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Finance sector reins in resources as hires slow
Australia’s banking and finance employment market, particularly at managerial and professional levels, remains tight with a marginal oversupply of skills across the sector, according to new figures from the latest Clarius Skills Index.
Analysis of the employment figures for the banking and financial services markets have been included in the Clarius Skill Index for the first time, as part of changes to government statistical data.
The Clarius Skills Index for Finance Managers fell from 99.4 in the September quarter to 99.0 in December with an oversupply of just 600 candidates. Finance managers plan, organise, control and coordinate the financial and accounting activities within organisations.
At the Professionals level, there is an oversupply of 1,500 of Financial Brokers and Dealers and Investment Advisers with the Index moving from near equal supply and demand in September, at 99.3, softening to 98.3 in December.
For Financial and Insurance Clerks there is an oversupply of 3,300 with an index reading of 97.2 in December, easing from 98.7 in September. These employees receive deposits and pay out money in financial institutions, process credit, loan and insurance applications, and undertake statistical and actuarial calculations.
Paul Barbaro, Executive General Manager of accounting and finance specialists Lloyd Morgan, said the market slowdown over the past three months has been a strategic move from companies in response to changing economic conditions.
“There hasn’t been enough demand for services to sustain a workforce as big as it used to be. The financial services sector, in particular, has seen a shift towards the outsourcing to cheaper economies, with reduced demand cited as the primary reason for holding off on recruitment,” Mr Barbaro said.
“To date executive positions have been the hardest hit with diminished demand for those in the $80,000 to $150,000 range. However, the oversupply of executives will result in a flurry of executive appointments when the market rebounds.”
The Clarius Skills Index is Australia's first ever National skills index that measures the extent of skilled labour shortages or oversupply across 20 occupation categories, using labour force data supplied by the Department of Employment and Workplace Relations and the Australian Bureau of Statistics.
The Clarius Skills Index is Australia's first ever National skills index that measures the extent of skilled labour shortages or oversupply across 20 occupation categories, using labour force data supplied by the Department of Employment and Workplace Relations and the Australian Bureau of Statistics.
Contact Lloyd Morgan for more information or access previous editions from the Clarius Skills Index Archive