It is a bit of a catch-22 for financial services firms in Australia – a slow-down in hiring has led to frustration among employees, who are now looking for a better opportunity elsewhere.
Almost half (46%) of finance professionals intend to move to a new employer this year. Reasons cited include a lack of career progression (54%), perceived higher pay at other employers (38%) and frustration with a lack of recognition for their accomplishments (33%).
Managing director APAC at eFinancialCareers George McFerran said that a slowdown in hiring had meant less opportunity for internal openings, and large scale layoffs at the end of last year had stalled the potential for people to progress within their organisations.
“While many companies are mindful of the risk associated with losing top talent, outward pressures can’t always be overcome. In this situation we tend to see more candidates looking externally for a chance to advance their careers despite the challenging hiring environment,” said McFerran.
If you are looking for greener pastures and wondering if your pay could increase somewhere else, the latest Robert Walters Salary Survey found that financial planners employed by banks earn around $70-120k in Melbourne, but even more in South Australia. Planners with more than six years’ experience can earn up to $130k in Adelaide.
Hiring levels are expected to steadily increase in the South Australian banking and financial services market in 2013, with a focus on hiring quality over quantity. More organisations will be looking to recruit skilled professionals in the key areas of compliance and financial planning, according to Robert Walters.
The Melbourne banking sector is also experiencing demand for skilled candidates, with a particular focus on candidates from a superannuation and investment background.
Regardless of the overall market conditions, Robert Walters has anticipated increased demand for professionals with specialist industry, technical or system skills.