Low turnover dries up super vacancies in Melbourne; the sector is now so desirable that staff just want to stay put

Melbourne’s super funds are creating fewer jobs than this time last year as a lack of attrition puts replacement hiring on hold.

Australian workers have about $1.3trn managed by superannuation funds, while the industry employs some 60,000 people in Australia, according to a report by the Allen Consulting Group. But it’s been a slow start to the year for recruitment in the sector in Melbourne.

“We expect to see more redundancies later in the year as a result of some of the recent mergers,” says Blake Pascoe, recruitment consultant, Kaizen Recruitment.

Moreover, if you have broader financial services sector expertise, it might be more difficult than you think to find a role in super. “Superannuation is a hard business to get into, and to date, most funds want recruits with industry experience,” advises Pascoe.

Many superannuation employees are staying at their current firms. Relatively low turnover and hiring freezes have reduced recruitment in 2012, says Tom Brown, manager, financial services, Michael Page. “Super has become an increasingly desirable area in the financial sector and many current employees are choosing to stay put rather than seek a new position.”

That said, movement is still generated by retirements and promotions, and as a consequence, there may be opportunities for specialists from risk, compliance and business development.

“In addition, we are also seeing financial planners switching careers towards employment within the holistic and retirement-planning areas of super fund management,” says Brown.