Key findings: (Source: 2015/16 Michael Page Australia Salary & Employment Outlook)
· 84% of employers will be rewarding their employees with a salary increase
· 68% of employers will be rewarding their team with a bonus
· 74% of employers are offering flexible working hours
· 60% of employers are offering recognition and rewards programs in order to retain their top talent, 53% are offering a strong company culture, 53% are offering work/life balance initiatives, 49% are offering financial incentives
· 35% of financial services employers expect to increase headcount
As the financial services industry’s hiring levels have remained steady over the past year, companies have placed a concerted emphasis on hiring women and rewarding staff with financial incentives. According to findings in the 2015/16 Michael Page Australia Salary and Employment Outlook, financial services companies are putting significant effort into work/life balance initiatives.
According to report findings, 74% of financial services employers will be offering flexible working hours as part of their work/life balance initiatives. This is followed by 42% offering the option to work from home, and 28% offering increased maternity/paternity leave. As well as offering a better work/life balance, financial services companies are also focusing on gender diversity.
“We have seen an increased emphasis on hiring women within the financial services industry and we expect this trend to continue over the next 12 months,” says Adrian Oldham, Regional Director of Finance, Michael Page Australia. “Over the past 18 months we have seen a dramatic rise in businesses placing a bigger focus on gender diversity, with that importance raised to business critical in 2015.”
Financial incentives were also the standout finding from the report, with 84% of employers surveyed expecting to reward their employees with a salary increase over the next 12 months. 68% rewarding the team with a bonus this year.
“Remuneration trends are very positive this year and we expect most people within the financial services industry to receive a pay increase and a high bonus or commission,” says Oldham. “This is in light of the current average confidence levels within the industry.”
Only 35% of financial services employers are expecting to increase headcount over the next 12 months.
Source: Michael Page
