We have had a number of corporate searches in (compliance) this year, and finding the correct candidates is not easy.
NEW YORK, N.Y. (PRWEB) November 26, 2012
Domestic and foreign banks with operations in the Tri-State Area (New York, New Jersey, and southern Connecticut) are having trouble finding qualified professionals to fill key roles in their organizations, according to veteran recruiter Joseph Salem.
As President of Salem Executive Search, which specializes in placing individuals in the banking industry, he has identified three skills sets that are particularly in demand. The first is compliance. Banks are clamoring for skilled compliance officers and analysts to bring them in line with financial regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Know Your Clients provisions of the Prevention of Money Laundering Act of 2002. The Bureau of Labor Statistics predicts that the employment of compliance officers, also known as financial examiners, will increase by 27% by 2020, which is faster than average for all occupations.
Beyond compliance experience, many banks are requiring that these professionals also be attorneys, Salem said.
“We have had a number of corporate searches in this area this year, and finding the correct candidates is not easy,” he said.
Banks are also having trouble finding qualified mid-market loan officers. These are lenders who handle the lower-level and privately owned businesses who are looking to borrow between $5 and $50 million.
Finally, credit analysts are in demand as the training procedure for these individuals has changed. Salem said that banks used to recruit candidates from colleges and put them through a training program that combined classroom learning with on-the-job training, a process that typically took 18 months to two years. Banks stopped this process about 10 years ago and are now struggling to find individuals with the right skills.
With over 40 years recruiting in the banking industry, Salem has the experience and resources to conduct these difficult searches.
“This is all I’ve ever done. I started in 1969 and never looked back. Forget job boards. I have a database of my own with 50,000 resumes,” said Salem, who added that about 70 percent of his candidates come from personal referrals.
He is also able to help his clients with contract placements. Contractors placed through Salem are employed through the contract staffing back office services of Top Echelon® Contracting. Earlier this year, Salem had six contractors working simultaneously, and he was also able to convert several high level individuals to direct hires.
“Joe and his search firm are always a pleasure to work with,” said TEC Contract Staffing Administrator Tammi Shields. “Joe takes great pride in each placement he makes through Top Echelon Contractng.”
In addition to placements in areas such as accounting, auditing, banking, compliance, and financial services, Salem Executive Search also conducts searches in information technology, medical education communications, pharmaceutical advertising, pharmaceutical/biotechnology, and sales and marketing. Salem says that 99% of the firm’s business comes from a 50-70 mile radius of their New York City-based offices, including foreign banks with operations in the Tri-State Area.