Survey finds Sydney’s financial services and accountancy jobs market set to recover in 2010

Highlights 

• Almost nine out of 10 (88%) employers in Sydney say financial services and accountancy recruitment will start to rebound before the middle of 2010
• Of those, 50% say it will be in the first half 2010 while 38% expect it to pick up before the end of 2009
• During 2009, 64% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (59%) or in fact increase (5%)
• Despite increased competition in the market for fewer roles, over two thirds (68%)  of employers expect salaries to remain steady in 2009
• However, while 41% say it is still difficult to source the right candidates compared to a year ago, the majority (59%) of employers say it is now easier.
   

Despite the challenging conditions facing the jobs market in Sydney at present, almost nine out of 10 employers believe there will be an increase in demand for financial services and accountancy professionals within the next 12 months, according to research by global professional recruiters, Morgan McKinley.

 

Morgan McKinley surveyed 110 senior level HR and hiring managers within financial services and commercial organisations in Sydney and found that the vast majority (88%) believe the recruitment of financial services and accountancy professionals will start to increase from the current suppressed levels before the middle of 2010. Over a third (38%) of employers suggested there would be an uplift in hiring activity before the end of this year however, 50% do not expect it to happen until the first half of 2010.

 

Generally, employers were positive when it came to their own staffing plans for the remainder of the year. 64% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (59%) or in fact increase (5%) in 2009.

 

Louise Langridge, Joint Managing Director of Morgan McKinley Sydney comments: “This research has produced some interesting results, not least that the majority of hiring decision makers predict an uplift in financial services and accountancy recruitment activity within the next 12 months. While this does provide some optimism for Sydney’s hiring market, given business’ current focus on cost-savings and efficiency, it is likely to be a steady rise over several months rather than an overnight surge in hiring activity.

 

“For the moment, recruitment activity across both financial services and commerce and industry is reduced compared to this time last year however, there are some areas which are faring better than others. For example, while operations hiring within financial services is quiet, risk and compliance specialists are still sought after due to the increasing focus on regulation, cost-saving and efficiency. Likewise, there is also some appetite to hire from boutique corporate finance firms and for accountancy professionals within infrastructure, healthcare and insolvency/corporate recovery firms.”

 

When it comes to compensation for financial services and accountancy professionals, the survey found that despite the increased competition in the market for fewer roles, basic salaries are likely to hold firm. The research revealed that over two thirds (68%) of employers expect basic salaries offered to new hires within their business to remain the same in 2009.

 

This is despite just over half (59%) of employers claiming that, in the current market, it is easier to source the right candidate compared to a year ago. However, there are still 41% who believe it is still just as difficult (33%) if not more difficult (9%) to source the right candidate compared to a year ago.

 

To help employers find the most suitable candidates in their marketplace and likewise candidates the best career opportunities, MORGAN McKINLEY has launched an exciting new identity which reinforces the business’ mission to provide employers and those looking for a new role with access to a broader range of talent and opportunities across multiple sectors, disciplines and geographies.

 

Louise Langridge, Joint Managing Director of Morgan McKinley Sydney comments: “When there are more candidates in the market than available jobs, the pressure on employers to pay inflated salaries eases. Inevitably, there will be some stabilisation or, in the case of many contractors and newly qualified accountants at the moment, a slight reduction in basic salaries.

 

“Despite there being many more candidates available in the Sydney market, there is still a shortage of good individuals with the specific skill sets that are in current demand. Finding the right talent, even in a candidate-rich market, is still proving very difficult for many employers. Morgan McKinley, which has just launched its new visual identity, aims to be the best professional recruitment company, globally, by providing our clients and candidates access to the best talent and opportunities via our sector, functional and geographically aligned specialist consultants.”

 

- ENDS -

 

Further press information:

Allira Carroll                                             Louise Langridge                   

PR Executive                                           Joint Managing Director - Sydney

Morgan McKinley                                     Morgan McKinley

Tel: +44 20 7438 3143                               +61 2 8986 3103

Mob : +4477 2556 3793

Email: acarroll@imprintplc.com                 llangridge@morganmckinley.com  

 

Alternatively, please contact the Press Office on +44 (0)20 7438 3150.

 

Notes to editors:

 

Statistical methodology

Survey results

Morgan McKinley conducted a survey amongst 110 HR and hiring managers within financial services institutions and commercial organisations in Sydney between 10th – 16th March 2009.

 

About Morgan McKinley

Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

 

With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry, Public Practice, Public Sector & Not For Profit and Taxation. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.

 

Morgan McKinley is a fully owned subsidiary of Premier Group.

 

For further information, visit www.morganmckinley.com