22 January 2010

Financial sector jobs in Australia set to rise, fuelling need for migrants

Visa Bureau is not affiliated with the Australian Government but is an independent UK company. Australian visas are available from the Australian Government at a lower cost or for free when you apply directly. Our comprehensive visa and immigration services include immigration advice from registered migration agents, a 100% success rate, document checking and expedited visa processing.

Latest research has shown salaries in the financial sector in Australia are set to rise, along with demand for more staff.

Australian immigration

An increase in salaries and recruitment in the financial sector will lead to high demand for talent, and possible opportunities for migrants.

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.

The Australian Visa Bureau is an independent consulting company specialising in helping people lodge their Australian immigration applications with the Australian Embassy.  

Bookmark and Share