Taking the bonus and running
Financial services employers should brace themselves for increasing staff turnover this quarter as people receive their bonuses and decide to move on.
That is part of the analysis contained in the latest data released by financial services career website eFinancialCareers.com.au, which has predicted demand this year for those working in risk management and compliance, mergers and acquisitions, resource sector bankers and fund managers.
Commenting on the data, eFinancialCareers head of Asia Pacific George McFerran said the level of staff movement was expected to increase in the first quarter of this year (post-bonuses) as people who were reluctant to move during the global financial crisis (GFC) look for new career opportunities.
He said employers would have a wider choice of talent compared with 12 months ago, but could suffer from skill shortages and therefore look to hire candidates from related sectors or from overseas if necessary.
In a similar vein, recruitment consultancy Robert Walters has predicted that the banking and financial services industries will grow headcount this year and increase salaries.
However, the company’s annual salary review said that only the strongest performers were likely to receive pay increases.
The review also said that more people would be looking to change jobs, with Robert Walters managing director in Australia James Nicholson saying more professionals would be looking to pursue new opportunities in 2011 after putting their job searches on hold during the GFC.
Money Management will publish the first of its salary survey features for 2011 in this week’s edition due out on Wednesday and Thursday.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
