Australia’s banks are cutting jobs while paying more for talent at the same time, adding an acute hiring crunch to the challenges they already face.
As Capital Brief revealed this morning, new data shows institutions cannot build internal capacity quickly enough in their most critical risk and compliance functions, forcing them to compete for a limited pool of contractors.
The data offers a revealing peek into where demand is lagging supply inside these organisations and where it is outrunning it. As the experience of the major banks shows, roles that can be offshored or automated are being cut as lenders race to lift productivity across large global workforces.
The opposite dynamic is playing out on projects driven by regulatory requirements. Australia simply can’t produce enough senior risk and technical experts to plug every hole, with banks, insurers and super funds competing fiercely for the same talent.
