claming their salary in their
current compliance job is below market rate has rocketed. In 2006
it was 28%, in 2007 it almost doubled to 70%. Just 10% of respondents
believe they are paid above market rate.
Hooley, associate director of Joslin Rowe's permanent compliance
recruitment division believes 2008 will bring a wealth
of opportunity both from a career and a pay packet perspective:
"There's no doubt that recent developments will add a premium
to already escalating salaries for the very best compliance people.
Clients are also moving faster than ever before during the interview
process in order to secure the best candidates before the competition."
Notes to Editors
Established in 1982, Joslin Rowe is one of the
leading UK financial services
recruitment firms. In April 06, international staffing services
company Vedior (headquartered in Amsterdam, the Netherlands) raised
its stake in Joslin Rowe's parent company, The Blomfield
Group, from 18% to 70%.
Details: For further information/interviews, contact:
Bell Court House
11 Blomfield Street
+44 7789 682 754
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