Finance set for wage growth in 2017

06-Apr-2017

By Leanne Abbas

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Financial services professionals had the ability to leverage higher remuneration packages as a result of the sector’s current talent shortage, with wage growth expected to rise steadily this year, particularly for those with strong IT skills, according to a Robert Half study.

The industry recruitment consultant’s “2017 Salary Guide” outlined that wage growth in the finance sector was modest, but above the national average at 2.1 per cent.

The guide revealed that across the major cities, Brisbane financial services employees were likely to achieve the highest salary gains at 3.5 per cent, followed by Melbourne at an average of 2.5 per cent for the year.

Robert Half Asia-Pacific managing director David Jones said the results revealed that while salary growth was at an all-time low across many industries, there had been steady growth across the finance sector, with Brisbane and Melbourne to benefit the most.

“In Brisbane, company confidence is returning after the downturn of the resources boom and businesses are expanding, which is creating renewed demand for skilled finance professionals and placing positive pressure on salaries,” Jones said.

“Melbourne is also growing steadily alongside Sydney, however, salary growth rates are higher in Melbourne following years of sustained growth in the Sydney market.”

He also noted industry professionals with well-developed IT skills would be most in demand because of their ability to add significant value to a business.

“The growing influence of technology means finance professionals with IT skills will be highly sought-after – particularly those high skilled in ERP (enterprise resource planning) systems and accounting and reporting software,” he said.

“Those who are able to create greater efficiencies and streamline their company’s processes will be in a strong position to negotiate a higher salary.”

Furthermore, financial analysts were set to experience the biggest growth rate in salaries of over 4.2 per cent, due to big demand from companies for their strong financial modelling skills and high levels of commercial acumen.

According to the guide, financial analysts could expect to receive a minimum salary of $80,000 and a maximum salary of $112,000 in 2017.

Financial planning managers with advanced technical and communication skills would be able to negotiate an above-average salary, with average salaries in those positions growing 3.3 per cent year-on-year, it said.

Professionals in those roles could expect to receive a salary ranging from $117,500 to $164,000 in 2017 as they were the fifth most in demand positions across financial services, the recruiter said.

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