Financial Services Labour Market Wrap

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28th September 2009, 02:30pm - Views: 553

September 2009

Labour Market Wrap – Financial Services


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


financial services have been

sought after, and this has remained the case during

the last

quarter. Professionals

that are currently in demand


accountants, actuarial,



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:


People Employment Kelly Executive (Kelly Services) 2 image

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


“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


Bob Bowden, Foresight Communications, 02 9241 2811, 0412 753 298,

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