With demand for financial services staff continuing to escalate throughout New South Wales and the Australian Capital Territory, employers will need to offer increasingly generous remuneration packages to attract and retain talent, a new study by recruitment specialist eJob’s financial planning division has shown.
The study found that job advertisements for financial services staff in NSW and ACT have continued to trend upwards over the three months ending January 31, 2008, contravening the usual drop in job ads over the Christmas/New Year period.
All other Australian states, by contrast, experienced a decline in job ads over the same period.
Advertisements in NSW and ACT, which comprised 46 per cent of Australian job ads in total, were up a dramatic 25.2 per cent on the same three-month period last year.
According to eJobs, these figures together with the region’s low unemployment rate suggest it is only going to get harder to find good people and employers will need to be prepared to pay for them.
The study found that demand for paraplanners, junior through to experienced, is exceptionally high — as are the salaries now on offer.
Demand in Sydney was particularly high, where salaries are by far the highest.
The study found that the median salary for paraplanners over the period was $70K and as high as $120K for those with more than three years experience.
According to the study, demand for financial planners is also high, with salaries averaging between $60K and $100K.
However, eJobs financial planning recruitment specialist Trevor Punnett said that given the increased demand for planners, it is surprising that salaries for junior personnel have not increased more.
Entry-level planning roles still command about $40K per annum, while planners with a year’s experience command about $55K.
Salaries for planners with between one and two years experience average about $70K, while the benchmark salary for those with more than two years experience is now $60 to $70K.
For those with two to five years experience, the sky, in terms of remuneration, appeared to be the limit.
“There were numerous ads offering $100K plus … and several offering between $110K and $200K. Perhaps the most generous was one in Coffs Harbour [NSW] offering $150-$300K, asking for just 12 months experience and PS 146.”
