It’s clear the Banking Royal Commission has taken a hit on the financial services industry with new results from Manpower Group’s Net Employment Outlook proving some firms just aren’t looking to expand their businesses right now.
The sector came well off its six-year high at the end of 2018, with the outlook for the sector now sitting at nine per cent for the June quarter 2019, which is down six points from the previous quarter.
Despite the drop, the firm said the positive outlook did signal that more employers in the sector expected to increase hiring levels than not.
The chart below, which indicates the net employment outlook for the sector from Q1 2008 to Q2 2019, shows levels have been steadily declining since around 2010, presumably when investors recovered from the global financial crisis.
The results below showed the employment outlook was strongest across the public administration and education sector, while the outlook was weakest among the mining and construction, transportation and utilities and retail sectors.