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Australia businesses struggling to find skilled financial professionals: survey

(Xinhua)

11:15, August 16, 2011

CANBERRA, Aug. 16 (Xinhua) -- Nearly three-quarters of Australian employers in finance, accounting and banking are struggling to find skilled financial professionals, with more than a third saying accountants are the most sought after, latest survey showed on Tuesday.

The survey of 1678 respondents across Australia, conducted by recruitment specialist Robert Half, found 88 percent of employers are concerned about losing their top financial performers to competitors.

For 26 percent of employers, the worry of losing their top employees to other job opportunities is keeping them awake at night.

"Replacing key talent is costly for a business, particularly in relation to the loss of company knowledge," Robert Half director Kevin Jarvis said releasing the survey findings on Tuesday.

Meanwhile, the survey showed more than two-thirds of financial professionals are satisfied with their job, with only 17 percent per cent saying they are dissatisfied with their lot.

However, given the right inducement, 95 percent of staff would be tempted to move jobs.

Salary is a key factor for 27 percent of respondents to entice them to another job, while 17 percent said they would be looking for more challenging responsibilities. The opportunity to work for an inspirational manager would be a lure for 12 percent of respondents, while the same proportion would move for a more prestigious job title.

Earlier, Lloyd Morgan Accounting Skills Index indicated Australia's will continue to see a shortage in skilled accountant, showing that between now and the end of 2012, demand for accountants is forecast to rise by 4.5 percent (approximately 7, 000 accountants) while supply is forecast to rise by a slower 3.1 percent (approximately 5,000 accountants).

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