Insurers and other financial services providers want to hire more risk and compliance specialists, who can expect better pay as demand for their skills soars following the Hayne royal commission.

Employees with experience in underwriting, analytics and complex claims handling will also command higher pay, recruiter Hays says.

“One of the drivers of change is the royal commission,” the Hays 2019/20 salary guide says.

“Its impact is being felt across the industry and [the] list of recommended changes, designed to bring life and general insurance in line with the more heavily regulated financial services sector, could lead to further new job opportunities as organisations prepare for possible reforms. As a result, we expect to see increased demand within risk and compliance, underwriting, analytics and claims.”

The salary guide is based on responses from more than 3400 companies and 1600 professionals across a range of industries in Australia and New Zealand.

More than half of employees in the Australian financial services sector view a pay rise as the No.1 career priority, and 20% are hoping for an increase of 6% or more.

But only 4% of bosses have plans for such increases, while 63% are looking to raise wages by 3% or less. About 31% of workers in the sector expect their pay to rise by that level at their next salary review.

“We’re now seeing a tug of war over salaries,” Hays Regional Director Insurance Carl Piesse said. “On the one hand, we have professionals telling us they’ve prioritised a pay rise and are prepared to enter the job market to improve their earnings.

“On the other, employers tell us they want to add to their headcount and are being impacted by skill shortages. Yet they plan to curtail salary increases.”