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Want a 30 per cent pay rise each time you change companies? China is the place
As we reported last week, pay increments for those switching jobs won’t be great in Hong Kong and Singapore this year, with 15 per cent considered near the top end. But if you’re moving in mainland China, expect to be a lot better off at your new employer. “I see only a handful of 20 [...]
Young bankers are bonkers about bonuses
Junior bankers in Singapore are living in a bubble when it comes to bonuses, according to the 20-strong panel of in-house HR professionals who attended the recent eFinancialCareers roundtable in the city state. Although most employees don’t expect a good 2010 bonus because of the global economic climate and internal cost cutting, many graduates [...]
A rather depressing summary of bad bonuses forecasts in Shanghai, Hong Kong and Singapore
Bank bonuses seem to be universally shrinking. Asia, often cited as the engine of growth for many firms, isn’t impervious to suddenly skinnier payouts either. Even front-office staff – the revenue-generators who are typically well compensated – will be hard hit by the bonus crackdown. Here’s a forecast of what the pool will be like [...]
Do returnee bankers need a reality check?
Returnee banking professionals sometimes have inflated salary expectations and their skills aren’t always in demand at domestic banks. “All too often people looking to return to China go about their market research in the wrong way – by talking to friends, or just assuming that China is booming and that they can expect full expatriate [...]
Compensation costs rise as SCB faces strong competition
If you want to expand your workforce in Asia, be prepared to pay for it. Just ask Standard Chartered. Its headcount rose 9 per cent last year compared with 2009, while staff expenses grew 17 per cent to US$5,765m, according to its annual report released this week. These statistics show the firm is starting to [...]
The Insider: Who needs an MBA anyway?
Don’t let education stand in the way of achieving your career goals – that’s my motto. About three months ago I attended my friend’s MBA commencement ceremony in Hong Kong at one of the world’s finest universities. I also met many return-to-school business professionals wearing caps and gowns, most of whom had attended the full-time [...]
Banks brace for recruitment backlash as EU bonus rules look likely to affect Asian employment
The ability of banks from European Union countries to recruit and retain key rainmakers in Asia will be affected by the introduction of harsh new EU bonus rules. But the full extent of the impact remains uncertain for now as candidates wait for banks to reveal their compensation strategies in 2011. The final interpretation of [...]
Transportation, housing, clothing, food, phones and books: why you might be better off at a Chinese bank
Do foreign banks always offer the best compensation packages in China? No is the short answer. In fact, when you add up all their bonuses and numerous non-taxable allowances, employees at Chinese banks often get paid more. Coupled with traditionally shorter working hours, this makes it increasingly hard for recruiters to lure local candidates into [...]
The dangers of wanting (and taking) high salary increases
If you want to move to another bank in the mainland, what sort of salary increment should you be satisfied with? A rise of between 10 and 20 per cent is reasonable in the current market, according to Rio Goh, manager, Michael Page Financial Services. “When candidates ask for 40 to 50 per cent increases, [...]
Dispatches: Asia key to HSBC profits
HSBC has reported interim net profit growth of 28.9 per cent to HK$28.7bn. The surge comes amid market diversification and substantial opportunities. “Asia remains the bedrock of our profitability,” group chief executive Michael Geoghegan said. HSBC’s Asia-Pacific arm accounted for 58 per cent of the lender’s underlying profit. (The Standard) Following its recent snaring of [...]
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