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Financial sector props up employment outlook

Financial services companies, including insurance groups, offer promising job prospects in the third quarter, according to Hudson’s latest employment trends report.

A net 19.9% of financial services businesses plan to raise permanent headcount in July-September, down from 25.2% in the preceding quarter but higher than the 15.1% net hiring intentions of employers nationwide.

The resources sector continues to feel the pinch from the end of the mining boom, with net hiring intentions of -20.5%, down 9.4 percentage point from the preceding quarter, the recruitment specialist says.

The professional services sector has net hiring intentions of 32.6%, up from 31.5%.

“The Hudson report continues to point to changing dynamics in the hiring intentions of employers, with positive conditions in financial professional services counterbalancing weaker conditions across sectors such as resources and mining,” EGM Dean Davidson said.

Net sentiment is the percentage of employers that expect to increase staff levels, minus the percentage that expect to make cuts.

Overall, one in four employers plan to hire more permanent workers in the third quarter, compared with one in 10 who intend to cut.

Executives with the skills to enhance a company’s competitive base and future growth remain in demand.

“The ongoing transition in our labour markets is intensifying and organisations are evolving and recalibrating to remain competitive,” Mr Davidson said.

“Part of this transition includes investing in new skill sets, to ensure businesses are equipped for future growth.”

Hudson surveyed more than 3500 employers for the report.