SHRM Survey Findings: The Ongoing Impact of the Recession—Finance Industry

SHRM Survey Findings: The Ongoing Impact of the
Recession—Finance Industry
September 25, 2013

• These are the Finance industry survey findings about the ongoing impact of the U.S. and global
recession, which began in 2007. This is the third year that SHRM has conducted this study, and
data are reported for 2010 and 2011 where possible. The results are reported in the following
sections:
» Skill gaps.
» Recruiting challenges.
» Recruiting strategies.
• Industry-specific results will be reported separately for each of the following industries:
» Construction, mining, oil and gas.
» Federal government.
» Health.
» High-tech.
» Manufacturing.
» Professional services.
» State and local government.
• Overall and California results can be found on our website at www.shrm.org/surveys.
The Ongoing Impact of the Recession—Finance Industry ©SHRM 2013 2
Introduction

Skill Gaps

• What basic skills/knowledge gaps do job applicants typically have? The most common basic
skills/knowledge gaps are writing in English (60%), mathematics (55%), reading comprehension
(28%), and English language (spoken) (23%).
• What applied skill gaps do job applicants typically have? The top five applied skill gaps are
professionalism/work ethic (55%), critical thinking/problem solving (49%), written communications
(41%), leadership (38%), and oral communications (33%).
• What types of jobs are the most difficult to fill? The top five most difficult positions to fill are
high-skilled technical (e.g., technicians and programmers) (89%), managers and executives
(85%), sales representatives (74%), accounting and finance professionals (73%), and HR
professionals (53%).
Key Findings: Skill Gaps
Finance Industry

In general, what basic skills/knowledge gaps do job applicants have in
your industry?
Finance Industry
Note: Percentages do not total 100% due to multiple response options. Only respondents whose organizations were having a difficult time recruiting for
certain types of jobs were asked this question.
9%
6%
0%
0%
0%
2%
5%
36%
38%
47%
66%
13%
3%
3%
4%
4%
7%
16%
23%
28%
55%
60%
Other
Science
History/geography
Technical (computer, engineering, mechanical, etc.)
Humanities/arts
Foreign languages
Government/economics
English language (spoken)
Reading comprehension (in English)
Mathematics (computation)
Writing in English (grammar, spelling, etc.)
2012 (n = 205)
2011 (n = 87)

In general, what applied skill gaps do job applicants have in your
industry?
Finance Industry
Note: Percentages do not total 100% due to multiple response options. Only respondents whose organizations were having a difficult time recruiting for
certain types of jobs were asked this question.
3%
11%
18%
23%
22%
30%
36%
45%
40%
61%
59%
54%
5%
11%
16%
19%
21%
27%
30%
33%
38%
41%
49%
55%
Other
Diversity
Ethics/social responsibility
Lifelong learning/self-direction
Creativity/innovation
Information technology application
Teamwork/collaboration
Oral communications
Leadership
Written communications
Critical thinking/problem solving
Professionalism/work ethic
2012 (n = 237)
2011 (n = 100)

How easy or difficult has it been to fill the following job categories for
full-time regular positions?
Finance Industry
Note: This figure represents “Somewhat difficult” and “Very difficult” responses. “Not applicable” responses were excluded from this analysis. Only
respondents whose organizations were having a difficult time recruiting for certain types of jobs were asked this question. Data are not provided where the
sample size is less than 20.
41%
26%
53%
54%
73%
77%
83%
88%
29%
32%
44%
53%
73%
74%
85%
89%
Administrative support staff
(2012 n = 154, 2011 n = 92)
Hourly laborers
(2012 n = 37, 2011 n = 35)
Customer service representatives
(2012 n = 147, 2011 n = 84)
HR professionals
(2012 n = 86, 2011 n = 46)
Accounting and finance professionals
(2012 n = 146, 2011 n = 82)
Sales representatives
(2012 n = 107, 2011 n = 62)
Managers and executives
(2012 n = 143, 2011 n = 84)
High-skilled technical (e.g., technicians, programmers)
(2012 n = 102, 2011 n = 65)
2012
2011

Recruiting Challenges

• Is it difficult to recruit for positions requiring new and different skill sets? More than one-half
(57%) of organizations reported it was somewhat or very difficult to recruit for completely new
positions or positions with new duties added that required new and different skill sets. This is
consistent with findings in 2011 (56%) and is an increase from 35% in 2010.
• Is recruiting for specific jobs difficult in the current labor market? Two-thirds (66%) of
organizations currently hiring full-time staff indicated that they are having a difficult time recruiting
for specific job openings, an increase from 49% in 2011.
• Why are organizations experiencing difficulty hiring qualified candidates? About one-half of
organizations indicated that candidates do not have the right skills (55%) or the right work
experience (50%) for the job. Thirty-eight percent said that qualified candidates were not within their
salary range or hourly range rate. One-third (34%) cited competition from other employers.
• Are organizations facing global competition for applicants for hard-to-fill jobs? Only five
percent of organizations believe they are facing global competition for qualified applicants for jobs
they are having difficulty filling, similar to what was found in 2011 (8%).
Key Findings: Recruiting Challenges
Finance Industry

For the new full-time, regular positions being created by your
organization that require new and different skill sets, how easy or
difficult do you think it will be or has been thus far to find qualified
individuals for those positions? Finance Industry
Note: Only respondents whose organizations were hiring full-time staff for positions with “new duties added to jobs lost” or “completely new positions”
that required either “a mixture of new skills and the same types of skills” or “completely new and different skills” were asked this question.
5%
30%
51%
14%
4%
52%
39%
5%
7%
50%
37%
6%
Very difficult
Somewhat difficult
Somewhat easy
Very easy
2012 (n = 103)
2011 (n = 77)
2010 (n = 112)

In general, in the current labor market, is your organization having a
difficult time recruiting for specific jobs that are open in your
organization? Finance Industry
Note: Respondents who answered “don’t know” were excluded from this analysis. Only respondents whose organizations were currently hiring full-time
staff were asked this question.
Yes, 49%No, 51%
2011
Yes, 66%
No, 34%
2012
n = 234 n = 293

In general, in the current labor market, are you having a difficult time
recruiting for certain types of full-time, regular positions that are open in
your organization?
Note: Only statistically significant differences are shown.
Comparisons by industry
High-tech (82%)
Manufacturing (79%)
>
Federal government (50%)
Finance (66%)
Health (65%)
State or local government (52%)
Construction, mining, oil and gas (74%)
Professional services (70%)
>
Finance (66%)
Health (65%)
> State or local government (52%)
• Although there is recruiting difficulty across all industries, certain industries are experiencing more difficulty than others.
• The high-tech and manufacturing industries are more likely than the federal government, finance, health and state or
local government industries to be having difficulty recruiting for certain types of full-time, regular positions.
• The construction, mining, oil and gas and professional services industries are more likely than the federal government
and state or local governments to be having difficulty recruiting for certain types of full-time, regular positions.
•The finance and health industries are more likely than the state or local government industries to be having difficulty
recruiting for certain types of full-time, regular positions.

What are the main reason(s) that your organization experiences
difficulty in hiring qualified candidates for full-time regular positions?
Finance Industry
Note: n = 187. Percentages do not total 100% due to multiple response options. Respondents who answered “don’t know” were excluded from this
analysis. Only respondents whose organizations were having a difficult time recruiting for certain types of jobs were asked this question.
55%
50%
38%
34%
16%
13%
12%
Candidates do not have the right skills for the
job
Candidates do not have the right work
experience
Qualified candidates are not within our salary
range or hourly range rate
Competition from other employers
Low number of applicants
Candidates do not have the needed
credentials/certifications
Candidates are overqualified

What are the main reason(s) that your organization experiences
difficulty in hiring qualified candidates for full-time, regular positions?
(continued) Finance Industry
Note: n = 187. Percentages do not total 100% due to multiple response options. Respondents who answered “don’t know” were excluded from this
analysis. Only respondents whose organizations were having a difficult time recruiting for certain types of jobs were asked this question.
10%
7%
6%
5%
4%
3%
5%
Qualified candidates are not interested in moving
to our local area
Candidates do not have high enough levels of
education/training
Lack of interest in type of job
Local education/training system does not produce
enough work-ready/qualified job candidates
Qualified candidates are not able to move to our
local area (due to mortgage or other issues)
Our organization does not provide relocation funds
Other

Do you believe that your organization is facing global competition
(i.e., competition from other countries) for talent for hard-to-fill jobs?
Finance Industry
Note: Respondents who answered “don’t know” were excluded from this analysis. Only respondents whose organizations were having a difficult time
recruiting for certain types of jobs were asked this question.
Yes, 8%
No, 92%
2011
Yes,
5%
No, 95%
2012
n = 100 n = 174

Do you believe that your organization is facing global competition
(i.e., competition from other countries) for talent for hard-to-fill jobs?
High-tech (33%) >
Finance (5%)
Health (6%)
Manufacturing (15%)
>
Finance (5%)
Health (6%)
Manufacturing (15%) >
Finance (5%)
Professional services (14%) > State or local government (4%)
• Organizations in the high-tech industry are more likely than those in the finance, health, manufacturing, professional services, and state
or local government industries to believe that they are facing global competition for talent for hard-to-fill jobs.
• Organizations in the construction, mining, oil, and gas and federal government industries are more likely than those in the
finance, health, and state or local government industries to believe that they are facing global competition for talent for hard-to-fill
jobs.
• Organizations in the manufacturing industry are more likely than those in the finance and state or local government industries to believe
that they are facing global competition for talent for hard-to-fill jobs.
• Organizations in the professional services industry are more likely than those in state or local governments to believe that they are
facing global competition for talent for hard-to-fill jobs.

Recruiting Strategies

• What strategies is your organization using to deal with recruiting challenges for full-
time, regular positions? The most common strategies reported by organizations are expanding
advertising efforts (46%), using social media to find passive job seekers (44%), improving
compensation/benefits packages (32%), increasing retention efforts (32%), and training existing
employees to take on the hard-to-fill positions (31%).
• Have organizations been hiring workers from outside the U.S. for jobs that have been
difficult to fill? Sixteen percent of organizations have hired workers from outside the U.S., an
increase from 5% in 2011. Another 2% are considering hiring workers from outside the U.S.
• Have organizations been hiring U.S. veterans for jobs that have been difficult to fill? Two out
of five (40%) organizations reported hiring U.S. veterans, an increase from 13% in 2011. About one-
fifth (21%) are either considering or have plans to hire veterans in the next 12 months.
Key Findings: Recruiting Strategies
Finance Industry

What strategies is your organization using to deal with recruiting
challenges for full-time, regular positions?
Finance Industry
Note: n = 186. Percentages do not total 100% due to multiple response options. Only respondents whose organizations were having a difficult time
46%
44%
32%
32%
31%
28%
26%
24%
Expanding advertising efforts
Using social media to find passive job seekers
Improving compensation/benefits package
Increasing retention efforts
Training existing employees to take on the hard-to-
fill positions
Collaborating with educational institutions
Expanding search region
Expanding training programs to help improve skills
of new hires

What strategies is your organization using to deal with recruiting
challenges for full-time, regular positions? (continued)
Finance Industry
Note: n = 186. Percentages do not total 100% due to multiple response options. Only respondents whose organizations were having a difficult time
23%
20%
4%
7%
6%
Providing monetary incentives to candidates
(e.g., signing bonus)
Offering more flexible work arrangements
Offering new job perks
Other
None; we have not changed our recruiting strategy

Has your organization hired any workers from outside the United States
in an attempt to staff key jobs that have been difficult to fill?
Finance Industry
Note: Percentages may not equal 100% due to rounding. Respondents who answered “don’t know” were excluded from this analysis. Only respondents
whose organizations were having a difficult time recruiting for certain types of jobs were asked this question.
16%
82%
2% 0%
5%
92%
3% 1%
Yes No No, but we are
considering it
No, but we have plans
to do so in the next 12
months
2012 (n = 178) 2011 (n = 107)

Has your organization hired any workers from outside the United States in
an attempt to staff key jobs that have been difficult to fill?
High-tech (50%) >
Finance (16%)
Health (29%)
Manufacturing (24%)
Health (29%)
Manufacturing (24%)
> State or local government (11%)
• The high-tech industry is more likely than the construction, mining, oil and gas; federal government; finance; health;
manufacturing; professional services; and state or local government industries to have hired workers from outside the
U.S. in an attempt to recruit for hard-to-fill jobs.
• The construction, mining, oil and gas; health; manufacturing; and professional services industries are more likely than state
or local governments to have hired workers from outside the U.S. in an attempt to recruit for hard-to-fill jobs.

Has your organization hired any U.S. veterans in an attempt to staff key
jobs that have been difficult to fill?
Finance Industry
Note: Percentages may not total 100% due to rounding. Respondents who answered “don’t know” were excluded from this analysis. Only respondents
whose organizations were having a difficult time recruiting for certain types of jobs were asked this question.
40% 39%
17%
5%
13%
66%
19%
2%
Yes No No, but we are
considering it
No, but we have
plans to do so in the
next 12 months
2012 (n = 154) 2011 (n = 91)

Has your organization hired any U.S. veterans in an attempt to staff key
jobs that have been difficult to fill?
Federal government (87%) >
Finance (40%)
Health (57%)
High-tech (47%)
Manufacturing (60%)
>
Finance (40%)
High-tech(47%)
Manufacturing (60%) >
Finance (40%)
• The federal government is more likely than the finance, health, high-tech, manufacturing and professional services
industries to have hired U.S. veterans in an attempt to recruit for hard-to-fill jobs.
• The construction, mining, oil, and gas and state or local government industries are more likely than the finance, high-
tech and professional services industries to have hired U.S. veterans in an attempt to recruit for hard-to-fill jobs.
• The manufacturing industry is more likely than the finance and professional services industries to have hired U.S.
veterans in an attempt to recruit for hard-to-fill jobs.

Demographics

Demographics: Organization Sector
Finance Industry
Note: n = 371. Percentages do not total 100% due to rounding.
40%
35%
21%
0%
3%
Privately owned for-profit
Publicly owned for-profit
Nonprofit
Government
Other

Demographics: Organization Staff Size
Finance Industry
Note: n = 362. Percentages do not total 100% due to rounding.
31%
34%
17%
13%
4%
1 to 99 employees
100 to 499 employees
500 to 2,499 employees
2,500 to 24,999 employees
25,000 or more employees

n = 373
Other Demographics
Finance Industry
U.S.-based operations only 82%
Multinational operations 18%
Single-unit organization: An organization in
which the location and the organization are
one and the same
22%
Multi-unit organization: An organization that
has more than one location
78%
Multi-unit headquarters determines HR policies
and practices
68%
Each work location determines HR policies and
practices
1%
A combination of both the work location and the
multi-unit headquarters determines HR policies
and practices
31%
Is your organization a single-unit organization or
a multi-unit organization?
For multi-unit organizations, are HR policies and
practices determined by the multi-unit headquarters,
by each work location or by both?
Does your organization have U.S.-
based operations (business units) only,
or does it operate multinationally?
n = 373
n = 294
Corporate (companywide) 85%
Business unit/division 13%
Facility/location 2%
n = 293
What is the HR department/function for
which you responded throughout this
survey?

• Response rate = 13%
• 387 randomly selected HR professionals from the finance industry in SHRM’s membership
participated in this survey.
• With small sample sizes, the response of one participant can affect the overall results considerably;
this should be noted when making interpretations of the data, particularly when interpreting small
percentage differences.
• Survey fielded August 28-September 14, 2012
SHRM Survey Findings: The Ongoing Impact of the
Recession—Finance Industry
Survey Methodology

• For more survey/poll findings, visit www.shrm.org/surveys
• For more information about SHRM’s Customized Research Services, visit
www.shrm.org/customizedresearch
• Follow us on Twitter @SHRM_Research
About SHRM Research
Project leader:
Tanya Mulvey, researcher, talent management & workforce skills, SHRM Research
Project contributors:
Alexander Alonso, Ph.D., SPHR, vice president, SHRM Research
Evren Esen, manager, Survey Research Center, SHRM Research
Yan Dong, Intern, SHRM Research
Copy editor:
Katya Scanlan, SHRM Knowledge Center

The Society for Human Resource Management (SHRM) is the world’s largest association devoted to
human resource management. Representing more than 250,000 members in over 140 countries, the
Society serves the needs of HR professionals and advances the interests of the HR profession.
Founded in 1948, SHRM has more than 575 affiliated chapters within the United States and
subsidiary offices in China and India.
About SHRM

SHRM Survey Findings: The Ongoing Impact of the Recession—Finance Industry

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