Agency Blog

In 2024, the Australian investment and wealth management industry is navigating a period marked by changing market conditions, regulatory shifts, and evolving workforce expectations. Bonuses and salary increases have become critical factors in attracting and retaining top talent, especially as firms strive to balance performance incentives with cost management amid uncertain economic landscapes.   Trends in Bonuses Bonuses have historically played a significant role in the investment and wealth sector, rewarding high performers for achieving key financial goals and enhancing client satisfaction. In 2024, however, many companies are re-evaluating their bonus structures. While bonuses remain attractive, there’s a growing emphasis on tying rewards more closely to individual, team, and firm-wide performance metrics, which could include global performance. This shift aims to foster a culture of accountability and to ensure that compensation packages align with the company’s global financial health. In high-demand areas such as private equity and asset management, salary and bonus has been a regular topic through 2024.   Salary Increases in 2024   The tight labour market and increased competition for certain skillets have put upward pressure on salaries in 2024. In response, many firms awarded salary increases to retain key employees and to attract new talent, resulting in a lower allocation of overall budgets for less staff. This is particularly notable in Melbourne and Queensland, where lower volumes of talent create more demand for experienced talent. Early-career professionals that began careers in the last 2-3 years have seen above market entry salaries, which have been marginally increased and still higher than more norms prior to COVID.  These employees, often drawn to the sector for its growth potential, often have an expected salary growth to match their career progression. Therefore, we have seen younger employees more inclined to switch firms for higher pay if career growth seems limited….

Job hunting can be a daunting and stressful process. You need to stand out from the crowd and impress potential employers with your skills, experience and personality. But how do you prepare for this challenge and perform well during the recruitment process? Here are some tips that are not commonly discussed, but can make a big difference in your job search and application: Research the company and the role.  Before you apply for a job, you should do some background research on the company and the role you are interested in. This will help you tailor your resume and cover letter to match the specific requirements and expectations of the employer. It will also help you prepare for the interview, as you will have some knowledge of the company’s culture, values, goals and challenges. Find information about the company, such as its history, mission, vision, products, services, competitors, customers, achievements, awards, news, reviews and social media presence. Use keywords and phrases that match the job description.  When you write your resume and cover letter, you should use keywords and phrases that match the job description and highlight your relevant skills and experience. This will help you pass the initial screening. A web search will quickly yield examples of resume and cover letters that are similar to the job you are applying for but always take the time to personalise them to capture your unique skills, experience and personality. Highlight how your expertise is increasingly relevant based on current trends and issues in your industry and profession to help your application stand out. Create a personal brand online.  In today’s digital world, employers often check candidates’ online presence to get a sense of their personality, interests, values and professionalism. You should create a personal brand online that showcases your skills, achievements,…

Four hiring trends in 2023 + four predictions for 2024   Market trends in 2023  The great slowdown When this year began, there seemed a disconnect between the gloomy outlook forecast by media and the amount of work we were engaged in with clients. Despite what pundits were reporting, the financial services industry labour market was busy in the first half of 2023. Things changed around June/ July when activity slowed and redundancy programs rolled through the bigger financial institutions.  We saw projects in specific industries begin to stall because of uncertainty, and firms begin to take a closer look at hiring spend across all role types. As we wind up 2023, this shift has caused employers to be more hesitant. The aggressive hiring environment of 2022 has now been replaced by a slower hiring process and much more layers of approval. Partly as a correction to high turnover rates since the start of the pandemic, hirers are more cautious about securing the right candidate and are doing so with less confidence around decision-making. It makes for a more inefficient hiring process as hirers are meeting more candidates, conducting more rounds of interviews and involving more people in the process. As a result of this more drawn-out process, roles can change, be pulled, or employers lose out on preferred candidates to faster processes. We’ve seen role profiles change during campaigns as budgets shrink, downgrading requirements in experience with plans to switch focus to  in-role development rather than new talent acquisition. Our advice to employers is that while the right fit is essential, especially as many organisations rebuild their culture after the disruption and disconnection of recent years, the old adage “time kills deals” holds true as good candidates will be snapped up fast in any market.   Internal development  As…