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Surveys show jobs slump

Two recent reports reveal that job advertisement rates in Australia are plummeting, with financial services vacancies taking a huge hit. We speak to Olivier Group and ANZ – the firms behind the surveys – to see what’s in store for finance sector employment.

Online ads for financial services jobs have fallen almost 60% over the past year (including a 20.8% fall in January), according to the Olivier Job Index.

Index author Bob Olivier says client services (down 75%), corporate finance & i-banking (-72%), financial planning (-60%) and analysts (-59.8%) are among the most badly affected job functions.

The latest ANZ Job Advertisements Report shows that job ads on the internet and in newspapers fell by 6.3% in January, taking the annual fall to 33.7%. Although the report doesn’t break down jobs by sector, Katie Dean, a senior economist from ANZ, says financial services “is in for a tough year”.

She comments: “The Australian sector is healthier than the US and Europe, but it’s going to come under pressure. Profits have been hit much harder than other industries over the last 12 months. Unfortunately this will create a tough environment for employment in the sector.”

Any glimmers of hiring hope? Olivier says corporate restructuring/recovery may present job opportunities for candidates with corporate finance experience. “These same skills might also find a home with insolvency firms who are working with the banks on pre-appointment work.”

He also believes the Big Four banks are in a good position to cherry pick talent as the global firms continue to suffer. “The Aussie banks have recognised the unique opportunity the current job market presents and while they probably won’t increase numbers, they’ll still be recruiting. Also, once bonuses are paid (or not paid) we should see some turnover as people start to move between the banks.”

Will job advertisements continue to fall so fast for the rest of the year? Let us know your thoughts below.

Comments (5)

  1. Honestly, do you really think people are going to work for local banks? It’s a joke!
    Many of them including new graduates can’t wait to get out the country. They are better off with multinational banks than local bank. Get Real!

  2. All Blacks yesterday’s arrogance is simply classic. Australian banks are lucky to run without these airheads, or do we?

  3. This is an awful recruitment market. Interestingly the number of job adverts on the internet has a lot do with how many recruiters are given a job to work on by an employer. Typically for non senior roles the job maybe given to 4 or 5 recruiters who will advertise the role on the various job boards. So one job can very often lead to multiple adverts and a general distortion of how many job vacancies actually exist. Don’t take the number of jobs advertised on the main job boards as a accurate indicator of vacancies. That said if you are retrenched in 2009 you may need to take plan B and take a less attractive job to get you through the next 18 months even if its not your preferred kind of job. Beats being unemployed and there is more to life than looking at spreadsheets 12 hours a day folks.

  4. i am expereinced retail banker from overseas (with australian residency status),last 6 months i havent got a single interview call from any banks or even credit unions.
    i just dont think an overseas expereince,doesn’t disqualify u for a banking sector job in Aussie land..
    what is lacking i don’t knew?

  5. I read your comments with interest. I too am an experienced retail banker and senior manager who has choosen to return to studies and do a MBA. I do not believe this is a time to only look at the ‘doom and gloom’. Now is the time to skill or study up as there will be recovery and the cream will float to the top. Get on with it people!

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