Planner sentiment down as new hires taper off
Employer sentiment in the financial services industry has dropped significantly over the last quarter, as employers look to train new staff before seeking additional staff.
The latest Employment Expectations report from recruitment firm Hudson has found that sentiment in the financial services industry dropped 9.4 percentage points over the quarter to 23.5 per cent.
This represents a slip of 22.5 percentage points year-on-year.
The drop in sentiment follows on from a strong hiring period in the second half of 2010, which suggests that a number of employees are now focused on bringing newly hired staff up to speed before seeking new staff.
As a result, hiring activity has now subdued with hiring intentions in the sector dropping 1.3 percentage points over the quarter to 31.7 per cent, and down 21.1 percentage points year-on-year.
But the news is not all bad, as 37.7 per cent of employers said they intended to increase headcount in the next three months indicating a return to normal hiring levels with employers having largely rebuilt teams and many job seekers settled in new roles.
The survey also found hiring for corporate finance mergers and acquisitions transactions was down year-on-year, while another trend that emerged was the focus of banks on growing their international offices at the expense of local hires.
Recommended for you
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
With cyber security at AFSLs identified as an ASIC enforcement priority, a technology recruiter has shared what these specialists are expecting to earn in the financial services sector.
