What’s happening in Financial Services Recruitment in 2022 and beyond?

As we continue to navigate the pandemic and replace lockdowns with high levels of vaccination in our community, the financial services sector continues to evolve. Consumers are cautiously optimistic with one eye on what is happening overseas, and the economy preparing itself to shift back into a higher gear towards recovery and beyond in 2022.

I am expecting 2022 to continue to be exceptionally busy in financial services recruitment. The strong demand I have seen in the last 6 months for risk, treasury and banking operations is expected to continue.

There is also high demand for candidates with securitisation skills – particularly with up to 3 years’ experience to fill roles at non-bank lenders. This securitisation experience has become harder to find, in part because there are so many new non-bank lender players in the market, and a lack of global migration.

The Housing Boom
The booming housing market and residential mortgage market is pushing demand for staff to keep up with approvals processing. Many consumers are locked out of the traditional bank mortgage market because they are self-employed and have to look to non-bank alternative lenders for these and also their car loans, equipment loans and other personal lending. The growth of the housing market is predicted by experts to continue to grow between 6%-8% over the next year, before it might correct itself in 2023. The companies serving this market are chasing profits and are continuing to fight for both market share and the best staff.

Candidates in High Demand:
– If you are working in structured finance, trust management or even financial accounting with a treasury reporting background, then you might want to be thinking about your next career move.
– If you work in treasury and have strong financial modelling, advanced excel, VBA and excellent written and spoken communication skills, then 2022 is your year!
– If you have analytical skills and are a team player with attention to detail and have built your skills and experience at a ratings agency in recent years, then get in touch for a confidential discussion about your career plans.

Salaries and Packages
We are starting to see a slight increase in salaries, as clients adjust their outlook and realise that they are going to have to meet the market to attract talent to their organisations. Many employers are working on their employee value propositions and starting to think about what packages might look like in our new hybrid world. Some benefits will become less relevant now that employees are working more from home.

We are also seeing a mix in the way companies are wanting to recruit. Some want to start with video interviews and shift to face to face when they are narrowing down their shortlist. Some of our clients are sill recruiting entirely virtually to roles that are then worked entirely from home. It really is a mixed experience, and candidates should be prepared for both.

As 2022 heats up, the way the Australian and New Zealand economies are going, now is a great time to consider your next career move in financial services. Many are talking about the great resignation, and whether it is likely to play out in Australia as it has in the USA has yet to be seen. Either way, in financial services it is a candidate’s market, and you don’t want to miss the boat. This is especially true for candidates in treasury, risk management and finance – it really is as good a time to consider a new role as you are likely to get.

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