‘Cultural fit’ was both the biggest employee issue and recruitment challenge for asset owners and fund managers, according to a survey by HR consultancy RiskWise Professionals and recruitment firm Super Recruiters.
The survey, of 30 senior management at funds and service providers, undertaken in January and February, showed that employers were also concerned about ‘too much change’ within the organisation and among staff, followed by the level of ‘management expertise’.
Issues around salary expectations does not make it into the top three concerns, which is in line with other surveys that show remuneration is not the main driver for employees. Job satisfaction, in its various forms, is more important.
The latest survey showed ‘cultural fit’ was ranked equal first with ‘too much change’ for employee issues – both 30 per cent – and a comfortable first – 65 per cent – for greatest recruitment challenge, ahead of ‘determining business need’ at 18 per cent.
‘Salary expectations’ came fourth on the list of employer issues, ahead of ‘technical capabilities’.
Guy McKanna, principal at Super Recruiters, said: “The increasing use of technology, such as robo advice and artificial intelligence portfolio managers, is masking the fact that our industry is predominantly a people business. People lead our organisations. It is people whom we invest for. It is people who drive how technology is implemented.
“Just as with technology, it is the quality of people that makes the difference and provides a competitive advantage. Often, the best people aren’t looking for a new employer. Proven performers are often content delivering results and no matter how much you advertise on the technology-based platforms of LinkedIn, Seek or the like you won’t reach them.
“Rather, technology in recruiting has tended to result in a focus on those people who are looking to move, for whatever reason – rather than identifying the best performers that an organisation should have.
“Every organisation wants people who are committed, passionate, proven performers. So, just like investing, it is competitive attracting those proven performers.”
Greg Bright is publisher of Investor Strategy News (Australia)