This time last year when the credit crunch lurched into a credit crisis, financial services firms around the world started sacking staff.

Now, despite spiralling unemployment in most areas, the finance sector is facing a skills shortage with highly experienced operators increasingly hard to find.

A survey by the recruitment firm Robert Half has found that some companies moved too swiftly last year in sacking staff and are now having to pay top dollar to secure the right talent.

Of the 404 finance and human resources managers polled, 60 per cent believe there is a shortage of high-quality finance and accounting professionals available in Australia.

Despite the global financial crisis, more than a third of companies are prepared to pay more to secure the best qualified candidate.

Robert Half's Australian director, Andrew Brushfield, says some companies acted too swiftly in sacking staff at the height of the financial crisis.

"Firms that let go of their staff because of uncertainty about the economy have found they haven't been able to re-fill these positions with skilled staff when their needs have arisen," Mr Brushfield said.

Mr Brushfield also said some companies were having to consider "next best" solutions in replacing highly skilled finance positions.

"Companies that are willing to compromise on the quality of their hires must commit to providing staff with ongoing training and development and on the job mentoring," he said.

"Otherwise these hiring decisions will impact a company's ability to compete and its bottom line."

The survey found that companies are hiring staff with less relevant experience because that possessed transferable technical skills, demonstrated growth potential and were a good fit with the organisation.

The talent shortage is also being compounded by the number of baby boomers who are planning to retire over the next two to five years.

"Nearly one third of companies are concerned or very concerned about the possible retirement of professionals in their accounting and finance departments. They are worried the next generation of leaders are not prepared to take their place," Mr Brushfield said.

Source: Peter Ryan, ABC News