Welcome to your quarterly update on the Financial Services market, where we provide you with insights from the previous and upcoming quarters.
What were the market trends for last quarter?
We finished the year with strong demand across a number of areas within finance, predominately driven by changes in IFRS, the Royal Commission and hiring within FinTech’s. This has given accountants more choice in the market and is driving competition.
What are the major skills in demand?
- Financial Reporting: We have seen demand at all levels, from accountants through to senior management, which is being driven by changes to IFRS and the Royal Commission. ·
- Regulatory Reporting: We have recorded steady demand within Regulatory Reporting throughout the year. ·
- Finance Business Partner: As systems and processes continue to improve, businesses are looking for more insight, analysis, and interpretation of the numbers to really add value to business outcomes. ·
- Project Finance: With several acquisitions, de-mergers and all the Royal Commission changes, we have seen demand for accountants with project and change management experience.
What are the skill gap shortages?
It will come as no surprise that the shortages lie within the major skills in demand. The large financial services companies in Australia will often go to market at a similar, if not, the same time. This hiring by the big finance teams in the industry drives change across the whole market. In addition to this, we have seen a large number of FinTech’s start up. Their demand is often more focused on financial reporting in the early stages of their business, and as they grow and develop they will hire within management reporting and decision support.
What are organisations doing to attract the best talent?
Flexibility has been a key feature of attraction within financial services, which mirrors the importance we have recently recorded from job seekers in our salary survey. In addition, we have seen a large number of people who have always worked in financial services looking to work in new industries - potentially an outcome of the Royal Commission. Financial services companies will often have strong salaries and bonuses, which can be a key selling factor for a lot of people. Salaries have also progressed this year after recording a couple of flat years. Companies are no longer just competing for talent within the finance industry - job seekers are genuinely interested across a range of industries.
What is the outlook for the next quarter?
It is likely to be a slow start in January with a lot of people either still on summer / school holidays, or using the time to catch up after the Christmas break. We really see the market kick back into life after Australia Day at the end of January. The first quarter has often been one of the busiest of the year over the past three years, and we are expecting the same again this year with high demand in the market for experienced financial professionals as mentioned above.