Over half (51%) of SMEs in the finance and banking sector claim that the skills they need to succeed are unavailable in their local market, according to research published today.

HR managers in the financial sector also revealed that a saturated market (20%) and the cost of recruitment (9%) hindered effective recruitment of new employees.

The research, which was commissioned by business communications provider Inter-Tel Europe, also highlighted that SMEs struggle to keep productivity rates elevated with 19% battling against absenteeism, for which 20% said their business incurred unexpected costs. Unmotivated staff (11%) and high staff turnover (16%) were also cited as prohibitive to productivity.

Chris Harris, managing director of Inter-Tel Europe, said: "For many SMEs, growth will hinge on recruiting the best people available. But high-calibre candidates are becoming an increasingly rare commodity for SMEs as lucrative city packages tempt the prospective staff away."

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