Companies are having trouble recruiting. The reason? Candidates’ financial requirements are too high.

Companies are having trouble recruiting. The reason? Candidates' financial requirements are too high.

The Polish labor market is struggling with a shortage of workers, especially in the finance and real estate industries. Competition for qualified specialists is growing, but their financial expectations are too high.

On the Polish labor market, as many as 66 percent of organizations struggle with difficulties in filling vacancies with new employees with the right competencies. The finance and real estate industry is most affected by this problem, with as many as 74 percent of companies reporting difficulties in recruitment, according to the ManpowerGroup report “Talent Shortage.”

The key skills sought on the labor market are those related to the development of technology, requiring continuous self-development from employees and active motivation from employers.

The financial sector is looking for employees

As noted by Dr. Sylwia Hałas-Dej, Dean of Kozminski Executive Business School, the financial sector is struggling with a serious deficit of qualified staff. Although some organizations manage through internal recruitment systems, the biggest challenge is finding employees with skills in areas such as IT, data analysis, sales and marketing, and administration and HR.

– Technological changes, such as artificial intelligence and digitalization, require many specialists from the financial sector. We make sure that employees feel good within our organizations – emphasizes Dr. Hałas-Dej.

Financial expectations too high

The Hays Poland “Salary Report” from the end of 2023 shows that half of employers in Poland are struggling with a shortage of managers and specialists, and 36% believe that competition for employees is intense.

The COVID-19 pandemic has further globalized the labor market, allowing many professions to be performed from different parts of the world. However, Poland remains less competitive in terms of earnings – more than half of the surveyed employers believe that the financial expectations of candidates are unrealistic.

Although 80% of companies plan to raise salaries in 2024, only 20% anticipate a salary increase of more than 10%. The discrepancy between employee expectations and employer capabilities is becoming increasingly visible.

Employees are looking for balance

PageGroup’s Talent Trends report highlights the growing importance of flexible work and work-life balance. Almost half of employees are dissatisfied with their current salary, and over 40 percent will turn down a promotion if it means a deterioration in work-life balance. These expectations are particularly important for Generation Z, for whom work is not a value in itself.

– We need to understand the new generations and adapt to their needs. As Generation X, we need to be more flexible to meet the challenges – says Dr. Hałas-Dej

Adapting the skills of financial specialists to the requirements of the digital revolution is becoming a key challenge. The dynamic development of technologies, including data analysis, cybersecurity, machine learning and artificial intelligence, requires both employers to offer appropriate training and employees’ willingness to constantly improve their skills.

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