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Finance sector employment outlook unhindered by RC

Finance sector employment outlook unhindered by RC

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Reporter 2 minute read

The employment outlook in the finance sector is set to “remain strong” despite backdrop of the financial services royal commission and the housing downturn, according to Manpower Group.

The latest research from Manpower Group, which involves a survey of 1,500 Australian employers, has revealed that despite trending lower after reaching record highs in the last quarter of 2018, the Net Employment Outlook for the finance, insurance and real estate sector will remain strong at +15 per cent for the first three months of 2019.

According to Manpower, the positive outlook signals that “more employers in the sector expect to increase hiring levels than not”.

Manpower added that despite dropping by -6 points quarter-on-quarter, the employment outlook in thefinance sector was steady year-on-year.

The group also stated that the stable result has highlighted the limited effect of the financial services royal commission and the decline in dwelling values on employment conditions.

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“While the outlook is softer quarter-on-quarter it remains in positive territory and is further evidence that the royal commission into the banking sector has failed to significantly effect hiring intentions while the decline in property prices across the country has also failed to dent the employment outlook across the sector,” the group said.

Meanwhile the Manpower research reported that the employment outlook is strongest for the mining and construction sector with a Net Employment Outlook of +22 per cent.

Further, the employment outlook for the wholesale and retail trade sector recorded “one of the strongest improvements” (+13 per cent) when compared to the same period last year, with Manpower claiming that the sector “appears to prepare for a post-Christmas hiring boost”.

The Net Employment Outlook reported for other sectors includes:

  • Manufacturing: +7 per cent
  • Public administration and education: +15 per cent
  • Services: +12 per cent
  • Transportation and utilities: +18 per cent

 [Related: ‘2019 will be the year of the broker’: Pepper]

Finance sector employment outlook unhindered by RC
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