Amplified salary pressures and climbing attrition rates as employees lured by better remuneration packages.

Despite Q3 reporting cautious approaches to remuneration, Ambition‘s recent survey indicates that salary increments and bonuses are now firmly back on the corporate agenda.

Q4 poised to bring bonuses that could exceed 30% in Singapore

In Ambition’s quarterly client survey of more than 450 respondents from across Asia, it was encouraging to see that market confidence is returning, particularly so in Singapore. In Singapore, only 2% of respondents indicated that there would be no salary increment, whilst a very positive 86% of respondents in Singapore indicated that salary increments would be 2% to 6%.  

Continuing with the positive news, it is also likely that the market will see an increased number of employees receiving a bonus this year. In fact, 69% of respondents in Singapore stated that the average employee can look forward to a bonus of up to 20%, encouragingly higher than the market has seen for some time. And at Director level the good news continues with 39% of respondents indicating that bonuses would be up to 20%, 51% of respondents indicating above 20% and 24% even indicated that bonus payouts could exceed 30%.

Attrition threat continues to climb for nearly 50% of Singapore-based businesses

On the downside, H2 2010 has seen a considerable shift in candidate’s confidence in the market as the number of candidates looking at opportunities outside of their current employment continues to increase. This has meant that the market is seeing a much higher level of attrition, reiterating the importance that employers need to ensure they are doing all they can to hold onto their best employees.

The survey results revealed that almost 50% of respondents in Singapore indicated that their attrition rates increased in 2010. 67% of which indicated that the main reason for this was due to employees being lured by better remuneration packages by competitors. This is a very real threat in what has quickly become a talent short market. However, the run up to Christmas offers some reprieve as employees wait for their bonus payout (normally in February/March time), but given growth is firmly on the agenda through 2011 for over 70% of respondents, the trend is set to continue.

Training, development and career progression key to employee retention

Paul Endacott, Managing Director, Singapore elaborates, “It is encouraging that the vast majority of employers are paying out salary increments and bonuses this year based on improved business performance. Nevertheless, given that the overwhelming reason employees have given for changing jobs is the lure of more attractive remuneration packages, employers need to focus on retaining their best people.

“As such, we expect most companies will offer a salary increment of between 2% and 6%, but based on our previous survey, candidate’s switching jobs will get an average increment of between 8% and 15%. It would be unrealistic and indeed unsustainable for companies to offer all employees salary increments of this size, so there needs to be a focus on retaining people through training, development and career progression. An increased attrition rate, coupled with the difficulties of attracting high caliber talent in a talent short and hugely competitive market like Singapore is possibly the greatest threat to business growth.”

A wealth of job opportunities isn’t far away when you’re in the Asia Pacific region. In Hong Kong, we’ve got more job offerings and requests for qualified applicants this week.  Here are some of our latest, most attractive positions for which our clients are recruiting in Hong Kong:

1. Business Analyst — European MNC

Our client is a leading and well-respected broadcaster of news and lifestyle consumer programmes. An exciting and newly created position now exists for a dynamic Business Analyst to join the accounting & finance team.

Reporting to the Senior Finance & Administration Manager, you will focus on financial analysis for the Asia Pacific Regions business. Working closely with the regional operation and sales teams, you will identify and implement improvements to better the quality and efficiency of the business.You will also be required to work with the general ledger team on the groups consolidation.

To qualify, individuals must possess:

• A university degree and an internationally recognised accounting qualification
• A minimum of 5 years of management accounting experience
• Exposure gained from the media or broadcasting industry
• Energy, initiative and a willingness to take on responsibility
• Excellent English and fluency in Cantonese and Mandarin advantageous

2. Product Manager — Travel Retail

Our client is a niche but widely recognized skincare company. Relatively new in the region the brand continues to capture a loyal and developing pool of consumers. A new and exciting role has been created for a sales or marketing professional to join the team as Product Manager.

Based in Hong Kong and reporting to the Head of Marketing you will be responsible for performing product management duties for the AP region with particular emphasis on the travel retail sector. Responsibilities include new product launch set ups, sales forecasting, inventory management, sales analysis and the development of product marketing collateral. Internally you will work with sales and merchandising on point of sales opportunity, visual set ups and counter design. This is a rare opportunity for a dynamic junior candidate to join a unique organization with regional exposure.

To qualify individuals must possess:

• 3+ year’s marketing/sales experience
• Skincare or travel retail experience preferred
• International mindset
• Excellent analytical and project management skills
• Native English
• University degree

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

The Hong Kong Institute of Certified Public Accountants recently graduated a class of 1,888, a new record.  The candidates for full certification will have to complete three years of work before becoming fully qualified.  The job pool just a lot fuller, but as we have pointed out, there are a lot of jobs out there for accounting professionals in Hong Kong.

From the HKICPA statement:

“We’ve come a long way in building our programme. Our qualification is recognized as equal to some of the best institutes in the world and once our graduates become our members, the mainland is more accessible to them under CEPA”, says Winnie C.W. Cheung, chief executive & registrar of the Hong Kong Institute of CPAs.

…

“Good accountants are a prerequisite for the mainland’s economic growth and Hong Kong’s role as a financial centre”, says Wilson Fung, president of the Institute.  “They are trained to a sophisticated standard as as progress towards joining the world’s most prestigious accounting professionals.”

You can watch the statement’s accompanying video HERE

And do visit us at Ambition Hong Kong to get a head start on your competition in the job hunt!

An excellent point/counterpoint over at Adage, which discusses the obviously huge potential that Asia has as a target for marketing professionals yet also makes no bones about some interesting challenges:

“How many campaigns can you think of which have the potential to reach 384 million consumers? Every digital campaign in China has that potential. A recent campaign that tapped effectively into this market was the Experience New Zealand Right Now campaign, which rolled out in April 2010. Tourism New Zealand teamed up with filmmaker Lu Chuan and celebrity blogger Hung Huang to promote New Zealand to Chinese travelers. Capitalizing on the star power of these big names, Tourism New Zealand rolled out mini video travelogues showing great experiences these stars had in New Zealand. The content was shared on a range of media platforms including social-media sites like Kaixin.com, video-sharing sites like Tudou.com, blogs, online communities, and Tourism New Zealand’s Chinese-language website.”

And now the bad news…sort of

“In these respects, Asia is significantly different from mature markets like Western Europe or North America. In these markets, digital technology is often ahead of other regions, and the consumer engages with the online medium at a deeper level. Ideas that “wow” you and break through the clutter in a big way are more successful here. This could explain why European agencies like AMV BBDO and Jung von Matt outscore Asian agencies in sheer number of creative awards. Even in the Asia-Pacific region, the markets that win a disproportionate number of awards are Australia and New Zealand, both mature markets not very different from Western Europe and North America.”

Totally true, although not too surprising, and relative market development does pose a big challenge.  However, it seems that that challenge may also be a great opportunity for truly creative and in-tune marketing pros to make their mark.  Especially in markets where their audience might be more receptive to ideas that might not work as well in Western markets where the audiences can be more difficult to impress, even with the most interesting campaigns.

You can read the full Adage article here…

To see some of the great jobs we have for sales and marketing execs in Asia, please visit us at Ambition Hong Kong.

The job market in the West may be lean, but we are still getting more requests to search for candidates in the APAC region.  Each week, we will continue to feature some of our latest, most attractive job opportunities.  Below are some of the newest positions for which our clients are recruiting in Hong Kong:

1. Finance Manager/Controller

Our client specialises in the provision of corporate advisory services and is one of the region’s largest client servicing organisations. As a result of significant growth in the region, the Hong Kong-based operation is now seeking a Financial Controller to lead their team. This role reports directly to the Managing Director.

A background in professional services is advantageous and you must possess exceptional client relationship management skills. Experience in the areas of strategic planning, hands-on financial accounting, budgets and forecasts, tax planning, would be highly desirable. For a driven self starter who can demonstrate a track record of analytical and leadership skills, this is an organisation which can offer exceptional long term career opportunities.

To qualify individuals must possess,

• An accounting qualification
• Strong business partnering skills
• A minimum of 10 years of experience in a professional services environment
• Superb people skills
• Commercially oriented with strong leadership abilities
• Excellent communication skills in English and Chinese
• Hyperion skills an advantage

2. Associate Product Controller / Global Investment Bank

Our client is a US-based Investment Bank with a strong global presence. As part of continued growth due to the groups success, a newly created opportunity has arisen for a Product Controller to join its Equity Derivatives team

Reporting to the Manager of the Product Control function, you will be responsible for a number of challenging tasks related to accuracy and integrity of the books and records, preparation of daily and monthly P&L reporting, ad hoc valuations, P&L reconciliation and provide support to Front Office for all trading accounting queries. You will also be responsible for making sure price testing and off market rate checking is done according to group standards. This is an excellent opportunity for a Product Controller to continue their career in a challenging and rewarding environment in one of the most prestigious investment banks in the world.

To qualify, individuals must possess:

• University degree, preferably in Accounting, Finance or Numerate Studies
• Knowledge in derivatives and structured products is a must.
• 3 to 5 years of Product Control experience, with Equity Derivatives exposure an advantage
• Investment banking experience a must
• Strong analytical, interpersonal and time management skills
• Excellent fluency in English

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

Two of the Big Four firms have recently announced some rather lofty recruitment and training goals for the coming years.  According to Accenture’s own website, the firm expects that “by 2015, Accenture it will equip 250,000 people around the world with the skills to get a job or build a business”.  And as to Deloitte, they have claimed that  they are going to hire an average of 50,000 people per year over the next five years.  Those are huge numbers, and a lot of that speculation is based on optimism about growth in emerging Asian markets.  However, there is plenty of skepticism over at the Big Four Blog:

“While we cannot really say whether Accenture will succeed in its goal of 250,000 jobs by 2015 (and how exactly this will be measured and tracked), the foundation of such an ambitious endeavor seems to be well thought out and in place. The three pillars outlined above should provide the impetus for Accenture, its people and its partners to realize their lofty vision – the commitment, progress and money certainly seem to be there.

Next, let’s analyze Deloitte. :Let’s start by saying that the details on the “50,000 by 2015” are quite sketchy. The Financial Times makes a brief mention about a statement that Deloitte made on Monday September 13, 2010 when it released its 2010 financial results that, “Deloitte… would hire an average of 50,000 workers a year during the next five years…”

There’s slightly more from the Guardian of the UK’s website, “The firm s existing workforce numbers 170,000, including 12,000 in Britain. Its planned hiring rate will raise this to 225,000 by 2015.”

There’s nothing we could find in the official Deloitte press release or from a special Deloitte statement or from the US papers or website on this. But be that as it may.

Doing the simple math leads to an incorrect conclusion in our opinion. If you simply multiply 50,000 by 5 to get 250,000 and then add that to Deloitte’s current employee level of 170,000, you end up with 420,000 employees in 2015. That’s an enormous number by any standards and even when you compare it to the almost 600,000 that work in all the Big Four accounting firms today.”

Probably an accurate assessment of the situation, but tone down the expectations by even a third and the outlook for new jobs with Accenture et. al.  look very good in the coming years.

To see some of the jobs we have for accounting professionals in emerging markets, please visit us at Ambition Hong Kong.

In a recent survey of nearly 1,900 finance professionals, Hong Kong placed third in ranking the world’s top finance hubs, finishing behind New York and London.

According to Channel News Asia:

“There remains no significant difference between London and New York (in the ratings). Respondents continue to believe that these centres work together for mutual benefit,” according to the twice-annual report produced by London-based think tank Z/Yen Group. “Hong Kong has joined London and New York as a genuinely global financial centre. Singapore may well join this trio soon.”

Singapore was placed fourth in the top 10 followed by Tokyo, Shanghai, Chicago, Zurich, Geneva and Sydney.

“The top four centres control a large proportion of financial transactions (over 70 percent of equity trading)…(and) are likely to remain powerful financial centres for the foreseeable future,” the report said.

Asia “continues to exhibit enhanced competitiveness” with Shanghai breaking into the top 10 and Seoul cracking the top 25, the report said.”

This bodes well for Hong Kong’s continued appeal as a location for foreign companies to not only do business, but to possibly relocate their full operation, as HSBC recently threatened to do.  However, a lot of companies are  keenly aware of the competition from Shanghai, which the Chinese Government surely would prefer as China’s dominant commerce center.

To view some of the latest jobs in the world’s number three finance center, please visit us at Ambition Hong Kong.

Recent news suggests that Hong Kong, Singapore and other Asian markets are still fairing better than their Western counterparts as jobs continue to move east.  We are still getting more and more requests to search for candidates in the APAC region and each week we will continue to feature some of our latest, most attractive job opportunities.   Below are some of the newest positions for which our clients are recruiting in Hong Kong:

1. Compliance Manager (Temp-to-Perm)

Our client is a leading European investment bank with a strong presence in Asia. As part of continued business growth, they are now looking for a Compliance Manager to join their team in Hong Kong with the opportunity to convert to permanent.

You will be responsible for performing trade surveillance and monitoring the banks trading activities. In addition, you will also be required to carry out other project work within the Compliance department whenever necessary. Our client is looking for an individual who will enhance compliance and regulations within the business.

To qualify, individuals must possess:

• A university degree
• 3 to 4 years of working experience in Compliance, preferably in an investment bank
• Strong knowledge of local regulatory requirements
• Ability to work efficiently independently and within a team
• Excellent communication skills in English and interpersonal skills
• Available to start immediately

2. Senior Finance Manager, Team Leader, Retail Banking & Wealth Management

Our client is a fast-expanding Retail and Wholesale Bank with a strong commitment to build out a world-class Retail Banking and Wealth Management businesses in Asia. As part of this strategic growth, an exciting opportunity has arisen for an experienced Senior Finance Manager to head up a Business Finance team, based in Hong Kong.

Reporting to the Head of Finance for Hong Kong, you will lead and manage a team of experienced Finance Managers to support the Retail and Wealth Management businesses on financial planning, financial reporting and management information. You will work closely with the business on budgeting, forecasting, financial analysis, strategic planning, cost management and product accounting. In addition, you will provide in-depth business performance analysis, advise the business on financial projections, revenue and cost initiatives and provide accurate and timely financial management information. You will also play an active role in management information system improvement works.

To qualify, individuals must possess:

• A university degree and a professional accounting qualification
• Minimum 10 years of relevant experience in Financial Control, Management Accounting and / or Business Finance
• Experience in Retail Banking, Wealth Management or Private Banking is a must
• Team leadership and management experience
• Excellent communication skills with fluency in English

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

After a rough week of 15 hour days no less than three people commented on the fact that I had bags under my eyes and I “look terrible”.  While I didn’t mind since it’s all due to some very good things happening professionally, the fact is that stress is stress and at some point you need to take some steps to reduce it and stave off some of the negative symptoms.  Hong Kongers are particularly susceptible not only to work stress, but also (in the case of expats) the stress of dealing with settling into life in a foreign country.  While I would not have singled out accountants as the most stressed out group of professionals, the Hong Kong Institute of Certified Public Accountants (HKICPA) holds regular seminars on how to manage stress:

“The Hong Kong Institute of CPAs and CABA (the benevolent association for members of the ICAEW) work together
to offer information seminars and interactive workshops for members.

Aims of the programme
• To understand what stress is, and the impact on business.
• To recognise the causes, signs and symptoms of stress.
• To consider ways in which we can minimise the effects of stress.
Interactive workshop
This in-depth interactive workshop serves as preventive training for members who wish to understand stress and
minimise the effects of stress in order to enhance their well-being and performance. The knowledge acquired
may also help participants to enhance the well-being and performance of their staff who experience stress.”

…

Venue: Hong Kong Institute of CPAs Training Centre, 27/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.

Date: Multiple, starting on 20 September, 2010

Enrolment fee: Free of charge for HKICPA member or student; and IA / HKIAAT’s member or student; and ICAEW member or student; with a deposit of HK$750# per participant, refundable on completion of the workshop.
Target audience: Members who wish to learn about the causes and effects of their stress and how it may be managed, in order to enhance their well-being and performance.
CPD: 3 hours of CPD credit

Yes, you get also get CPD credit in the bargain.  What have you got to lose besides stress?

For more career management tips, please visit us at Ambition Hong Kong and My Ambition.