Retaining talent proving tough
Australian financial services sector employers are struggling to hold onto staff, with almost 60 per cent of office workers on the hunt for a new job, a survey reveals.
Data from recruitment consultants, Robert Half, found that employment growth has created an employee driven market, with businesses being forced to act swiftly to secure top candidates for roles.
Robert Half senior managing director Asia-Pacific, David Jones, said that two-thirds of Australian chief financial officers planned pay increases for those in the financial services and accounting roles over the course of 2016.
Jones said that many companies reported that they were willing to increase salaries for "existing top employees" and for candidates who possess specialist and hard to find skills.
"Organisations are increasingly making an offer within 48 hours of interviewing candidates to secure top talent," he said.
"In order to not lose top professionals to competing organisations during the hiring process, companies with clear recruitment criteria and who can act quickly when they find a match, have a definite hiring advantage.
The survey found that while securing a salary was a key factor for the 58 per cent of office workers who said they were likely to look for a new job within the coming months (37 per cent), 28 per cent said the opportunity of a better work-life balance would prompt them to leave their current job.
A further 12 per cent said they would switch jobs for career advancement, while seven per cent said their relationship with their boss and or colleagues would drive them towards the exit.
AUTHOR
Nicholas O'Donoghue
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
