Finding skilled talent still a challenge for FMA
A lack of high-quality talent in New Zealand is proving a challenge for the financial markets regulator with more people applying for jobs but many not possessing the right skills for some of the more specialised roles.
Wednesday, October 30th 2024, 9:38AM
by Kim Savage
The FMA’s 2024 Annual Report goes behind the scenes of the regulator, detailing the size and make-up of its organisation and where its recent recruits came from.
Consistent with the broad shift to an “employer’s market,” the report said the FMA had seen an increase in applicants for its advertised roles in the first six months of the year.
“We are still experiencing difficulties within the New Zealand labour market sourcing candidates with the appropriate skill level.”
“We continued to focus on refining our early careers offering, with the successful launch of graduate and internship recruitment, including a ‘Shadow a Leader’ programme.”
The FMA attracted and recruited far fewer international staff members this year, from 10% of staff sourced from offshore in 2023, down to 0.5% in 2024. Internal promotions or moves once again made up the majority of the FMA’s recruitment this year.
“We have made improvements to our application and onboarding processes, resulting in a better experience for candidates and less manual work internally,” the report said.
The regulator grows in size
The organisation increased its total headcount by 56 people. Turnover at the regulator fell this year, to 11.9% in 2024, compared to 18.9% in 2023.
More than 60 percent of FMA staff are female, with the organisation’s gender pay gap closing to 5.9% compared to last year’s 10%, although the measure is based on the median hourly rate of all employees including chief executive Samantha Barrass.
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