The forecast for 2013 salaries and hiring prospects has been revealed, and financial planners are in high demand.
Despite a decrease in recruitment of financial services employees over the past 12 months, a steady demand is expected for financial planners going forward, due to an on-going need for customer-related transactions in superannuation.
This is according to the 2013/14 Michael Page Australia Salary & Employment Forecast. The forecast said that over the past 12 months planners were needed on a temporary basis, allowing flexibility around costs and headcount. This is expected to continue this year.
Opportunities in the financial services sector are highest in VIC and NSW. Melbourne has the highest proportion of superannuation companies in the country, and most international investment banks are based in Sydney. So how do their salaries compare:
Sixty one percent of survey respondents said their employees will receive an increase, which will vary according to performance. Bonuses will also be based on performance. This could be individual performance (33%), company performance (11%), team performance (7%), or a combination of all three (42%).
Almost half of employers are expecting staff to leave within the next 12 months, the key reasons being to broaden their experience, or for better pay. Simon Meyer, managing director of PageGroup in Australia says that “businesses will need to remain focused on talent management to ensure their best employees are retained as conditions improve”.
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