2017 IT banking & financial services market update

planning-your-recruitment

There is an increased demand for niche IT skills as digital technology is embedded across the banking industry. Increasing regulatory requirements also means that organisations need to grow capacity through recruitment or by up-skilling existing employees. Many organisations are developing business plans which include cyber security and this is driving demand for specialised skills as the threat of security and keeping customer data secure is key. Transformation projects which have a customer centric approach will become a key focus in the financial sector. With competition in the market at a peak, it is vital for organisations to make their processes and systems customer friendly to guarantee customer satisfaction. This means that professionals with such skills will not only have greater salary opportunities in 2017, but a wider scope of choice for their own career progression.

HOT ON THE AGENDA OF A HIRING MANAGER

Many companies will continue to grow their capability in the analytics space, with various technologies in Big Data professionals being very difficult to find in the Australian market. We predict a big shift towards agile methodologies in order to increase creativity and innovation, reduce development risks and encourage more adaptable businesses processes. Subsequently, an application of such methodologies will become an increasing expectation of hiring managers in this area. There is also an unprecedented emphasis on soft skills such as communication and emotional intelligence as well as the technical ability of a candidate.

ADVICE FOR HIRING MANAGERS

Efficiency will be an essential element in the recruitment process, especially in the contracting market where strong candidates are interviewing at more than one company and receiving multiple offers or counter offers. The ability to move quickly and have an efficient interview process will be the biggest strength to companies in securing the best professionals. Staff retention is still centred around work-life balance and flexible working hours, as both remain key drivers in a candidate’s career mutation. The ability to offer this to existing employees will also improve staff retention.

Cyber security is driving demand for specialised skills as the threat of security is rising and criminal activity is heightened.

SALARY STATUS 2016 AND 2017

Salaries in technology are divided, with roles such as business analysts and project managers seeing rates stall at their current level. However in the development, Big Data and cyber security space, salary increases continue to rise significantly above inflation, and this will continue in 2017.

TOP PREDICTIONS FOR 2017

  • A shortage of quality candidates such as agile coaches, BI/DW developers, mobile developers and DevOps engineers will lead to individuals receiving multiple offers.
  • Non financial incentives, such as flexible working and company culture will also be influential in a candidate’s decision to take a role.
  • Agile methodologies will become an integral assessment of a candidate’s capability and experience.

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