Financial services job market favours the candidate

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A recruitment agency has predicted a "candidate-driven market" for financial services in 2016.

A new survey by specialist financial recruitment agency Marks Sattin has found a growing shortage of specialist skills within financial services. The agency has predicted this will see an increase in rates and remuneration as in-demand candidates for roles understand they can wait for the right opportunity.

Marks Sattin director Ieuan Williams said employers will have to be more proactive in attracting and retaining top talent.

“As we move into a candidate-driven market, employers should be looking to set themselves apart by executing on workforce engagement strategies that attract and retain top talent,” he said.

According to the survey, the 10 roles most in demand for 2016 were:

1. Fund Accountants
2. Unit Pricing Professionals
3. Claims Specialists
4. Investment Operations
5. Paraplanners
6. Advisors
7. Injury Management Advisors
8. Accountants skilled in Business Partnering
9. Allied Health Professionals
10. Underwriters

Marks Sattin said the survey found the number of active job-seekers had decreased significantly, falling from 42% in 2015 to 29%. And job-seekers were more optimistic about the state of the economy and more secure in their roles, the agency said.

The survey also found candidates were most likely to be enticed to either stay with their current employer or move to a new one if they were offered flexible work options. Career development was the second-highest rated benefit that attracted or retained candidates.

“With candidates having the upper hand in the Australian financial services and accounting market, and with increased pressure on remuneration budgets, employers must look at how they formulate and execute attraction and retention strategies to differentiate themselves,” Williams said.