Financial services salaries to be ‘restricted'

Despite an increased demand for employees across the banking and financial services sector, employee salaries are unlikely to change in 2016, according to a recruitment consultancy firm.

Robert Walters’ 2016 Salary Survey report found that there will be a growing demand for banking and financial services employees as banks and companies increase the number of permanent and contract roles available.

However, Robert Walters said despite this demand for employees, the firm does not expect to see any “significant salary increases” during the year.

In fact, the consultancy firm said salary rises are “likely to be restricted” to the level of consumer price inflation, which is around 1.5 per cent.

Robert Walters’ review also found that increasing regulatory requirements will continue to impact banks in Victoria and New South Wales.

As a result, the firm said there will be a greater need for technical accountants in treasury, capital management and regulatory departments during 2016.

“Due to the nature of these projects, both permanent and contract professionals will be in high demand,” the report said.

Robert Walters also noted that across both Melbourne and Sydney, companies in the wealth and superannuation sector will need to hire customer-focused employees as organisations “seek to differentiate themselves” from competitors through superior service.

“Local and international banks will also recruit credit assessment professionals who can liaise with mortgage brokers on managing home loan approvals,” the report said.

[Related: Conditions ripe for corporate takeovers]

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