Industry funds are firing up their hiring
From front office to back, 2010 will be an active recruitment year for industry superannuation funds, with more and more candidates trying to break into a growing, but talent-starved sector.
And firms such as REST, Hostplus and Vision Super have pent-up hiring needs from 2009. “Last year there was little recruitment activity, meaning many organisations are below the headcount needed to run effective operations as the market picks up, so we expect a significant increase in hiring activity,” says Jane McNeill, senior regional director of Hays Banking.
Vacancies will continue to increase throughout 2010, according to Kate Agouridis, consultant, banking & financial services, Robert Walters. “The industry funds are rebuilding and ready to chase new business,” she tells eFinancialCareers.com.au.
These exciting employment expectations for the industry players follow recent record results within superannuation as a whole. Propelled by the recovery in global share markets, the median balanced option fund gained 12 per cent in Q3 and Q4 2009 – the best half-year return since compulsory super was introduced in 1992, according to research agency SuperRatings.
So which type of roles are sought after? Operations teams that were cut during the downturn are now building again, but the real demand is up front. “There has been a steady increase in confidence, with funds again recruiting relationship managers and business development managers,” says Agouridis.
This lack of revenue-generating RMs and BDMs is making the employment market more aggressive. “We’ve started to see candidates being far more in demand and indeed cases of multiple offers and counter offers have already been witnessed,” adds McNeill.
However, these candidate shortages are at least partially alleviated by the growing reputation that industry funds enjoy as “solid” employers. “Over the past 12 months, there has been a trend for candidates to proactively pursue a move from corporate superannuation to industry,” comments Agouridis.
Firms are also broadening their talent pool by recruiting RMs and BDMs from the broader wealth management sector, she adds.
What’s the attraction? “They have a good reputation and so are likely to attract more applicants as a result. Candidates feel there is less pressure when working for an industry fund compared with a bank or other fund. Candidates also like the more relationship-focused aspect of industry roles,” explains McNeill.