Promising outlook for financial services sector

The latest Hudson report on employment trends found 19.7 per cent of employers intend to increase staffing levels as a result of growth in property and construction as well as ongoing change and transformation projects in the financial services sector, which continues to perform strongly.

Victoria led the charge for positive hiring intentions throughout the second quarter, with a net 21.9 per cent of employers looking to increase their number of permanent staff.

This figure is up 2.2 per cent from the first quarter and 12.2 per cent from the same period last year.

Resource states continue to face ongoing challenges, with Queensland and South Australia showing the weakest hiring intentions, according to the report.

A net 12.2 per cent of employers are looking to hire in Queensland in the second quarter, while a net 10.3 per cent of employers are looking to hire in South Australia – showing quarterly declines of 8.2 per cent and 9.1 per cent respectively.

“This reflects what we now know as the ‘new normal’ and part of the ongoing transition in Australia’s labour markets, with growth shifting away from mining to professional services, ICT, finance and legal across all states,” Hudson executive general manager Dean Davidson said.

Despite the fall in some locations, Mr Davidson said net hiring intentions in the second quarter remain strong across the country.

“Our research reveals a transition in the labour markets, with weaker employment conditions in mining and resourcing offset by more positive conditions in industries such as professional services, IT and financial services,” he said.

According to the report, a net 31.5 per cent of employers and hiring managers in professional services are looking to hire in the second quarter, with 25.2 per cent in the financial services sector.

“Employers in sectors such as this are hungry for the right talent to support structural transformation projects and underpin future business growth,” Mr Davidson said.