A new report from recruitment firm
Hays indicates that 68% of employers in financial services will boost their employees’ pay by up to 3% during their next review.
The annual Hays Salary Guide found that 21% of employers are set to award a salary increase of between 3% and 6%, while 8% of employers will not increase salaries at all. In its 39th year, the report found that only 3% will increase salaries by more than 6%.
“Salaries within the insurance sector have been broadly stable over the last year across Australia, with the biggest increases observed within workers’ compensation, predominantly in NSW and Victoria,”
Jane McNeill, director of Hays Insurance, said.
The insurance industry has seen several trends make an impact, McNeill noted, as digitalisation has made its presence felt on the job market.
“While some insurers have been proactively adopting digitalisation, the industry as a whole is behind other areas within financial services. This will lead to an increase in technical roles as businesses start to plan for necessary transformations,” McNeill continued.
The push towards gender diversity remains an ongoing concern for employers in insurance as the industry as a whole continues to perform poorly, McNeill said.
The report found that, across all industries, 45% of firms expect to increase their numbers of permanent staff over the coming year with only 11% planning to decrease staff numbers.
It is not only remuneration and job-seekers that will see changes over the coming year either, as McNeill noted that the work environment will continue to change as new recruits favour flexible working hours and work from home options.
“Insurance businesses need to be mindful of this as they try and approach candidates from outside the industry as well as experienced talent in a candidate short market,” McNeill said.
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