An increase in salaries and recruitment in the financial sector will lead to high demand for talent, and possible opportunities for migrants.
22 January 2010
Financial sector jobs in Australia set to rise, fuelling need for migrants
Latest research has shown salaries in the financial sector in Australia are set to rise, along with demand for more staff.
The Morgan McKinley 2010 Salary Survey found that over 40 per cent of financial services business expect basic salaries to rise within their business, and that the majority of employers said they would recruit over the coming six to twelve months.
More than 50 per cent said they would be hiring, while 38 per cent said they might recruit, which could mean opportunities for migrants with experience in that sector due to the limited talent in the market.
The telephone survey of senior level finance, operational and HR managers working in Sydney's financial services sector found that the majority (54.2 per cent) expect basic salary offers within their business to at least stay the same over the next 12 months and two out of five said they expect basic salary to climb up to 5 per cent.
Louise Langridge, joint managing director of Morgan McKinley, said the main driver for the salary increases is staff retention and attraction.
"However, there have been early signs that, in certain areas, the war for talent has already emerged - with financial services organisations competing for limited talent in the market," she said.
More than 160 senior level HR personnel were surveyed.
Employment and remuneration - along with business performance – in the financial services sector has a large impact on the Australian economy as the financial sector is the largest contributor to Australia's national output, employment and economic growth.
The Australian Bureau of Statistics’ Australian System of National Accounts publication shows the sector generates more than 10 per cent of Australian output.