September 2009
Labour Market Wrap – Financial Services
Overview
During the past year, the financial services industry has been paring back staff in response to
the turmoil in global financial markets. However, those in niche roles have mostly been spared,
with many financial services organisations taking steps to retain and expand their focus on
specialist staff.
Salaries are forecasted to remain relatively flat over the coming months, however there is a
strong trend towards non-monetary benefits such as health programs, travel and study
allowances. This push towards lifestyle bonuses is in contrast to the traditional cash bonus that
is embedded in the sector.
A renewed focus on recruitment
According to Derek Del Simone, Associate Director of Kelly Executive – the professional
services division of Kelly Services - most companies have been heavily focused on the reporting
period over the last quarter, and recruitment has been steady.
“It is expected that recruitment will now be a focus for many companies implementing rebuilding
strategies during the economic recovery. This has been seen in a general lift in labour needs
over the past month.
“It is important for companies to have access to the best talent in order to make the most of the
returning market.”
Jobs in demand
Mr Del Simone said throughout the economic downturn,
candidates in niche roles
within
financial services have been
sought after, and this has remained the case during
the last
quarter. Professionals
that are currently in demand
include
accountants, actuarial,
risk
and
compliance specialists.
There has also been a lift in
demand for project management professionals to help lead cost
effective change management strategies. This is in direct response to companies ‘tightening
their belts’ which has been widespread in the industry during the global financial crisis.
A shift towards a better lifestyle
Mr Del Simone believes that salaries will remain at current levels for the coming 12 months, with
employees much more focused on job stability and longevity, than higher wages.
“Many employees in the financial services sector have felt the effects of a volatile labour market
and are now happy to work for a company that can offer stability and career opportunities,
rather than negotiating for higher salaries.”
Recently, there has been an increased focus on extrinsic reward and benefit packages from
both employers and employees. Some of the reward and benefit packages that are becoming
more prominent include:
Health and wellbeing programs including gym memberships, boot camps,
discounted rate agreements with personal trainers and access to a life coach.
Study support programs
Wealth creation programs including company matched employee
superannuation contributions up to an extra five per cent, or access to a
wealth coach.
Social responsibility benefits including weekly public transport allowances, 10
per cent discount on petrol for employees who car pool, up to five days paid
leave yearly for volunteer community work, and access to onsite childcare
facilities.
“The shift towards non-monetary rewards is being driven partially by society becoming more
lifestyle conscious. These rewards are particularly beneficial for workers in financial services
where there tends to be long hours and high stress,” said Mr Del Simone.
About the Market Wrap:
Kelly Executive collates the latest recruitment trends, forecasts and opinions from its specialist
recruitment staff in this monthly market wrap. The Wrap covers industries including finance, IT, sales and
marketing and operations. Kelly Executive recruitment consultants quoted in the Wrap are available to
further discuss any of the topics. Please contact Bob Bowden, Foresight Communications, for more
information.
Bob Bowden, Foresight Communications, 02 9241 2811, 0412 753 298,
bbowden@bowmac.com.au
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