The study notes that most finance professionals working in the retail sector have been with the industry for some time, largely due to a passion for the trade or brand. However, as the economy emerges from the recession, both the financial services and IT sectors started to appeal to and sought talent aggressively, leading to an outflow of talent from the retail industry.
"We expect the talent crunch to tighten further, unless employers start considering finance professionals from other sectors and increase salary levels to stay competitive," notes the study.
Recruitment activity for finance positions was fairly active across junior to mid-level managers, particularly due to store expansions and increased workload for back-office functions. Key roles being recruited for included financial planning analysis, financial controller and pricing analyst, with salaries ranging between S$50,000 (US$36,000) to S$120,000 (US$88,000).