Many financial firms treat the end of financial year as an accounting milestone. In reality, it is one of the most important periods for workplace planning. Budgets are reviewed, growth strategies are finalised, and leadership teams begin making decisions about resource allocation for the year ahead. It is also when many financial services firms pause hiring, just as candidates begin flooding the market.
A well-structured end of financial year hiring plan helps firms avoid talent shortages and ensure critical roles are filled in Q1, when they are needed most. If you are responsible for headcount planning, recruitment or business growth, EOFY is the ideal window for a proactive approach. Here is how to build a hiring plan that aligns with the realities of the financial services market mid-year.
Why EOFY Is a Critical Hiring Window
The lead-up to EOFY, and its immediate aftermath, creates a unique set of circumstances for financial year recruitment planning. While most businesses are scrambling to meet their EOFY obligations, a growing pool of candidates is actively looking for a career change. Firms that get their financial services recruitment strategy in order early can move before competitors even notice the opportunity. That requires being prepared. Fortunately, now is the right time to pause, reflect and plan.
Step 1: Review Your Current Team Structure Before EOFY
EOFY is not purely a financial exercise. It is also the right moment to assess how your teams performed and whether your structure is still fit for purpose. Financial results tell one side of the story. They do not tell you where the pressure points are, whether that is an overworked team, a capability gap, or a decision-making bottleneck. Strong numbers do not guarantee sustainability if the underlying team structure is strained.
Having just come out of performance reviews, you should have a clearer picture of how your team is tracking compared to the previous year. If that picture is still fuzzy, start asking the right questions: who drove your outcomes, how were they achieved, and what needs to change to improve efficiency going forward? A clear view of team performance makes the next step of securing the budget considerably easier.
Step 2: Plan Your Hiring Budget Around the New Financial Year
One of the most common reasons end of financial year hiring stalls is that recruitment requirements were not factored into the budgeting process early enough.
It is tempting to wait until budgets are locked before making hiring plans. The problem is that additional headcount often requires approval before the budget is finalised, not after. Once approved, defining the role, filtering candidates and negotiating notice periods can push a start date months past EOFY, particularly for senior leadership positions. Reactive hiring rarely produces the right outcome.
By identifying hiring gaps before budget decisions are made, your financial services recruitment strategy can have funding in place the moment recruitment activity begins. That means less scrambling, fewer compromises, and hires that are properly aligned from day one.
Step 3: Time Your Search to Candidate Movement Patterns
Understanding when to hire financial services staff in Australia is one of the most overlooked aspects of financial year recruitment planning.
Many financial services candidates hold off on resigning until their bonus or vesting date clears. The result is a wave of candidate activity in July and August, and a hiring market that becomes fiercely competitive almost overnight. By the time most firms are ready to move, the best candidates are already fielding multiple offers.
Starting your candidate search in May or June positions you to secure top talent as soon as it becomes available, rather than competing in the post-EOFY rush.
Step 4: Avoid the Q1 Hiring Scramble
Many businesses pause hiring and planning over EOFY. They enter Q1 with ambitious targets, only to find they do not have the people needed to deliver on them. Suddenly recruitment becomes urgent, but candidate quality has declined and critical roles sit vacant.
Going into EOFY with a clear hiring plan for financial services means you are already tapping into a high-potential candidate market before the competition catches up. It means entering Q1 with fewer workforce challenges and a stronger foundation to execute on growth.
Planning Ahead With Godfrey
Successful hiring in financial services is rarely just about finding candidates. It’s also about timing. EOFY provides the ideal opportunity to assess future workforce needs, secure budget approval and position your business ahead of the annual surge in recruitment activity.
At Godfrey Group, we specialise exclusively in financial services recruitment across wealth management, financial advice, funds management, accounting, superannuation and related sectors. Our team understands the nuances that influence hiring decisions in the industry, from candidate movement patterns to financial industry trends.
If you’re currently planning for the new financial year, now is the time to align your hiring strategy with the market. A conversation with us today can help ensure you’re ready to secure the talent you need before competition intensifies. Contact us today or let us know of any available vacancies, and we can get the ball rolling on your financial service hiring strategy.
