While the financial sector was the first and arguably the hardest hit when the GFC struck, it also carries the honour of being one of the fastest industries to return to growth. It seems that pay cuts, bonus freezes and retrenchments have slowly stopped dominating conversations around the water coolers this year.
Whether the factors that drive your job choice are career development, lifestyle, work life balance or even mentoring, it seems that banking and finance professionals are dusting off their resumes again as an increasing number of job opportunities become available.
Getting back in the game
Hiring is back on the agenda across the Asia Pacific region. According to last year’s “World of Work Report” 53 per cent of accounting, banking and financial services employers in Asia Pacific retrenched staff in 2009. This year, the sector appears to have shaken off the gloom: 41 per cent of firms intend to increase their overall headcount up until the end of 2010; 53 per cent will hold it steady; and the remainder will reduce.
What’s in it for me?
Gone is the negativity that surrounded hiring decisions for the banking and financial services sector last year. Job hunters are the winners.
According to the 2010 World of Work Report, almost two thirds of Asia Pacific financial services respondents expect a pay rise above 5 per cent this year, compared with 50 per cent across all other sectors. And 74 per cent expect a bonus, compared with only half of all other sectors.
Looking at the research results, it is clear that employees are making the decision to explore better opportunities and bigger pay packets. What job hunters need to be mindful of in this new environment is to question the employer brand to ensure the fit is right.
Demand for skills
Skills shortages remain a particular threat in the banking, accounting and financial services sector. While growing shortages are clearly alarming for employers, candidates may reap the benefits with attractive remuneration and benefits packages.
Roles that are in demand include high level financial advisors, IT and technical specialists, project managers, risk and compliance experts, sales and business development managers, qualified and experienced accountants, tax accountants, auditors and customer service staff. These types of roles are always sought after, but as we move into next year there will be an even greater demand as new projects ramp up.
Upskill
Training and development is always a powerful weapon when looking to make a career move. Banking and finance professionals could prosper by undertaking courses and expanding their skill sets. Employees who undertake appropriate training to fill skill gaps increase their chance of promotion and significantly boost their salary bargaining power. And if you identify the deficits and opportunities within your organisation, this can present a clear career path for you in the future.
What are the predictions?
With more opportunities presenting themselves in this sector, companies are starting to become more innovative with their compensation and benefits packages. While there is still room for improvement, it will be employees and job hunters who will benefit.
The clear message being sent to employers is to look carefully at what motivates both current and potential employees. It will be flexibility, and competitive salary and benefits packages that will drive employees’ reasons to stay or to go.
Although there are still budget implications impacting employee packages, the research results suggest that employers are rising to meet the attraction and retention challenge. They are releasing their purse strings and thinking about how to reward and recognise high performing employees who have stood by them, or potential employees who will become an immediate asset to the organisation.
Arran Huddleston, General Manager, Randstad.
Whether the factors that drive your job choice are career development, lifestyle, work life balance or even mentoring, it seems that banking and finance professionals are dusting off their resumes again as an increasing number of job opportunities become available.
Getting back in the game
Hiring is back on the agenda across the Asia Pacific region. According to last year’s “World of Work Report” 53 per cent of accounting, banking and financial services employers in Asia Pacific retrenched staff in 2009. This year, the sector appears to have shaken off the gloom: 41 per cent of firms intend to increase their overall headcount up until the end of 2010; 53 per cent will hold it steady; and the remainder will reduce.
What’s in it for me?
Gone is the negativity that surrounded hiring decisions for the banking and financial services sector last year. Job hunters are the winners.
According to the 2010 World of Work Report, almost two thirds of Asia Pacific financial services respondents expect a pay rise above 5 per cent this year, compared with 50 per cent across all other sectors. And 74 per cent expect a bonus, compared with only half of all other sectors.
Looking at the research results, it is clear that employees are making the decision to explore better opportunities and bigger pay packets. What job hunters need to be mindful of in this new environment is to question the employer brand to ensure the fit is right.
Demand for skills
Skills shortages remain a particular threat in the banking, accounting and financial services sector. While growing shortages are clearly alarming for employers, candidates may reap the benefits with attractive remuneration and benefits packages.
Roles that are in demand include high level financial advisors, IT and technical specialists, project managers, risk and compliance experts, sales and business development managers, qualified and experienced accountants, tax accountants, auditors and customer service staff. These types of roles are always sought after, but as we move into next year there will be an even greater demand as new projects ramp up.
Upskill
Training and development is always a powerful weapon when looking to make a career move. Banking and finance professionals could prosper by undertaking courses and expanding their skill sets. Employees who undertake appropriate training to fill skill gaps increase their chance of promotion and significantly boost their salary bargaining power. And if you identify the deficits and opportunities within your organisation, this can present a clear career path for you in the future.
What are the predictions?
With more opportunities presenting themselves in this sector, companies are starting to become more innovative with their compensation and benefits packages. While there is still room for improvement, it will be employees and job hunters who will benefit.
The clear message being sent to employers is to look carefully at what motivates both current and potential employees. It will be flexibility, and competitive salary and benefits packages that will drive employees’ reasons to stay or to go.
Although there are still budget implications impacting employee packages, the research results suggest that employers are rising to meet the attraction and retention challenge. They are releasing their purse strings and thinking about how to reward and recognise high performing employees who have stood by them, or potential employees who will become an immediate asset to the organisation.
Arran Huddleston, General Manager, Randstad.
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