Job seekers get scared

Candidates’ appetite for risk is at an all-time low, so taking the gamble on changing roles in the current climate is a hard decision to make, says Jeremy Paterson, general manager, Lloyd Morgan. “In the fourth quarter alone we have had a number of jobs offered and accepted by individuals only to be turned down in the last hour. This trend is expected to continue throughout 2012 as people look for alternative opportunities, only to be turned off by the uncertain times in which we operate.”

But senior movement drives the market

If we are to see churn in the first quarter, a lot depends on whether experienced employees choose to move. Allira Salem, director, financial services, Marks Sattin, comments: “There are many prominent banking individuals who have been interested in opportunities for approximately 12 months and should start slotting into roles once 2012 budgets are released, encouraging the recruitment merry-go-round to commence.”

She adds: “Following these senior appointments, there will undoubtedly be changes to internal businesses or strategies, which is expected to involve staffing requirements.”

A rush of returnees

Over the next six months many banking and financial services professionals will return to Australia as the country’s economy steadies, says Sharmini Thomas, associate director, Michael Page. “They will come as US and Europe continue to experience weak business conditions and as Asia also sees a steady in the employment market. Job seekers currently in London, Dubai, New York and Hong Kong are the most likely to come back to.”

With more talent returning, there will most likely be an excess of candidates. “This is because the Australian employment market is stabilising and the demand for skills is easily met. This will be seen most at the mid-to-senior and executive levels as these professionals have up-skilled while working overseas and are returning with more experience.”

Tweaks and changes in wealth management

Within wealth management last year a number of businesses merged their heads of retail and institutional to form joint sales teams. This trend is likely to continue. “It does save considerable expense on salaries at that level but also leads to efficiencies down the chain as some positions can cover both client sectors, which ultimately saves on extra headcount,” says Ashton Bilbie, director, Profusion Group.

On the retail side – which has traditionally required large sales teams because of the diversity and size of the client base – there will be a push towards smaller, higher calibre sales forces. Perpetual’s recent decision to focus on strategic head-office relationships to gain product approvals on platforms appears to be at the expense of adviser-focused BDM roles. “I believe this to be generally indicative of where the market is heading. With this in mind, candidates with strong relationships at both the gatekeeper and adviser levels will still have opportunities presented to them, whereas candidates with purely adviser relationships will see fewer openings,” says Bilbie.