Pay rise ahead amid strong adviser demand: Hays

The report, released yesterday, shows that 68 per cent of Australia’s financial services employers plan on giving their staff a pay rise of up to 3 per cent. About 21 per cent said they would increase the pay up to 6 per cent.

Hays said while this shows that employers have a positive outlook, many remain cautious when it comes to salaries.

“The demand for talent across banking and financial services intensified during the last 12 months with ever-increasing vacancy activity on both the temporary and permanent side,” says Jane McNeill, director of Hays Banking.

“Despite this, salary growth remains stable with only a few notable exceptions. The biggest increases have been seen across frontline sales, lending and credit as well as for commercial relationship managers in NSW and Victoria.”

Ms McNeill added that in wealth management, paraplanners enjoyed the greatest increases due to severe candidate shortages.

“Technically strong paraplanners and advisers have been able to secure generous daily rates and continue to be needed for financial planning remediation projects,” she said.

“In another trend, gender diversity continues to be high on the agenda for most employers, not only in the major banks but also in financial planning, investment analytics and fund management firms.”