Microblogging has already become one of the major social networking platforms for China's urban white-collar workers. It is refined in content, easy to read, rich in information, concise and effective in interaction.
For recruitment, microblogging is also a breakthrough new channel. Through the simple ‘@’ function, it can make a job posting less than 140 words diffuse geometrically in a short period of time, and cause unexpected powerful influence. Moreover, due to the ‘Follow’ function in microblogging, the information forwarded by bloggers tends to spread among their blogging friends with same interests. This will undoubtedly make recruitment information circulate fast among the potential candidates with similar backgrounds or interests.
Not long ago, I had posted a piece of microblog-recruitment information about a tax-related position in Shanghai. It was forwarded more than 600 times overnight and as a result, nearly a hundred high quality resumes were received, some of which are self-introducing, some referring other friends. Meanwhile, I do ‘mutual follow’ on microblogs with lots of potential candidates who are seeking jobs, and discuss career development and employment market with them, to provide better career planning and job searching guidance services to each candidate of Morgan McKinley.
Of course, though it has many advantages as a channel for releasing recruitment information, microblogging only plays the role of transmitting the information. All my blogging friends, please try to look for the official microblogging certification when applying for jobs. Do not send your resume blindly, so as to avoid accidental disclosure of personal information.
As part of the growing trend to “look east” when it comes to opportunities for growth and personal enhancement I am often asked about what people need to do to secure the right role in China. I was recently a guest speaker at a networking seminar for Chinese finance professionals in London organized by SILU, a sister organization of E-financial careers. The event consisted of about 100 people giving up a Monday evening to listen to the views of senior Chinese bankers, journalists in the financial sector and my view as a recruiter on the topic of “Asia Calling: where is the future for financial services professionals?”
I presented points on how challenging it is for senior managers to lead Chinese employees who are “Generation-Y”. This translates as ‘Ba Ling Ho’ literally meaning “after 80” (as in: those born after 1980 – one of things I love about Mandarin is the simple logic of the language).
Culturally it can be difficult for any of us to fully understand the needs of our customers. When you introduce a generational difference as well as a broad ethnic difference these mis-understandings can lead to frustration and a break down in communication which might damage your interview prospects.
The advice offered on the night seemed to somewhat clash. One of the senior bankers informed the audience that to succeed it was necessary to over-come the naturally shy and reserved nature of many Asian cultures. Whereas my experience, and the evidence on the night from the job seekers in the room, seems to indicate this view was incorrect and that China’s generation Y is not reserved in nature.
I would certainly suggest that in a highly competitive market and in a country of over a billion people you will need ‘sharp elbows’ and a bold and confident attitude in order to get to the front of the queue. However we need to balance this desire to succeed with being seen as too pushy or aggressive, which are unattractive attributes. It is certainly something that job-seekers and employers in China need to consider in their recruitment process and one where there are no obvious quick answers to the problems this presents.
Despite the impact of the global economy on the financial services industry in 2012, the demand for exceptional talent in the financial market continues to increase. This trend is especially evident in critical areas such as risk management, investment research and related roles where the supply is unable to meet demand. Movement of personnel within the financial services industry is very different to that of other industries. Within the financial services sector, the willingness of employees in changing jobs is affected by factors such as regulatory changes, industry situation, sentiment and others. This highly complicates talent management and retention.
Research shows that the number one reason why candidates change jobs is due to remuneration. A department manager’s annual salary will easily cross one million. This is especially so for employees within the tier one cities.
Although commercial and investment banks are affected by the slowing down of the global economy, trust banks are doing comparatively much better. Their compensation schemes are also aligning closer to the banks. There have been many banking professionals who have been keen to cross over to the trust banks.
In recent years, many financial institutions have increased their focus in developing more innovative products as well as increasing their service levels. This has resulted in better compensation and benefits for employees in these related departments. Better compensation and benefits are no longer only confined to employees in the front office.
For more information related to compensation trends in the financial services industry, please refer to our 2013 Financial Services Salary Guide.
After less than 2 years of trading in China, it is a pleasant surprise for me to receive news that we have won the Best Headhunting Company for 2012. This is especially pleasing as we were not aware that we were being considered for this award. This is an annual award organized by TopHR and we are extremely honoured to win this award this year.
Everyone likes recognition for work well done. It is an even better feeling as all we have been doing is focusing on getting every aspect of our business right. Pioneering environments have never been the easiest environments. Our team of consultants and staff in China has worked very hard over the past 2 years to build the company up to who we are today.
I recently read about the departure of Michael Katz from Yahoo. In his exit memo to his staff, he mentioned this: "Sometimes winning looks like losing. If you don’t fail, you can’t progress and the stakes only get bigger as you go further down your path."
I cannot begin to describe the number of failures we faced along the way.As the Chinese saying goes, when you fall, pick yourself up and keep going.
This is not the end. This is the start to something greater.
Thank you to everyone who has been a part of our journey thus far.
2012 Christmas is coming！ Morgan McKinley would like to take this opportunity to wish you Merry Christmas and thank you for your continued trust and support in the last year.
We also created a Christmas e-video for you to enjoy!
The Insurance market in China has broad prospects and great potential. The internal motivation of China's economic growth is still strong and the main trend of economic and social development provides a rare opportunity for the development of the insurance industry. It also puts forward a new and higher requirement. As I mentioned in the interview in eFinancial Caeers, in future, the domestic insurance industry will be transformed from external to internal development to perfect the market system to enrich insurance product innovation and marketing channels, to expand service areas and to improve service levels, promoting the co-operative development of the eastern, central and western insurance markets. “The insurance market is buoyant with pay expected to rise by 20-40% Banks are offering contract” according to our “China Salary Guide 2013”.
In view of that, both domestic and foreign insurance companies still maintain a sustainable growth momentum in the demand for talent. As the automobile third - party liability insurance is gradually opening to the foreign insurers, the competition among the talent in relevant fields is also becoming fierce.
Actuary is also another hot area for recruitment and the salary for them can be from 100,000 (annual salary) for the entry level to 1,000,000+ (annual salary) for the chief actuary role. And due to a shortage of talent, the salary increase in mainland China is higher than that in Hong Kong and Singapore which are part of the Asia-Pacific region. Generally, it is maintained on the average ca. 15% to 40%. In addition, a large number of candidates who have studied abroad are going to return to the domestic market. As they are fluent in foreign languages, they are the preferred candidates for many foreign insurance companies. Whoever has both overseas and domestic market experience has more competitive value. Also those candidates with professional qualifications from countries such as North America or who possess the China Actuary Certificate will have higher positions and higher salaries.
In addition, the talent availability in the property insurance, sales & customer management and underwriting is also quite scarce. Compared to actuaries, such positions need more experienced practitioners of the domestic market.
On the whole, the domestic insurance market is far from being saturated so it will have a bright growth prospect, so will the ensuing demand for talent.
Morgan McKinley announced the launch of its "China Salary Guide 2013" at Shanghai Irish Center on December. 7th with insight and analysis of hiring trends and remuneration across mainland China.
Salary Guide Highlights:
- There is significant salary growth amongst internet and some pharmaceutical businesses
- Accounting & finance salaries will grow at the more senior end of the market
- IT developers are still in demand for infrastructure and applications roles, and salaries are likely to increase around 10-15%
- Pharmaceutical & healthcare companies are hiring rapidly with pay expected to rise by 8-12%
- There is high staff turnover at junior-mid level as professionals move jobs for higher salaries
- Financial services, auditing & consulting businesses are seeing small salary rises
- The insurance market is buoyant with pay expected to rise by 20-40% Banks are offering contract
- Banks are offering contract roles to operations specialists to cut costs
- Professionals in product finance can expect salary hikes of up to 30%
- International investment banking salaries are likely to rise by 20-30% in 2013
The Salary Guides highlight the changing employment trends within these industry sectors and the different roles and functions illustrated by varying pay levels and structures. Each area of the market in the report provides analysis of hiring trends and average salary expectations for 2013 along with detailed information on salaries for job roles at different levels.
As the saying goes, “when the going gets tough, the tough gets going”.
As the economy slows down, it provides an opportune time for us to evaluate all aspects of our lives. Regardless of whether we are successful today, self confidence is a critical ingredient for success. In today’s globalizing economy, the minute we slow down, the world may pass us by. When we are feeling tired and despondent, a few words of encouragement to ourselves, early in the morning, will help to carry us that extra mile.
Here are some of my tips:
- Get up 10 minutes earlier and be more organized
By getting up 10 minutes earlier, it will help so we are not rushing into the office right on time or fighting traffic during peak hours. Arriving that 10 minutes before schedule will enable us to plan our day and be in more control.
- Make a daily plan and stick to it
We can either do our plan at the close of the day for the next day or first thing in the morning. A daily plan can prevent us from going off- track. A good plan should be SMART, specific, measurable, achievable, relevant and time-bound.
- Exercise and live life to the fullest
Regular exercise will result in a healthier and happier individual. Exercise also makes us smarter. It does a lot more than get the blood pumping: in about 60 percent of the population, it may be responsible for the expression of a gene that floods your cells with “brain derived neurotrophic factor” – or BDNF – a protein that is thought to help with mental acuity, learning and memory, according to Huffpost Healthy Living.
- Be flexible and stay positive
We can’t progress unless we make mistakes, learn from them and make changes accordingly.
Remember, 2012 is fast becoming a passing phase; we have 2013 to look forward to!
Morgan McKinley’s China 2013 Hiring Market Report is now available. It provides analysis of trends and forecasts based on our survey of employers. We surveyed over 700 hiring and operational managers across financial services, as well as commercial organisations in China and the Asia-Pacific region to give you a valuable insight into hiring trends for 2013.
We have also carried out similar research across Hong Kong and Singapore and have included some of those findings in comparison to our findings across mainland China to highlight the similarities and differences in perspective across these three markets.
Download a copy of the latest 2013 China Hiring Market Report here.