A massive dearth in skilled professionals is stifling the growth of the Asian financial services industry and forcing recruiters to think laterally.

A massive dearth in skilled professionals is stifling the growth of the Asian financial services industry, with 93 per cent of firms in the region saying that hiring is a serious problem, according to a survey from recruiter Robert Half.

According to the latest Robert Half Workplace Survey published this week, 30 per cent of Hong Kong employers are looking to increase full-time staff in finance, accounting, or banking in the second half of this year. However, 90 per cent of Asia Pacific bosses say they are struggling to fill positions, with Hong Kong and Singapore finding it the hardest with 93 per cent and 97 per cent saying it is so, respectively. 

The two reasons why employers are seeking skilled financial staff are to fuel busines expansion, 56 per cent, and to ease the workload of their existing employees, 53 per cent, the study found. To help deal with the talent shortage, 73 per cent of the employers said they are turning to recruitment firms to find the right people, 35 per cent said they increase their offers and salaries, while 30 per cent tried their luck with offering incentives for referrals. 

"A focus on staff training and development not only allows companies to build the skill sets of their current teams, but also may improve retention rates, since employees appreciate the opportunity to acquire new skills and take on different challenges," said Pallavi Anand, the director of Robert Half in Hong Kong, in a media release. 

"Employers' fear of losing top performers is a valid one, as 45 per cent of finance professionals surveyed in Hong Kong admitted that they plan to seek employment or a promotion with a new company in the next two years," added Anand.

The survey was conducted in June 2011 and captured the responses of 3,542 human resource, finance and accounting professionals in Hong Kong, Singapore, Australia, and New Zealand. A total of 645 respondents, including 303 financial hiring managers, were surveyed in Hong Kong.