Employers make strategic hires for the right candidates
Employers in the banking sector are seeking financial services professionals with "like-for-like" experience and are spending more time during the recruitment process to find the right person for the job.
That's one of the findings of the Hays Banking Quarterly Report for October to December, which highlighted mortgage brokers, relationship managers and senior financial planners as highly sought-after candidates.
"Employers are looking for candidates with like-for-like experience, including in the same industry and on the same systems," Hays Banking director Jane McNeill said.
Candidates should be sharpening their skills and industry experience to better their chances of gaining employment, while employers need to be aware that candidate shortages still exist across both the retail and institutional space, she said.
"Many organisations have invested in retention strategies to keep their best people, so there's still a shortage of high quality candidates for certain roles, particularly those that require excellent leadership skills or very specific experience," she added.
According to the report, mortgage brokers are highly sought after by independent firms, which are experiencing an increase in lending activity.
In regards to the demand for relationship managers, employers are seeking senior business developers, and business and trade finance relationship managers with strong networks, Hays found.
Meanwhile, business development managers are required across retail, commercial and corporate as banks continue to focus on revenue growth.
From the wealth management side, there continues to be a shortage of paraplanners and senior financial planners with strong business development skills.
"Boutique firms in particular are looking for former banking financial planners with strong business development skills and high compliance levels," the report stated.
Recommended for you
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
With UBS Asset Management chief executive, Alison Telfer, set to join Schroders, the firm has appointed a company veteran as her interim successor.
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
