After a promising start to 2011, hiring demand in the financial services sector has declined quickly and concerns of more job losses are growing. Earlier in the year, we reported that this sector experienced 19% gains in new job ads placed online. However, over the past 30 days, Recruiters representing this sector placed just 36,000 new online job ads – 22% fewer than the same time period in 2010. The volume of online job ads has declined significantly since pre-recession highs, when more than 86,000 job ads were placed online during August 2007. Within financial services, the greatest year-over-year decline in hiring demand was seen by Real Estate Credit (down 71%), Direct Title Insurance Carriers (down 72%), Consumer Lending (down 67%). However, not all industries have seen declines. Some of the highest year-over-year increases were seen by Open-End Investment Funds and Claims Adjusting, which have grown 110% and 96% versus 2010.
Hiring Demand in Financial Services Sector – 4 Years
Source: WANTED Analytics
Employers with the highest volume of job ads during this 30-day period were Unitedhealth Group, Citigroup, Chase, Wells Fargo, and Aflac. 4 of these 5 companies increased year-over-year hiring demand. Only Wells Fargo placed less job ads compared to 2010. Aflac saw the highest increase, up more than 194% versus the same time last year. However, Recruiters at Unitedhealth Group placed the most ads with more than 2,800 new ads posted online in September.
Not surprisingly, Recruiters in New York placed the most ads for the financial sector with more than 2,700 new jobs posted online. This, however, is a 23% decline versus the same time last year. Other cities with high demand during September included Chicago, Minneapolis, and Los Angeles. The most demanded occupations were Insurance Sales Agents, Financial Services Sales Agents, Financial Managers, Tellers, and Loan Officers. We also looked at average salary ranges for each of these top 5 occupations, both nationally and in New York.
| Occupation | Average Salary Range New York |
Average Salary Range National |
| Insurance Sales Agents | $50,000 – $69,000 | $41,600 – $60,000 |
| Financial Services Sales Agents | $80,000 – $110,000 | $45,000 – $80,000 |
| Financial Managers | $100,000 – $125,000 | $80,000 – $100,000 |
| Tellers | $25,750 – $30,000 | $21,150 – $24,950 |
| Loan Officers | $75,000 – $100,000 | $52,000 – $83,200 |
Due to low hiring demand and a sizable talent pool, Recruiters are likely to see moderately easy recruiting conditions. Although, conditions will vary by occupation and location, depending on the available candidate supply. According to the Hiring Scale™, Financial Managers are likely to be the hardest-to-fill of the highly demanded jobs with 24 potential candidates in the workforce nationwide. In New York, the talent pool is smaller than average with just 14 candidates per job opening. It is likely that Recruiters here will have a longer time-to-fill for these openings than many of their US counterparts.
Hiring Scale for Financial Managers – New York vs. National Average
Source: WANTED Analytics
If you are sourcing for job openings within the Financial Services sector and want to compare recruiting conditions, try the online Hiring Scale.
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