Risk – Organisations continue to strengthen their three lines of defence, ensuring robust enterprise risk frameworks. In addition, quantitative risk professionals with excellent modelling skills coupled with solid communication skills are in short supply. Given that these professionals are now required to liaise with the business, candidates who possess good communications skills are finding themselves in high demand.
Compliance – Employers are requesting candidates with specific product knowledge, often to work in advice-based roles facing off with the business. Suitable candidates need a sound understanding of risk.
Client Services/Account Managers – While some functions have been moved offshore, client services and account management vacancies have grown domestically. Employers are looking for candidates who can increase their customer engagement and retention, and of course win market share.
Graduates - Bright and engaging graduates with the right soft skills are in demand across various areas as businesses look to train up new talent.
Mobile and Home Lenders – Within lending there is a shortage of specialists with new business sales skills.
Business Bankers – We are also seeing a shortage of Business Bankers as the banking sector transforms and focuses strongly on business development. As a result, employers are looking for Business Bankers with good sales skills.
Senior Paraplanners – Candidates with three or more years of experience are in high demand. It remains a continuing challenge to find good candidates.
Financial Planners – Again Financial Planners are in high demand, particularly in suburban areas. Quality candidates move quickly in wealth management and job numbers are increasing as practices increase their team in response to growing consumer confidence.
In response to the high demand but short supply of risk and compliance candidates, employers are willing to consider international candidates and sponsorship. In some cases, international candidates from more developed financial services markets have a deeper understanding of requirements, having implemented regulations and defence enterprise risk frameworks in the past. We expect salaries to increase in this area as the shortage of talent continues. To secure the best candidates, organisations will need to offer additional benefits such as flexibility and work-life balance.
Within financial planning, hiring intentions are very positive following a strong start to the year. The industry was cautious following regulatory changes in 2013, but we are now seeing organisations act to capitalise on growth, especially now that the Government has announced much anticipated changes to the FOFA legislation. Overall, candidates remain in short supply and organisations that offer flexible working arrangements and focus on career development will continue to attract the best candidates.
As mentioned above, within lending there is a shortage of candidates with business development skills. Given the strong focus within the banking sector on securing candidates with such skills, this demand will only continue to increase.