Financial services employers tightening purse strings
Over half of Australia's financial services workers can expect a salary increase of no more than three per cent as employers were reluctant to "loosen the purse strings" but it was only a matter of time before employees took matters into their own hands," a recruiter warned.
The 2016 Hays Banking Salary Guide showed that while business activity and hiring levels remained high, employers remained conservative in providing salary increases to financial services employees.
The study revealed 25 per cent of financial services employees could expect a salary hike of between three and six per cent in their next review, while four per cent could expect six to 10 per cent.
Only one per cent of employees could expect an increase of over 10 per cent, while 12 per cent would receive no increase.
Director of Hays Banking, Jane McNeill, said employers only made exceptions for professionals who generated revenue and received multiple job offers.
"Overall, it's clear that employers remain reluctant to offer substantial increases unless absolutely necessary to secure a candidate with skills in short supply," McNeill said.
But McNeill warned 41 per cent of employees said they would demand a pay rise in their next review, while a quarter of the 2.6 million employees surveyed across 2,752 organisations said they were unsure if they would raise the salary issue.
Staff turnover had already increased in 29 per cent of organisations.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
