Job growth expected to continue
The job outlook in the financial services industry is still positive despite market uncertainty, according to the latest job index figures compiled by Morgan & Banks.
In the quarterly survey, which reviewed a record 6,565 employers nationally, 29.6 per cent of companies in the financial services sector said they intend to hire, putting the industry slightly below the national average.
Despite a five per cent drop from last quarter's figures for employment expectations, 41.2 per cent of financial services employers plan to increase jobs while only 11.7 per cent will downsize.
Morgan & Banks director Ian Burns says although there has been a continual downsizing over the past year the decrease is not about less job opportunity, but instead reflects the ongoing restructuring in the financial services industry.
"The figures don't mean that employers are not hiring; there is an overall positive employment prospect. But there is also restructuring and an ongoing quest for organisations to improve productivity," Burns says.
He says changes such as recent takeover and merger activity has been one of the reasons leading to the downsizing, and the different sized organisations have all played a part in the figures.
"There is a continuous state of flux and people are focused on bottom line productivity. The big banks are in more of a melt down mode while a lot of growth is being driven by the niche groups," Burns says.
A positive outlook remains for the financial services sector, which Burns says is 'active' and an area of focus for the recruitment firm.
Recommended for you
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
