Part-time work rising in financial services
Chief financial officers (CFOs) in financial and insurance services are increasingly hiring experienced interim managers as it is more cost-effective, according to Robert Half.
The recruitment firm said this was reflective of the volatility of the current labour market as well as broader Australian Bureau of Statistics (ABS) data, which showed an increase in part-time work.
Employment roles in financial and insurance services had slightly increased this quarter compared to the last quarter but this instability was reflective of the volatility of the current labour market.
Robert Half senior managing director, David Jones, quoted the recruitment firm's research, which showed 85 per cent of Australian CFOs intended to work with experienced interim managers in 2016, a trend consistent across both small-to-medium enterprises and large companies.
"This is not surprising given the overall easing in employment growth in Australia for the first half of 2016," Jones said.
"The rise in part-time work is usually a sign of employers' uncertainty about the strength of current demand, or worried about a softening demand in the future."
The research found 82 per cent of CFOs found working with interim managers was cost-effective, while 81 per cent said it was efficient.
"Companies who hire interim managers can gain strategic advantages on a cost reduced basis with greater flexibility," Jones said.
The latest quarterly employment data from the ABS revealed roles across financial and insurance services increased by 2,300 between March and May 2016, representing a contrast to the downward trend in the last quarter.
AUTHOR
Malavika Santhebennur
Recommended for you
VBP consultant Sue Viskovic has warned advisers thinking of going self-licensed that they need to act “from a business head, not an adviser head” when it comes to scaling up their practice.
An inquiry is due to probe the collapse of Dixon Advisory and its impact on the Compensation Scheme of Last Resort.
A report has highlighted a growing appetite among high-net-worth individuals for private market investments, creating a significant opportunity for advisers.
The two firms have announced a new online development program to support career changers, advice support staff and university graduates in joining the financial advice profession.
