Retaining talent proving tough
Australian financial services sector employers are struggling to hold onto staff, with almost 60 per cent of office workers on the hunt for a new job, a survey reveals.
Data from recruitment consultants, Robert Half, found that employment growth has created an employee driven market, with businesses being forced to act swiftly to secure top candidates for roles.
Robert Half senior managing director Asia-Pacific, David Jones, said that two-thirds of Australian chief financial officers planned pay increases for those in the financial services and accounting roles over the course of 2016.
Jones said that many companies reported that they were willing to increase salaries for "existing top employees" and for candidates who possess specialist and hard to find skills.
"Organisations are increasingly making an offer within 48 hours of interviewing candidates to secure top talent," he said.
"In order to not lose top professionals to competing organisations during the hiring process, companies with clear recruitment criteria and who can act quickly when they find a match, have a definite hiring advantage.
The survey found that while securing a salary was a key factor for the 58 per cent of office workers who said they were likely to look for a new job within the coming months (37 per cent), 28 per cent said the opportunity of a better work-life balance would prompt them to leave their current job.
A further 12 per cent said they would switch jobs for career advancement, while seven per cent said their relationship with their boss and or colleagues would drive them towards the exit.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
