Employers in Finance and Insurance Expected to Increase Hiring

Finance, insurance, and real estate sector employers are expected to increase hiring for the third quarter of 2016 on the back of a drive to ramp up technological capabilities, according to a leading recruitment company survey.

The ‘Manpower Employment Outlook Survey Q3 2016‘ showed 18 per cent of employers across the three sectors intended to increase headcount between July and September. The survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforce during the next quarter. Across the sectors surveyed, employers in Finance, Insurance & Real Estate for the eleventh consecutive quarter reported the strongest net employment outlook (NEO) of +15 per cent. Hiring intentions jumped three percentage points quarter-on-quarter and the same time last year.

ManpowerGroup Australia and New Zealand managing director, Richard Fischer, says the results showed Australia was successfully transitioning away from mining and into other sectors.

“There are financial services and real estate projects coming into the Australian market which will drive employment opportunities for individuals with in-demand skills sets,” he says.

“Further, we are seeing positive signs that bolster the argument of Australia’s transitioning economy, with growth flagged on the one hand in areas such as services, while on the other we are seeing a continued decline in the mining industry,” Fischer adds.

The seasonally adjusted NEO of +15 per cent was three percentage points up from last quarter and down three percentage points year-on-year, and represented the highest NEO of all sectors surveyed for the last 11 consecutive quarters. Employers in medium-sized businesses are expecting the strongest hiring environment in the July-September time frame, and the NEO of +11 per cent represents a seven percentage point jump from the last quarter. Micro and smaller employers are also showing encouraging signs and reported NEOs of +2 per cent and +9 per cent, respectively.