Hays Banking - January 2010
Hotspots
The housing market is very active with auction rates almost three times higher than one year prior. This has contributed to increased workloads within the home lending operations space. Mortgage processing staff are consequently in demand. Retail Lending (residential) candidates are also sought as confidence returns and people reinvest.
Equipment Finance remains a growth area, particularly within the major domestic banks. Also in demand are fraud analysis and detection candidates. The banks consistently face large issues in the fraud space and are continually seeking new levels and ways of analysing and detecting activity in this area.
Superannuation candidates are also sought. Industry funds are increasing their recruitment activity and are hiring Relationship Managers and Business Development Managers to build new business. Superannuation operations functions, particularly client services, continue to require new candidates.
As the economy begins to stabilise and the Australian dollar strengthens further, retail and institutional investors are beginning to return to the market. With the Big 4 banks acknowledging the importance of a wealth management lead recovery, Financial Planners and Para Planners are once again sort. During this quarter we expect strong demand for technical Para Planners and sales-focused Financial Planners.
Business Analysts and Project Managers (transformation and change management) are also sought. New budgets have been allocated and projects that were postponed during the past 12 months are now commencing. Credit Risk will also be an active area of recruiting, although it is also an area where skills shortages continue to be an issue, particularly for SAS and SQL skills. To overcome the local shortage, employers often recruit people from overseas who are returning to Australia.
To meet this demand, we offer employers specific market knowledge and access to local and international candidate networks. Within specialised functions and when required, employers are increasingly turning to candidates from offshore locations, particularly returning Australians.
The coming quarter
Recruiting activity in Australia's banking sector will heat up this quarter as organisations that have been operating with skeleton staff increase headcounts and improve the work/life balance of existing staff. In line with increased confidence, we expect there to be an increase in permanent roles within banking, wealth management and insurance.
Large institutions were the first to register job opportunities for Para Planners and Financial Planners for this quarter. Smaller private practices are still watching to see how the market reacts in 2010. A number of dealer groups are recruiting temporary staff for additional support without a permanent commitment.
Executive
A slight increase in executive activity in the operational area of banking has been noted. The Consumer Credit Legislation is expected to create a number of new opportunities at the executive level for candidates with specific industry knowledge.
Employer trends
The skills crisis of 2007 and 2008 is at forefront of hiring managers' minds once more. Savvy institutions are thus recruiting high calibre talent now before competition for skills heats further.
Employers are demanding more from their recruitment processes. While in previous years they were flexible regarding a candidate's experience, today organisations want only the very closest fit for their roles and expect significant and instant value to be added to their teams from each new hire.
They are also looking for a higher level of educational standard, particularly for wealth management candidates. As the FPA pushes for a higher level of qualification for the industry, Big 4 banks are making a pre-emptive move to recruit quality candidates with good educational backgrounds. Where Diploma level was once acceptable, employers now expect a minimum requirement of an Advanced Diploma, with a preference for Degree qualifications.
Employers are taking more time to choose the right candidate. They are more flexible regarding salary for the right candidate, but the process is longer and more thorough.
We expect retention to become an issue for some of the major financial services organisations in 2010 as candidates gain more confidence and consider career moves externally.
Candidate trends
During 2009 candidates were unwilling to move roles, however as we step into 2010 we are seeing increased candidate confidence and a readiness to move to broaden their experience. As employed candidates enter the job market, natural attrition will increase recruitment opportunities across the board.
