Good help — harder to find than ever before

(January 2007) If financial advisors hope to be competitive in 2007 they’ll need a good administrative assistant by their side. Finding the right employee, however, is going to cost more than ever before.

In fact, a recent survey from Robert Half International and their subsidiary administrative staffing firm, OfficeTeam, suggests salaries in the Canadian financial sector should increase about 3.1% over last year, with receptionists earning 3.6% more, senior executive assistants commanding 7.2% raises in 2007 and office assistant salaries jumping 8.8% in the year to come.

According to OfficeTeam vice-president Lara Dodo, business expansion and compliance initiatives are major driving forces in the Canadian financial services industry and increasing numbers of administrative professionals are taking on compliance roles and responsibilities.

Furthermore, she predicts the financial industry will be one of the fastest-growing sectors in 2007 with low unemployment and fierce competition for good administrative professionals all contributing to increasing salaries. “The supply of top-quality assistants is vastly reduced,” she says. “Employers are seeking professionals with specific industry experience and specific company knowledge.”

Fortunately though, the firm’s 2007 Salary Guide suggests financial advisors won’t need to hike their administrative salaries as much as some other industries — overall monetary compensation is expected to rise 4.5% next year. The smaller increase, says Dodo, is because the financial sector already offers higher remuneration than other industries.

Companies aren’t sweetening the pot with extra cash alone — job seekers are being offered better benefit packages and improved scheduling options as well.

Higher salaries, however, mean higher expectations for employees. The survey shows that employers are seeking out people who can do more than just answer phones. Even when recruiting at the entry level, hiring managers are looking for applicants who have internship or part-time experience and have been active in professional associations.

“The benefit of having industry experience is that the individual is able to understand the industry and the nuances of making the organization function effectively,” she says. As well, she says many companies have restructured their administrative support teams into project-based groupings where individuals manage more than one department. “To do that effectively, the more specific company knowledge [an assistant] has, the better. Everything is about the bottom line.”

Cindy Jenner Cowan, vice-president of training and development for Worldsource Financial Management, says while previous training and experience is useful, talent is more important than industry experience and personality considerations should be paramount.

That said, some additional expertise can certainly pay off. The report says individuals with Microsoft Office Specialist Certification can earn 10% more, while bilingual employees might command an additional 13%.

While some companies might be wondering if increasing salaries is really that important, both Dodo and Cowan say improved compensation is crucial. If salaries aren’t enhanced going forward, organizations won’t be able to attract suitable employees.

“You’re hiring a partner, in essence,” says Cowan. “Somebody is helping to build that company and their salary needs to reflect that. If the salary is too low you may have someone accepting the offer who’s not committed to the organization.”

Dodo says the “war on talent” contributing to higher salaries is very real and companies need to be prepared for a battle. “The discussion of counter offers is very much out there. The risk is that you’ll lose top players if you don’t have a fair and competitive structure. If you have an employee who’s not 100% satisfied, you leave yourself open to the risk that the employee will move on.”

Fair and competitive According to the latest research, a senior executive assistant in Toronto should receive between $45,804 and $59,077 — a 7.2% increase from 2006. Receptionists meanwhile should get between $26,546 and $34,092 — up 3.6% from last year. In Calgary’s booming business climate, these positions command even more dollars, with receptionists earning between $27,361 and $35,140.

Office assistant salaries, up 8.8%, showed the biggest year-over-year increase.

Besides OfficeTeam’s prediction that the financial industry will do well in 2007, Dodo says natural resources and engineering should have banner years as well. Increased demand for talent is showing up in the insurance, healthcare and construction industries in Ontario; British Columbia labour demand seems focused in the property management and construction sectors, while Quebec is faced with demand for executive and administrative assistants and receptionists, particularly in the real estate, pharmaceutical and biotechnology sectors.

Furthermore, Dodo says there is no reason to think the upswing in salaries won’t continue into 2008. “There’s no indication of the hiring pace slowing down.”

Just because companies are actively looking for new recruits, however, it doesn’t mean they’ll take anyone, even if they can be trained. Dodo says as salaries and benefits improve, organizations will be more cautious about hiring additional employees.

“Companies are increasingly focused on retention, and they’re selective about who joins their team,” she says. “They make a fairly large investment in each additional administrative hire, so companies are being very careful about finding the right person for their team.”

Once the search is over and the right administrative assistant is in place, though, the employer will be able to work more efficiently. Cowan says finding the right assistant can make a world of difference for an advisor. “Typically, advisors are not managers of people or staffing. They’re very good at dealing with clients, but that doesn’t mean they’re good at running an office.”

Fortunately though, she says, advisors realize the importance of having a good administrative assistant. “Advisors are starting to realize the importance of having support behind them. The industry is becoming more competitive, so they’re looking at it as more of an investment as opposed to a cost.”

Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@rci.rogers.com

(01/29/07)

Bryan Borzykowski