State of the Market: Financial Services – September 2024

Oxygen Recruitment & HR recruits across Australia for a wide range of roles, with specialists in our team dedicated to the Financial Services sector. In this blog post, we share our team’s insights on the roles currently in demand, based on numerous conversations with employers about their hiring plans. No AI spin here! Just genuine feedback on what our team is seeing and hearing in the Financial Services jobs market in Australia right now.

 

In Demand Roles

The roles we currently see demand for are:

Legal, Risk and Compliance

The demand for roles in Legal, Risk and Compliance is relativity high, as is the demand for professionals with experience in Regulatory Compliance and Controls, and a heightened awareness of Risk Management.

Recoveries and Collections

Recovery specialists are becoming increasingly vital in helping organisations manage financial risks, improve cash flow, and ensure regulatory compliance. As economic conditions continue to tighten, individuals with skills in litigation and recoveries are highly sought after. As cost of living pressures bite, experts in Collections are seeing an increase in demand for their skills and are commanding increased salaries. Likewise, customer service specialists with exposure to the hardships process are well placed for career growth.

Business Development Managers and Sales Associates

As companies strive to meet revenue forecasts and drive growth, there is an increase in the demand for these roles. They are pivotal in identifying new business opportunities, nurturing client relationships, and ultimately generating sales to support organisational goals.

Marketing

We see the need for good marketers to drive brand awareness, assist the sales division and contribute to the business’s overall success.

Other Market Movements

Working Holiday Visas

There are many opportunities in the financial services sector for Working Holiday Visa holders who are degree qualified. Migration numbers are increasing, especially from the UK and Ireland. More employers are also now open to sponsorship opportunities for highly skilled roles.

Regulatory Changes

Regulatory changes are also having an impact on Australia’s financial services sector, with a focus on transparency and consumer protection. The Digital ID Bill extends the Australian Government’s Digital ID system to the private sector, improving security and privacy. Additionally, new financial disclosure requirements for climate risk are being introduced for large businesses and financial institutions. This will drive a demand for professionals with skills in this space.

Evolving Consumer Expectations

Consumer expectations are evolving with technology, favouring personalised, seamless experiences. Customers now expect digital-first services like mobile banking and AI-powered tools offering real-time, tailored advice. Trust, transparency, and ethical practices, including sustainability and data privacy, are crucial, with customers demanding that financial institutions act in their best interest.

Our clients in financial services are responding by offering enhanced digital experiences, focusing on personalisation through data analytics, and integrating other factors that are important to customers into their product offerings to meet these new expectations.

 

To talk to us about finding staff or career opportunities that are either exclusive to Oxygen Recruitment & HR, or not yet on the market, then get in touch with our team here. We can help you take the next step in your financial services career.