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Skills shortage to drive finance salaries higher

The financial services job market is set to transition into one that is “candidate-driven”, with job seekers likely to have the upper hand throughout 2016, according to one recruitment firm.

A recent survey by Marks Sattin found that the shortage of specialist skills will drive remuneration higher and provide job seekers with more opportunities.

“As we move into a candidate-driven market, employers should be looking to set themselves apart by executing on workforce engagement strategies that attract and retain top talent,” Marks Sattin director Ieuan Williams said.

The survey revealed that the top 10 roles in demand for 2016 include: fund accountants, unit pricing professionals, claims specialists, investment operations professionals, paraplanners, advisers, injury management advisers, accountants skilled in business partnering, allied health professionals and underwriters.

Moreover, the survey found that job seekers are becoming more optimistic about the state of the economy and more secure in their roles.

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Wealth management and private practice accounting were the most optimistic sectors surveyed, with 38 per cent and 40 per cent respectively stating they feel optimistic.

The survey also indicated that flexible work options are in high demand, coming in as the top benefit for current and potential employees. Only 38 per cent of respondents, however, work with flexible conditions. 

“With candidates having the upper hand in the Australian financial services and accounting market, and with increased pressure on remuneration budgets, employers must look at how they formulate and execute attraction and retention strategies to differentiate themselves,” Mr Williams said.

[Related: Financial services salaries to be ‘restricted’]

Skills shortage to drive finance salaries higher
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