Wealth management recruiters and their prospective job candidates are beneficiaries of businesses looking to “super-size” roles in digital and customer engagement positions.
The 2018 market trends and salary review from Perceptor shows skilled candidates in the digital space were of particular demand in financial services, yet there’s limited supply.
“Proven expertise in data analytics, digital content generation, CRM software and media planning/strategy, for example, continued to be in strong demand,” the review said.
“The market is also benefiting from candidates wanting to change roles or organisations, and from organisations looking to super-size roles or address skill shortages, especially in digital and customer engagement positions.”
A marketing director or chief marketing officer can command a salary of more than $350,000. A head of marketing or head of customer experience can command upwards of $220,000. At the lower end of mid to senior-level executives, a senior brand manager can expect to be paid $150,000 or above.
A chief digital officer currently commands more than $300,000; and a head of digital more than $220,000. A social media manager commands upwards of $150,000.
Director of Perceptor’s financial services practice, Richard Baker said overall candidate sentiment was higher than 2017 but bank wealth demergers and the Royal Commission are keeping movement limited. He said movement was more subdued for senior executives asking more than $250,000 in digital, sales and marketing roles.
“As ever, reorganisations and departmental restructurings created a number of opportunities for both internal and external candidates. We also saw a number of strategic hires made across various sub-sectors,” he said.
“Those at the executive level often have long-term incentive structures in place, increasing retention rates and resulting in lower turnover.”
The Perceptor review found the highest level of turnover to be in the $130,000-$180,000 range. Junior candidates earning less than $130,000 appear to change roles every 12 to 18 months in order to secure incremental salary improvements.
Anticipation of modest wage growth within existing firms meant candidates were “typically open to hearing about external opportunities,” mainly at medium-size and start-up businesses, Baker added.
“Those that did make a move were generally able to command higher salaries. Pay reviews were modest or disappointing on the whole for others, with average salaries only growing in line with inflation, at best,” he said.
“For most, however, bonus payments remained pleasing, albeit not exceptional.”
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