- Thursday, 31 January 2013 | Chris Kennedy
eFinancialCareers managing director Asia Pacific, George McFerran, told InvestorDaily that tier one banks are looking to keep staffing levels fairly flat but there will be some tactical hiring with extra demand created by upcoming regulatory changes.
"That's not exclusive to Australia, it's a global challenge. All organisations are trying to find good quality people to help them with regards to Basel III and FATCA (The Foreign Account Tax Compliance Act)," he said.
In that area there will be demand for people with knowledge of risk management, as well as project managers and change management staff. There will be particularly high demand for people with experience around the IT platform areas, which are significantly affected by those changes and a current global skills shortage, Mr McFerran said.
Upcoming changes unique to Australia such as Future of Financial Advice (FOFA) and Stronger Super are causing consolidation of super funds, which will lead to duplication and therefore to redundancies, as well as some opportunities, he said.
"While there may be some redundancies to eliminate back-office duplication, project management jobs will be created as well. Some super funds are internalising parts of their investment portfolio and will be recruiting investment teams in 2013," Mr McFerran said.
There will also be a shift towards internal hiring rather than employing external agencies, as companies look to keep a lid on costs. This means before companies advertise a job externally they are pushing internal movement and are keen to reallocate staff, he said.
And where reallocation is not an option companies are also pushing for staff referrals, he added. "Referrals are a very valuable way of getting new people on board," he said.
Latest from InvestorWeekly
- AMP Capital completes NAB House acquisition
- Emerging markets in a strong position: Aberdeen
- Appetite for post-trade automation grows
- ASX to offer RMB settlement services
- Capital Group appoints new RE
- Protecting against sequencing risk: Ability Capital
- AMP Capital offloads Sydney property
- RI Academy forms two international partnerships
- New York Life acquires Dexia AM
- Antares Capital launches income fund
- A weather forecast for 2014
- Is Asian turbulence a win for China?
- Why Detroit’s honest self-renewal is a lesson for Japan
- Volatility means opportunity for fixed-income investors
- US Fed likely to stick to existing policy
- Asian bonds offer value after Fed-induced sell-off
- Convertible bonds: solid foundations are needed when reaching for the upside
- ING DIRECT urges third parties to prepare for Basel changes
- A straight-forward channel
- Crystal balls and consistent returns
- Bennelong Wealth Partners appoints CIO
- Equity Trustees creates investment management role
- Mercer appoints client service leader
- Morningstar Australasia appoints joint CEOs
- UniSuper expands leadership team
- WA Super appoints chair
- Acorn Capital appoints microcaps analyst
- Towers Watson appoints global investment head
- Centuria appoints senior facilities manager
- Stanfield Funds Management appoints managing director