Robert Walters: Banking Salaries Are Expected To Fall In Sydney In 2015

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More job movement is expected among professionals in banking and financial services as confidence returns to the Australian market.

This, according to the 2015 Global Salary Survey from recruitment consultancy Robert Walters, will create the need for replacement hires.

However, pay won’t be improving much in the short term.

Permanent salaries in banking and financial services are expected to grow by just 0.65% in 2015 from last year.

Brisbane will see the highest rate of growth at 4.8%.

Sydney is set to see an overall decrease in average salaries of 2.8%.

The latest Robert Walters survey finds that a slightly improved economy will mean finance functions will begin to grow again.

Salaries for senior level roles decreased slightly in 2014 because employers were able to hire staff with significant experience who had taken redundancy or resigned from their previous role.

“Despite the high calibre of these applicants, this placed downward pressure on salaries,” says Andrew Hanson, Robert Walters Banking and Financial Services Director.

“We expect that if there are increases, most salaries will only increase in line with inflation in 2015 and contract rates should remain in line with 2014 levels.”

Most hiring managers focused on soft skills in 2014 such as communication and stakeholder management.

This trend will continue in 2015 as the tighter regulatory environment leads to a shift from financial planning and analysis and management reporting to financial control and external reporting roles.

Employers are looking for junior to mid level candidates with these soft skills.

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