Despite the health pandemic, a number of job skills were in high demand in banking with hiring also picking up in banks beyond the Big Four.
According to Michael Page regional director Sung Ho Lee, the niche and specialist skill sets include risk and compliance and regulation have been in high demand.
“We did think the job market would have slowed down. It certainly has been a tough time for the industry but the momentum on the job front continued and if anything intensified.” Lee said.
According to Lee this is in part due to the to the Royal Commission and remediation programs but also a recognition by the banks that they need to address the trust deficit following the public inquiry into their conduct.
“Consumer trust remains very important for the banks,” he says.
Other broader roles that are in demand include Treasury-related work as well as expertise in mergers and acquisitions.
There has been this ramp up in terms of recruitment, activity and noise from our clients are clearly trying to up their game in terms of recruiting again
Solid demand also remains for project-related roles around customer service and remediation programs.
At the same time, there has also been demand for “interesting leadership roles” to lead the newly rolled out banking divisions around customer engagement and crisis management.
It’s not surprising that digital skills are also in demand, particularly with the pandemic shifting people to embrace digital banking.
“We are seeing a need for skills around UX designers and coders. In fact, the developer space has been extremely hot. There has also been a significant demand for skills around cyber-security.”
Interestingly, Lee is also seeing a trend towards people now wanting to move from the big retail to the small nimble banks with neobanks and fintechs on hiring sprees.
Lee, who has been with the recruitment firm for 13 years, says “I am part of the furniture”.
He is seeing strong momentum continue, adding that the job market in November is “shaping up to be better than October”.
“There has been this ramp up in terms of recruitment, activity and noise from our clients are clearly trying to up their game in terms of recruiting again.”
Nevertheless, Lee acknowledges a number of headwinds for the banking sector. In fact, the recent full-year results from the big four only highlighted that profit will come under pressure as they confront an anemic growth outlook.
“Banks will become leaner and this will mean, part of their businesses will need to shed jobs.”
Furthermore, the Michael Page recruiter also highlights that job-keeper has artificially sustained parts of the economy – a view shared by other people in the industry.
And while banks have not taken up the government measure, the broader implications of risking unemployment will have obvious impacts for their businesses.
Nevertheless, he is “a lot more optimistic about next year than I was a year ago.”
