Hays Banking - April 2007

Hotspots

• Financial planning: Advice, paraplanning and compliance. Competition in the financial advice/planning arena continues to grow and we have seen a strong demand in roles from advice through to compliance with a big focus on candidates who are studying their Diploma of Financial Planning and Advanced Diploma of Financial Planning.
• Funds Management: Administration (unit trust, super), performance analysis and portfolio management. This remains a strong performer as Australia's managed funds market is currently experiencing exponential growth which has directly influenced administration and client servicing to investment and performance analysis. One of the key drivers is the superannuation market and recent legislative changes will ensure continued focus in this area.
• Derivatives, FX and Commodities markets: Research and quantitative analysis, sales, settlements and documentation. Prosperous trading conditions over the last year have seen the front office of the City's investment banks capitalise on the bull market, resulting in a knock-on effect in the middle office and operations areas.
• Business & Corporate Banking - Relationship management and business development. There has been a large demand for specialist managers with healthcare, aged care and real estate experience particularly sought. New commercial centres have also opened in strategic locations resulting in demand across management and support.
• Personal lending: From branch based lending to HNW relationship management. Demand has been driven by the requirement for branches to service all customer needs. We have also seen an increased focus on servicing existing high net worth customers by providing them with dedicated relationship advisors.
• Fraud roles, from fraud officers to management. With an increased focus by the banks to fight internet fraud we have seen an increase in recruitment activity due to restructuring and divisions strengthening teams.
• Temporary recruitment has experienced strong demand for treasury settlements, client servicing, mortgage processing, loans officers and unit trust administrators.

The coming quarter:

Typically the coming quarter is one of the busiest periods for recruitment across both the temporary and permanent banking recruitment markets. Demand will be highest over the coming quarter for experienced staff within financial markets, investment management due to upcoming superannuation changes and residential and commercial lending.

Due to the skills shortage, many employers are searching for alternative solutions to their recruitment needs. International candidates returning to Australia and candidates with correlating cross-sector experience, such as an equity analyst with agribusiness rather than banking experience, are examples. Some key employers have shown great interest in Hays GlobaLink, which captures returning candidates exclusively.

Salaries:

Today's candidates are far more informed about current market conditions. However in general, salaries remain constant across the market, except in some specialist areas where there is high demand and employers are therefore open to negotiation and willing to pay a premium.

Candidate trends:

Over the last quarter a number of candidates were counter offered as companies increased their efforts to retain talented staff. Employers are also encouraged to differentiate themselves as employers of choice as candidates look at additional benefits above salary when making their decisions. The continuing candidate short market has seen employers become open in their experience levels required, with some employers willing to consider a bright, well educated candidate and internally train them into the role required. However there is still a trend for large financial institutions to undertake lengthy selection processes with psychometric testing playing an integral part in the process. This is leading to candidates accepting other roles with organisations who have a more streamlined recruitment processes.