The survey results, though, show Australia’s financial services and banking salaries likely growth only as “flat” and New Zealand’s as “marginal”.
James Nicholson, Robert Walters managing director for Australia and New Zealand, said: “In the wake of recent scandals in the banking and financial services sector in Australia, centred on misconduct within the banks, the pressure is on for financial institutions to be more transparent and report on their remediation projects. We therefore expect demand to remain high, and salaries to increase for professionals with a background in compliance, regulation and risk management.
“That sense of caution and vigilance extends beyond financial services, though. Regardless of sector, Australian and New Zealand organisations are increasingly focusing on cost efficiencies and leaner ways of working. The net result is that salary growth is only marginal in New Zealand overall, and flat in Australia.
“Meanwhile, both countries are relatively close to full employment, which means that future economic growth may rely upon importing offshore talent. Fresh from the 2017 election, New Zealand’s Government will continue to actively encourage New Zealand professionals living overseas to relocate home. Australia’s Government is tightening its grip on 457 skilled working visas, making it harder for employers to recruit outside Australia.”
The report says the primary reasons for professionals to begin active job searches are salary increases and career progression. Employers who can offer both will be most likely to attract and retain star performers in 2018.
“All in all, we expect the Australia and New Zealand job markets to remain generally positive in 2018, with some regions set to enjoy modest growth. At a time of global economic uncertainty, Australia and New Zealand appear stable and secure.”
The full report is available here.
Greg Bright is publisher of Investor Strategy News (Australia)