Banking employment demand growing on increased business activity
International recruitment and consultancy firm Michael Page has released its Salary & Employment Forecast, showing that the financial services sector is growing on the back of increased business confidence.
The report finds that ‘With improved confidence within global markets, international banks with a presence in Australia have had an increased remit to hire.’
The report indicates that the sector will experience an increase of 13% in average wage, with top performers expected to receive up to 18%. It cautions, however, that the investment banking sector is ‘top heavy’, which translates into complexities in succession planning.
Special note is made of the demand for banking professionals at the Analyst or Associate level with corporate finance or project finance experience.
The report also finds that local retail banks ‘have been vocal about their aggressive growth plans within the wealth management space’, which is leading to demand for experienced Advisors, Financial Planners and key support functions in this area.
The report observes that with the demand for skilled financial services professionals expected to exceed supply shortly, employers are increasing salaries to attract and retain top talent.
"Average salary increases of 3–4% will be awarded to retain staff, with higher increases expected for top performers. Above standard increases will be awarded to attract financial services professionals with skills in higher demand."
The full report is available here