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HAYS ASIA SALARY SURVEY RELEASED – CHINA
Specialist recruiter Hays has released its second annual Hays Asia Salary Survey following an enthusiastic reception of the inaugural survey released in 2008. As a reflection of Hays’ recent expansion, this year’s survey now evaluates the salaries on offer within Accountancy & Finance, Banking, Finance Technology and Information Technology, Construction & Property, Oil & Gas and Legal, with the new additions of Human Resources, Sales & Marketing and Pharmaceutical.
This year reveals a powerful shift from the economic position a year ago and Emma Charnock, Regional Director of Hays explores a number of industry trends that have surfaced in response to economic pressures from around the world.
Employers and employees who had grown accustomed to the broader candidate short market have found they must now adjust to a patchy market in which some sectors are enjoying increased candidate availability, while other sectors are experiencing persistent shortages. While the true picture will not become clear until recruitment budgets are reviewed in the first quarter of 2009, the outlook is positive but subdued, with continued growth in a select number of sectors.
Salaries for accountancy and finance professionals have remained consistent at a rate of around 10 to 15 per cent. In the China market a there is a continuing shortage of specialized candidates, such as those with experience in PRC Tax, USGAAP, cost accounting and financial accounting.
The banking sector has undergone significant changes over the last 12 months as the effects of the US credit crunch have flowed onto the global market. Although many areas of banking have experienced a tightening in recruitment, wealth management has remained an area of some growth. In China, banks are focusing their efforts on refilling existing roles. Salaries are inconsistent, with extreme variations occurring as a result of candidate supply, vacancy activity, and a candidate’s previous salary.
The solid hiring in the information technology sector throughout 2008 is expected to continue into 2009. The China market is going through a period of change, which is seeing the industrial economy shift to greater focus on software development. Technical skills are in demand and salary levels are on the rise.
In the legal sector, China is enjoying an influx of international talent, and the redeployment and secondment of staff across international boundaries is on the rise. Salary increases have stabilized to levels of between 5 and 10 per cent.
The key to demand in the human resources sector is diversity, with employers preferring candidates experienced across a range of functions. In China, the introduction of the 2008 New Labour Law has created some uncertainty in the market as companies revaluate their HR processes. Meanwhile, the Hays Asia Salary Survey reveals that the highest salaries on offer will still be found in the multi national companies.
In China, large-scale developments are pushing up demand in the construction and property sector and international talent is being brought in to supplement domestic shortages. Despite continuing demand, candidates may need to revaluate their salary expectations, with 20 to 30 per cent salary increases no longer the market norm.
The Hays Asia Salary Survey also reveals some hints to candidates who are looking to secure work. Candidates need to be more flexible and prepare themselves for a competitive recruitment process as employers seek candidates with the best fit to their requirements. The candidates should also remain mindful of cultural and job fit before accepting a role.
Candidates should also look towards long-term objectives such as career progression, job security and learning and development opportunities in favor of short-term financial gain. Notably, bonuses are now more closely performance-based, and can no longer be seen as a guaranteed income supplement.
The opportunity is there for companies to reconsider contracting and temporary recruitment as an alternative to permanent recruitment where uncertainty exists. For candidates too this is a favorable option, as higher rates of pay are often available for this type of work.
Skills that will always be in demand, even in this current climate, are those of true specialists. Similarly bilingual and multilingual candidates will find that they are best placed to compete in the current market, with these skills in demand across the continent.
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