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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
