Certainty around the Future of Financial Advice (FOFA) reforms is set to provide financial services sector employers with the security to increase staff numbers a new survey reveals.
The Dawson Partnership Hiring Intentions Survey, of institutional and independently owned wealth management businesses, including financial planning companies, superannuation funds and investment managers, found almost a third of employers intended to boost employee numbers in 2015 — up from 24 per cent in 2014.
The survey reported that 60 per cent expected to maintain employee numbers, compared to 55 per cent in 2014, while no respondents anticipated cutting staff — down from 12 per cent last year — and just eight per cent reporting to be “unsure” of their hiring intentions for the year ahead.
Positive investor sentiment and the success of new initiatives were cited as key factors driving those who expected to increase their staff numbers, with 22 per cent reporting that their need to boost their head count was due to “factors underpinning a positive business environment including more certainty in the legislative agenda, in particular the FOFA reforms”.
Of the 60 per cent who reported that they were looking to maintain staffing levels, 42 per cent said they would consider hiring additional employees if business conditions improved beyond their current expectations, but “only if they believed the improvement was sustainable”.
While no respondents said they were planning to cut staff numbers, 22 per cent said they would adopt a cautious approach to employee levels, and a further 11 per cent stated they would not replace employees who leave their businesses in the “immediate-term”.
