Guest Comment: the state of recruitment in Hong Kong
During the first six months of 2009, Hong Kong was inundated with retrenchments, salary cuts and hiring freezes, but the third quarter saw optimistic signs of a recovering hiring market.
The number of bank positions available swelled by about 20 per cent in Q3, with most of these jobs in the front-office.
Mainland Chinese banks in Hong Kong, for example, are already aggressively seeking to increase headcount in their global markets divisions. They report a high demand for relationship managers, sales professionals and retail brand managers to meet their growing needs.
Such developments are largely due to China’s advocacy of a “two financial centres” model. Hong Kong’s free market economy, together with Shanghai’s broad integration of mainland business and legal traditions, create an environment which is both competitive and complementary and which will assist the future growth of a financial infrastructure in Greater China.
However, despite the general recruitment surge, many banks are only cautiously optimistic. Although the number of bank job opportunities has increased, employers have imposed stricter hiring requirements during the selection process. Most notably, the number of interview rounds each candidate now goes through has increased to at least four or five, up from two or three in 2008.
Meanwhile, candidates have more or less tempered their salary expectations. Many unemployed job seekers see the value in being more flexible in terms of their total compensation and benefits packages, and some are even willing to accept a lower salary than their previous position.
By contrast, those who are already employed still expect increments of 10 to 15 per cent before they will consider jumping ship. But the problem here is that employers – even those which have increased their hiring – may not necessarily be able to offer such salaries. And to make things even more difficult for hiring banks to woo exceptional professionals, many rival firms are equally determined to retain their talents.