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  • Australian IT

    Market Insights & Salary Guide 2014/2015

    Financial Services (Pay rate)

    Greythorn Australiawww.greythorn.com.au @GreythornAU Greythorn Australia Greythorn Australia| | |

    http://www.linkedin.com/company/greythorn-australia https://twitter.com/GreythornAU https://www.facebook.com/GreythornAustralia https://plus.google.com/+GreythornAu/posts

  • 2Greythorn Australiawww.greythorn.com.au @GreythornAU Greythorn Australia Greythorn Australia| | |

    Financial Services | Market Insights & Salary Guide 2014/2015Contents Financial Services | Market Insights & Salary Guide 2014/2015

    Market Insights

    Executive Summary....................................

    Demographics ...........................................

    Market Conditions .....................................

    Current Role/Employment ..........................

    Skills in Demand/Not in Demand ...............

    Remuneration ............................................

    Benefits & Bonus .......................................

    Training, Onboarding & Induction ...............

    Relocation .................................................

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    Salary Guide

    Sydney ....................................................

    Melbourne ................................................. 21

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    15

    About Greythorn ........................................

    Contacts/Disclaimer ..................................

    References ................................................

    About the Surveys

    Jobseeker Survey

    These survey results are recognised throughout

    the Australian IT industry as an accurate

    representation of the industry and a market

    leading source of quality insights and opinions.

    All survey responses, comments and insights

    have been consolidated for this Australian IT

    Recruitment Market Insights and Salary Guide

    2014-2015.

    The survey was carried out during May 2014, and

    distributed in the form of an online questionnaire.

    Nearly 3000 professionals voiced their opinion

    about the job market in Australia, of these, 375

    worked in the Financial Services sector.

    This report outlines the results from this sector.

    Where applicable we have compared the results

    to the total survey responses and/or previous

    years results.

    Hiring Manager Survey

    In addition to our jobseeker survey, Greythorn

    annually survey our IT Hiring Managers to

    produce the Greythorn Technology Market

    Landscape. Our 2014 Hiring Manager survey

    generated 1106 results and some of these

    findings have also been used in this Market

    Insights and Salary Guide report.

    http://www.linkedin.com/company/greythorn-australia https://twitter.com/GreythornAU https://www.facebook.com/GreythornAustralia https://plus.google.com/+GreythornAu/posts

  • It has been another record year in the Australian Financial Services sector with the major banks half year cash earnings up 5.8% (hoh) to $14.8 billion (PWC, 2014).

    The spotlight has shifted to technology, with increasing customer engagement through new products and digital channels seen to be the most likely way to consolidate and grow earnings.

    Google recently did a study on mobile banking which found that “two in five mobile users will turn to a competitor’s site if their bank is not mobile-optimized” (Starke, 2014). The challenge of creating innovative and responsive customer engagement has meant adopting a more agile approach to customer product development, whilst balancing robust technology and process infrastructure that minimises risk.

    A Booz & Company report entitled “The Next Wave of Digitization”, found that “while the impact of digitization on customer-facing and operational aspects of the financial services industry will be high, the speed of this impact will be medium. This is not due to desire, but because of barriers to entry such as legacy technology. Banks and the financial services industry more broadly are facing unprecedented demand for online services, forcing many to weigh up the cost of completely replacing core business systems against continuing with legacy processes that might frustrate digital customers.”

    We have seen contract rates and permanent packages remain stable or slightly decline across some IT functions as an increase in availability of skilled candidates and a reduction in the number of projects has created a buyers market for IT banking professionals. Fortunately for banking candidates, there is a positive outlook on

    upcoming projects as organisations look to continue their upgrade of legacy systems.

    In NSW, the reliance on fixed term contracts and statement of work contracts have increased due to an inability to secure permanent headcount whilst still needing resources. A number of our clients on high profile projects have also incorporated a completion bonus on their contract offerings to tie in key resources.

    We have noted an upsurge in demand for Project Managers with business-facing experience, particularly in areas with a regulatory slant. With APRA’s increased capital allocation rules, compliance and regulatory experience will come at a premium in the coming year.

    There has also been strong demand by clients for banking professionals with experience managing vendors for design and build, as well as managing across the distributed delivery model (both in-house and external).

    The demand for candidates in the BI and Analytics space with banking project experience has increased. The search for locally available talent in these area’s has led a number of the banks and banking consultancies to increase offers (contract and permanent hires) and aggressively counter-offer.

    IT Security is likely to be an area of increased activity with budget for developing in-house security capabilities agreed for many organisations.

    The year ahead will present challenges but should be viewed with optimism.

    Manager, Financial Services

    Greythorn Australiawww.greythorn.com.au @GreythornAU Greythorn Australia Greythorn Australia| | |

    Financial Services | Market Insights & Salary Guide 2014/2015Executive Summary Financial Services | Market Insights & Salary Guide 2014/2015

    3

    Andrew Butterworth

    http://www.linkedin.com/company/greythorn-australia https://twitter.com/GreythornAU https://www.facebook.com/GreythornAustralia http://www.linkedin.com/company/greythorn-australia https://twitter.com/GreythornAU https://www.facebook.com/GreythornAustralia https://plus.google.com/+GreythornAu/posts

  • 4Greythorn Australiawww.greythorn.com.au @GreythornAU Greythorn Australia Greythorn Australia| | |

    Financial Services | Market Insights & Salary Guide 2014/2015Demographics

    75%

    Which age bracket are you?

    30-49

    20%50-65

    5%18-29

    Respondents

    375

    Male 86%

    Female 14%

    VIC 40%

    Where are you currently located?

    NSW 41% QLD 8% Other 4%ACT 7%

    The number of Gen Y and females entering the IT industry are at the lowest point in 4 years.

    Surprisingly only 5% of respondents in Finance

    were under 30, in 2011 this figure was 17%.

    Is the IT industry attracting enough new talent?

    The number of women in IT in the finance

    industry was the lowest of all industries (14%

    vs 16% for all results). This ratio of females to

    males was also the lowest it has been in 4 years

    - in 2011 the breakdown was 78% male to 22%

    females. Why are women not attracted to the

    IT industry? Our own research shows that: long

    hours, lack of flexibility and unconscious bias

    from already male-dominated IT teams are all

    contributing factors.

    The Victorian Government has recently

    announced they are creating a Victorian ICT

    Workforce Development Plan aimed at 3 key

    areas: increasing awareness and overcoming

    misconceptions of IT careers; enhancing the

    contribution IT offers to business; and better

    alignment of business and IT qualifications. Part

    of this plan is to also address the lack of women

    in IT by hosting events such as: Vic ICT for

    Women to deliver Go Girl Go for IT, and attract

    more graduates through ICT career and course

    awareness activities targeting students and

    influencers.

    http://www.linkedin.com/company/greythorn-australia https://twitter.com/GreythornAU https://www.facebook.com/GreythornAustralia https://plus.google.com/+GreythornAu/posts

  • 5Greythorn Australiawww.greythorn.com.au @GreythornAU Greythorn Australia Greythorn Australia| | |

    Financial Services | Market Insights & Salary Guide 2014/2015Demographics

    Project Manager or Business/Systems Analyst

    Leadership & Transformation (incl. CIO, IT Director, IT Manager & Team Leader)

    Infrastructure, Networks and Support

    Software Development

    Which of the following best describes your job title/specialisation?

    24%

    17%

    13%

    13%

    Business Intelligence & Data Warehousing

    IT Sales & Marketing

    5%

    1%

    Architecture

    5%

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