Morgan McKinley Global Trend Report Compliance 2015
In line with our commitment to keep professionals working in the compliance discipline up to date with employment and recruitment trends, in the second half of 2014 Morgan McKinley conducted an international survey of its consultants in eight markets.
Generally speaking the mood is optimistic. There is a huge demand for compliance professionals that cannot be easily satisfied, and at junior level, many companies are moving people across from other functions. Salaries are rising fast. That said, with the ever-changing regulations it can be a high-pressure environment, so there is often reluctance on the part of compliance professionals to move.
Salaries continue to rise but few new quality roles
Financial crime and the associated compliance risks, together with regulatory compliance, have sustained fairly constant levels of demand for professionals in the compliance discipline through 2014. As well as all aspects of investment and commercial banking we have seen increased demand from the pharmaceutical, life sciences and medical devices sectors. There is inadequate supply of locally based talent to meet this demand and many Chinese companies are looking to source it from other APAC locations.
“It has been a relatively stable year and many compliance professionals are happy to stay put if they have job security and an interesting role,” says Rio Goh, Country Head, Morgan McKinley China. “The number of high quality positions is rather limited, so there is little incentive to move.The market may become a little more fluid if we see new regulations introduced in 2015 as this will create new opportunities.”
The market is currently stable but there are few new high quality roles on offer, so there is little incentive to move.
Moving ahead in China, as in other regions, will depend on a compliance professional’s ability to position himself/herself as a business partner. “You have to be proactive and go beyond a narrow view of your role in order to do this,” advises Goh.
Salaries & Benefits
Salaries are likely to increase at an average annual rate of 10 to 15%.