Compliance recruitment
Compliance professionals remain concerned that a lack of staff is affecting their ability to meet regulatory requirements, according to research by Joslin Rowe and trade press Compliance Monitor.
The research found that 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.
The study found that 70% of respondents admitted it was incredibly difficult to find candidates of the right calibre for the number of available compliance jobs.
Respondents 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".
During 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% said they are paid above market rate.
