International banks still have healthy hiring plans in Asia for the coming quarter, despite continued worries about the state of some Western economies.

A survey released yesterday by recruitment firm Hudson reports that 77 per cent of financial services institutions in Hong Kong forecast headcount growth over the next three months.
Just 1 per cent of firms expect a decrease and 22 say their numbers will stay steady. Other recruiters support Hudson’s optimistic predictions.

However, a possible mid-quarter mini lull and the fact that much of this year’s rise in recruitment has already taken place mean that Q3 job volumes might not be much higher than in Q2. In other words, the good times will roll at roughly the same rate.

“All indications are that Asian recruitment will stay consistent with Q2, unless something happens overseas to change this. Banks have clear plans in Q3 for Asia – they want to rebuild and expand – and they have told us that these plans are unchanged,” says Mark Enticott, associate director, Michael Page financial services.

Jared Ng, consulting director, PeopleSearch, agrees: “We are expecting hiring volumes to continue to stay strong, even though we have some uncertainty in the West. Asia will be the growth region for all financial institutions.”

Alan Wong, general manager, Kelly Services Hong Kong, says economic problems in Europe have not yet affected banks’ expansion in Asia. He expects the overall job market to stay at similar levels to Q2.

“However, due to the summer break in July/August, things may go a little bit slower as typically hiring managers or candidates may be out town. For example, interview processes may take a bit longer,” says Wong.

Levina Poon, director of banking & financial services, Hudson, adds: “Q3 vacancy volumes will remain steady as a lot of companies have been pretty aggressive in hiring at the beginning of this year.”

And many Q3 vacancies will be generated by genuine growth. “It’s not just about the back-filling of jobs lost in 2008 and 2009, but also recruitment into new job functions that are opening up in financial services organisations,” comments Richie Holliday, managing director, Morgan McKinley Hong Kong.

Candidates more willing to move

Another reason behind the predicted steady stream of new vacancies is that banks are facing a higher attrition ratio than last year, says Ng. “People are feeling more comfortable to explore new opportunities given the optimism in the market, and also banks are now more generous with offers for the right people,” he adds.

Holliday says there are still a number of candidates who were too scared to change jobs during the GFC are now looking to make a move. “People are exploring their options in a more confident market and continue to look for opportunities as we move into Q3.”

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