Rock star salaries
By
Julia Newbould
Mon 12 May 2008
Salaries for planners, paraplanners and business development managers (BDM) have once again been on the rise, according to the latest figures.
Salaries for planners, paraplanners and business development managers (BDM) have once again been on the rise, according to the latest figures.
However, the big guys used to earning base salaries between $350-450k in funds management will find there are fewer positions for them over the next few months.
As one recruiter puts it, people in those positions should regard those top jobs like sports, rock and movie stars, whose bumper salaries have a definite end date.
These jobs don't last forever, and especially for those in financial services, plans should be made to make the most of these salaries for as long as they remain.
As big companies start shedding jobs, the market will certainly change.
Already there have been some restructures in the market following the market downturn and anecdotally a few companies are looking at using the opportunity to lose deadwood.
The idea is that people have fought hard to be fully staffed and they're not ready to lose people if this downturn is short-lived as predicted.
The risk market has started to move, with BDM salaries in that side of the industry reaching investment BDM levels.
Paraplanning salaries have risen again.
Perth and Adelaide have experienced a rise in the salaries they need to pay to attract good staff and these cities are now equalling their east coast counterparts in Melbourne and Sydney.
But as the survey found, it's not all about the money even though the money remains important.
People want to work for people and businesses they trust and respect and even through the recruitment process the way a business conducts itself is vitally important.
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