Finding right staff is the biggest headache

The main management headache for IT directors in the financial services sector remains finding and retaining the right staff,...

The main management headache for IT directors in the financial services sector remains finding and retaining the right staff, according to research conducted at the City IT Forum.

Fifty per cent of the 120 IT directors responding to the survey said staffing was their top management issue for next year.

Gary Barnett, research director at Ovum, said finding quality staff was still a huge problem for many IT departments, despite the economic slowdown in recent years. "Getting a banking application to perform reliably and efficiently requires a very high level of expertise and people with these skills are still in short supply in the marketplace.

"Even when IT departments were laying off staff, the smart companies did not lay off their very best people so they never came onto the marketplace," Barnett said.

IT governance at 47.2% and compliance at 43% were close behind staffing on the top five concerns list, followed by leadership (40.5%) and influencing the board (33.9%).

Mike North, principal consultant with Winchester White, said regulatory regimes were forcing financial services companies to consider how regulation could be built into their processes rather than added onto the side. "It is forcing people to think about governance in a more scientific way."

The regulatory body the Financial Services Authority could order management reports from lines of business, he said.

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