Talent shortage triggers soaring contractor pay at banks and super funds
Large financial institutions are coughing up thousands of dollars per day to plug severe regulatory and tech gaps.
The nation’s banks, super funds and insurers are being forced to shell out top dollar for specialist contractors as the institutions struggle to keep up with a rising tide of regulation, merger activity and tech projects.
New data shows the hiring crunch is pushing the wages of some specialists to up to $4,000 a day as organisations fight over a highly constrained pool of contractors with permanent staff hard to find.
“There’s a perfect storm with more change being demanded of financial services institutions than ever before,” Sara Kahlau, ANZ head of global labour platform Outsized, told Capital Brief.
“We’re seeing compounding regulatory changes, increased competition for talent between different sectors, and a growing number of professionals opting for the flexibility of independent work.”
