ASIA DESTINATION FOR TALENT LEADING FROM THE FRONT
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1 ASIA DESTINATION FOR TALENT LEADING FROM THE FRONT The 2014 Hays Asia Salary Guide
2 CONTENTS 4 Market Overview & Trends 5 Introduction 6 Salary policy 12 Recruitment trends 18 Business/economic outlook 21 Salary Information 22 Accountancy & Finance 32 Banking 41 Insurance 45 Finance Technology 54 Information Technology 62 Life Sciences 65 Human Resources 69 Office Professionals 71 Contact Centres 72 Legal 74 Sales & Marketing 78 Supply Chain 80 Procurement 81 Education 82 Construction & Engineering 86 Architecture 88 Property 91 Manufacturing & Operations 98 Oil & Gas
3 SKILLS KEY TO MAINTAINING GROWTH According to our survey of over 2600 employers across Asia, 63 per cent said business activity had increased over the past 12 months and 71 per cent expect it to increase this year. That s strong evidence in support of a local economy that is both confident and providing jobs. But Asia s continual demand for high-level skills remains a challenge. Having placed thousands of people across Singapore, Malaysia, Hong Kong, China and Japan over the past 12 months, we know it is the ability to make the right connections that delivers the required talent for businesses to thrive. We hope you enjoy our following salary and market insights, and we look forward to working with you in future. Christine Wright - Operations Director, Asia Thank you We would like to express our gratitude to all those organisations who participated in the collection of data for this year s guide. Your contribution has ensured that we can produce an informative document to help support your business decisions. Disclaimer The Hays Salary Guide is representative of a value added service to our clients and candidates. Whilst every care is taken in the collection and compilation of data, the guide is interpretive and indicative, not conclusive. Therefore information should be used as a guideline only and should not be reproduced in total or by section without written permission from Hays.
4 MARKET OVERVIEW & TRENDS
5 Across Asia the demand and supply ratio remains firmly in favour of candidates. While the region has not been immune from economic challenges, in a global context Asia remains a hotbed of recruitment activity and omnipresent high-level skills shortages are the continuous bane of hiring managers. According to our survey of employers across Asia, almost all (95 per cent) said the skills shortage has the potential to hamper the effective operation of their business. 68 per cent are willing to employ or sponsor a qualified overseas candidate in skill-short areas. Given that 43 per cent of employers expect their permanent staff levels to increase in the year ahead, demand for high-level skills will remain. But cost control has lowered the ceiling for salary increases in many organisations. Certainly salaries remain competitive, and for the top talent many offer higher packages to entice candidates, but in general they are more moderate than they once were. According to our results seven per cent of Asian employers increased salaries above 10 per cent last year, and 22 per cent offered increases between six and ten per cent. 38 per cent increased salaries between three and six per cent. But 25 per cent increased salaries by less than three per cent, and the final 8 per cent did not give any increases. Country-by-country China remains the standout, where 54 per cent of employers increased salaries by six to 10 per cent, and a further 12 per cent increased above that level. Malaysia also saw some impressive increases, where 10 per cent of employers increased above 10 per cent, and 25 per cent offered increases of between six and 10 per cent. In Hong Kong the majority of employers (54 per cent) instead increased salaries between three and six per cent. The situation was similar in Singapore, where 53 per cent increased by the same amount. But in Japan 64 per cent of employers increased salaries by less than three per cent and a further 16 per cent did not give their staff a pay rise. Looking ahead, 40 per cent of employers across Asia intend to increase salaries between three and six per cent this year. 23 per cent will increase between six and 10 per cent and another six per cent will increase above that amount. But 25 per cent of employers will increase by less than three per cent, and six per cent of employers intend to give no increases this year. The contingent workforce continues to grow across Asia. Candidates are gaining more confidence and acceptance of temporary roles, aided no doubt by the higher compensation packages they offer. This is a fortunate trend, since 49 per cent of employers used a flexible staffing approach last year. Of these, almost half (49 per cent) used temporary/contract staff. In addition, almost one quarter (24 per cent) of employers across Asia now use temporary/contract staff on a regular ongoing basis. Employers report difficulty recruiting senior management candidates in sales, marketing, engineering, human resources and accountancy & finance. Finding junior to mid management candidates in sales, engineering, accountancy & finance, technical, IT, marketing and operations is also challenging. Perhaps this is why overtime and extra hours worked have increased in 31 per cent of organisations. Looking ahead, the main challenge will remain candidate supply in a job rich market, which will put pressure on wages. But many industries remain highly active and offer a large number of exciting projects to work on. This will continue to tempt candidates, if they are approached in the right way.
6 SALARY INCREASES 1. Average % increases from last reviews across all countries: 8% 25% 38% 22% 7% Nil Less than 3% From 3% to 6% From 6% to 10% More than 10% MARKET OVERVIEW & TRENDS: SALARY POLICY By country: China 7 22 Hong Kong Japan 7 21 Singapore Malaysia Hays Salary Guide - Asia
7 SALARY INCREASES 2. Intended average % increases for next reviews across all countries: 6% 25% 40% 23% 6% Nil Less than 3% From 3% to 6% From 6% to 10% More than 10% By country: China Hong Kong Japan Singapore Malaysia 2014 Hays Salary Guide - Asia 7
8 CANDIDATE SALARY EXPECTATIONS: In a separate survey we also asked our candidates what their expected salary increases were: In your next review, what percentage increase do you expect to receive? 11% 22% 26% 19% 22% Nil Less than 3% From 3% to 6% From 6% to 10% More than 10% China Hong Kong Japan Singapore Malaysia Hays Salary Guide - Asia
9 BENEFITS 3. Do you give benefits in addition to salary and bonus? 85% 15% YES NO If yes, which of the following are provided?* Across all countries: 22% 27% 49% 46% 11% Housing allowance Pension Health Life assurance Hardship allowance 11% 20% 30% 8% 19% Tax equalisation Club/gym membership Car/car allowance Private expenses Other *More than one may be applicable Hays Salary Guide - Asia 9
10 BENEFITS Benefits provided by country: China Hong Kong Japan MARKET OVERVIEW & TRENDS: SALARY POLICY 52% Health 43% Life assurance 34% Housing allowance 30% Car/car allowance 23% Pension 17% Other 11% Club/gym membership 9% Tax equalisation 7% Private expenses 6% Hardship allowance Singapore 54% Health 40% Car/car allowance 33% Life assurance 17% Other 16% Housing allowance 15% Pension 14% Club/gym membership 7% Hardship allowance 5% Private expenses 5% Tax equalisation Hays Salary Guide - Asia 50% Health 57% Life assurance 47% Life assurance 43% Club/gym membership 34% Pension 41% Pension 19% Housing allowance 29% Tax equalisation 15% Other 26% Hardship allowance 8% Club/gym membership 26% Health 7% Car/car allowance 25% Other 7% Hardship allowance 22% Housing allowance 6% Tax equalisation 17% Private expenses 3% Private expenses 16% Car/car allowance Malaysia 64% Health 60% Car/car allowance 51% Life assurance 23% Pension 22% Club/gym membership 22% Other 21% Housing allowance 11% Hardship allowance 6% Private expenses 6% Tax equalisation
11 BONUSES 4. What percentage of staff will be awarded bonuses this year? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 12% Nil 13% Less than 10% 13% From 10% to 20% 9% From 20% to 50% 53% More than 50% 5. Are bonuses related to*: 79% 87% 7% 14% 4% Hours billed Employer performance Employee performance Guaranteed Other *More than one may be applicable. 6. What percentage of staff salary do you intend to award as a bonus? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 34% Less than 10% 47% From 11% to 50% 11% From 51% to 99% 8% 100% 2014 Hays Salary Guide - Asia 11
12 STAFFING 7. Over the last 12 months, have permanent staff levels in your department... 15% Decreased 45% Remained the same 40% Increased 8. In the next 12 months, do you expect permanent staff levels in your department to... MARKET OVERVIEW & TRENDS: RECRUITMENT TRENDS 8% Decrease Hays Salary Guide - Asia 49% Remain the same 9. In the last 12 months, have you used a flexible staffing approach? 49% 51% YES NO If yes, please specify which one is most commonly used: 22% EMPLOYMENT OF PART TIME STAFF 49% TEMPORARY/ CONTRACTORS 43% Increase 14% 10% 5% CASUAL STAFF JOB SHARING OTHER
13 STAFFING 10. How often do you employ temporary/contract staff? 33% Exceptional circumstances/ never 43% Special projects/ workloads 24% Regular ongoing basis 11. In the next 12 months, do you expect your use of temporary/contact staff to... 17% Decrease 63% Remain the same 20% Increase 12. Do skills shortage have the potential to hamper the effective operation of your business? 47% Yes without a doubt 48% Yes there will be some impact 5% No 2014 Hays Salary Guide - Asia 13
14 STAFFING 13. In skill-short areas, would you consider employing or sponsoring a qualified overseas candidate? 68% YES 32% NO 14. Does your workplace allow for flexible work practices? MARKET OVERVIEW & TRENDS: RECRUITMENT TRENDS 59% YES If yes, which practices do you currently offer?* 41% Part time employment Job sharing Flexible working hours Flex-place 7% Flexible leave options Phased retirement Career breaks *More than one may be applicable Hays Salary Guide - Asia 41% NO 19% 4% 64% 12% 41%
15 STAFFING 15. For which areas have you recently found it difficult to recruit? Junior to mid management Senior management Junior to mid management Human Resources 8% 11% Operations 12% 10% Accountancy & Finance 16% 11% Distribution 3% 2% Banking 6% 5% Purchasing 4% 4% Sales 22% 16% IT 14% 8% Marketing 13% 14% Technical 16% 10% Engineering 18% 13% Healthcare 3% 3% Property/Facilities Management 3% 4% Research & Development 8% 10% Legal 6% 5% Other 4% 2% Senior management 16. Is it your policy to counter-offer staff when they resign? 7% 49% 44% YES SOMETIMES NO 17. Of those counter offered did they: 3% 17% 43% 37% Stay less than 3 months Stay 3 to 12 months Stay longer than 12 months Left anyway 2014 Hays Salary Guide - Asia 15
16 STAFFING 18. Over the last 12 months has overtime/extra hours in your organisation: MARKET OVERVIEW & TRENDS: RECRUITMENT TRENDS 15% DECREASED 40% UNPAID Hays Salary Guide - Asia 54% REMAINED THE SAME 19. If increased, by how much per week: 61% 5 hours or less 5 to 10 hours More than 10 hours 20. Are employees paid for these additional hours? *e.g. time in lieu 28% 42% PAID 11% 31% INCREASED 18% OTHER*
17 EMPLOYER BRANDING 21. Which factors do you think have the most impact on your employer brand? Level of importance No impact Minor impact Some impact Significant impact Major impact Career path/training & development The company s financial health and stability The company s products or services An individual s fit with the company s vision, culture and values Direct/indirect experience of the company Salary and benefits Work/life balance 2014 Hays Salary Guide - Asia 17
18 EMPLOYER BRANDING MARKET OVERVIEW & TRENDS: RECRUITMENT TRENDS & ECONOMIC OUTLOOK 22. How favourable do you think the market perception is of your organisation according to these factors? Organisational perception Poor Okay Good Very Good Excellent 5 Career path/training & development 4 The company s vision, culture and values 3 Direct/indirect experience of the company 3 Salary and benefits Work/life balance Hays Salary Guide - Asia
19 EMPLOYER BRANDING 23. What percentage of women do you have in management positions? 28% ACROSS ALL COUNTRIES By country: 36% 33% 15% 27% 29% China Hong Kong Japan Singapore Malaysia BUSINESS ACTIVITY 24. In the past 12 months has business activity... 13% DECREASED 24% REMAINED THE SAME 63% INCREASED 25. In the next 12 months, do you envisage business activity... 7% DECREASING 22% REMAINING THE SAME 71% INCREASING 2014 Hays Salary Guide - Asia 19
20 BUSINESS ACTIVITY 26. What level of impact do the following key factors have in driving your level of business? None Some Significant Consumer/business confidence MARKET OVERVIEW & TRENDS: ECONOMIC OUTLOOK Interest rates Currency/forex rates Capex investments Projects driven by government Current economic conditions Ability to raise financing Natural disaster restoration Hays Salary Guide - Asia What is your perception of the general outlook for the local economy in the next 6-12 months?* $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 15% Weakening *This data was collected during October % Static % Strengthening
21 MONEY TALKS HIGH-LEVEL SKILLS ATTRACT COMPETITIVE OFFERS SALARY INFORMATION: SALARIES & SECTOR OVERVIEWS
22 ACCOUNTANCY & FINANCE SALARY INFORMATION: ACCOUNTANCY & FINANCE CHINA China s job market is going through a readjustment. The economy is slowing, although it remains impressive by international standards, as it shifts from manufacturing to service orientated. Tier one cities such as Beijing and Shanghai are attracting more service companies, financial institutions and banks, which is creating demand for skilled candidates with solid experience in financial planning and analysis, commercial analysis, control, audit and compliance. As a result Financial Controllers, Business Controllers, FP&A s and Directors, and Strategic Planning s and Directors are all highly sought after. Meanwhile manufacturing companies are relocating to tier two and three cities in pursuit of lower running costs. This is creating demand for Plant Financial Controllers and Directors, Accounting s and Finance s. There are also strong hiring needs for general accounting skills such as Accounts Payable, Accounts Receivable and General Ledger for companies that are building financial shared service centres in these cities. To adapt to a changing economic and operational landscape, many companies are restructuring internally or pursuing external mergers and acquisitions. This activity is having an impact on the jobs market, with the majority of recruitment activity centred on replacing departing staff, rather than the creation of new positions. In such a market, it is perhaps unsurprising that salary increases have been moderate. Annual salary increases have averaged five to eight per cent, although this depends on the nature of the business and its level of profit, with some niche industries still able to offer salary increases above eight percent. Remuneration expectations of senior professionals have also moderated, with many executives placing greater importance on long-term stability and progression, rather than just short-term pay increases. Looking ahead, the job market looks positive and we expect hiring activity to increase Hays Salary Guide - Asia HONG KONG Cost cutting remains a focus for businesses in Hong Kong and recruiting budgets are heavily scrutinized. As a result, employers are less flexible in the candidates they will consider and unless a candidate matches all, or at least the majority, of the selection criteria they will not be considered. Despite this selectivity, the shortage of talent and Hong Kong s high cost of living have seen employers offer competitive wages to secure and retain talent. In most demand are middle management candidates who can bridge the gap between entry-level and senior management. Given the shortage at this level, employers often adapt their requirements and will either recruit at the lower level, and therefore lower the salary on offer, or recruit at a higher level and pay more for a more experienced professional. In the banking sector we have seen competition increase for experienced contractors. In response employers are making their salary and benefits packages more attractive to entice candidates. This includes longer annual leave, higher salaries and overtime allowances. Candidates in Hong Kong are slowly gaining more confidence and acceptance of temporary roles. A key part of this is the higher compensation package on offer since many contractors are working at a premium rate and many permanent employees are considering temporary roles to boost their potential earnings. Given that employers are expected to continue to focus on cost control, temporary recruiting will remain the focus. But despite budget constraints financial institutions will continue to offer higher salaries and benefits to entice candidates from existing temporary roles or to compete against potential permanent offers. This in turn will increase overall wage pressure in the industry. The retail and FMCG sectors are expected to remain buoyant this year as China s Purchasing Power Parity continues to grow. Most operational roles will continue to be either automated or outsourced, but technical and specialist skills will remain highly valued. JAPAN Japan s job market is very competitive. It is candidate short and many companies are competing for the same staff and managers. In most demand are financial planning and analysis professionals. Employers are not only replacing departing staff in this area, but they are also creating new roles. This is most obvious in retail and commercial businesses that are expanding across Japan. Qualified bilingual candidates are also in high demand and often receive multiple job offers. This increases the pressure and competition to secure the best talent. It has also seen salary ranges increase and companies will often renegotiate higher offers. But candidates too can find the jobs market competitive as employers have become very selective. A number of employers want to ensure their chosen candidate is the very best fit for their business. Therefore they spend a lot of time benchmarking and looking for a candidate who meets every criteria, including related industry experience. This means that vacancies can remain open for several months until this ideal candidate is identified and secured. We have also seen soft skills become more important as hiring and HR managers look for a well-rounded candidate rather than solely the best technical skills. To secure the best talent employers need to act quickly, run a professional yet flexible interview process and offer a good compensation package. In Japan, soft skills have become more important as hiring and HR managers look for a wellrounded candidate.
23 ACCOUNTANCY & FINANCE SINGAPORE The ongoing shortage of talent will remain a challenge for employers this year, just as it did in Last year the shortage of talent was augmented by two key factors. The first was tighter regulatory requirements for banks, which fuelled demand for internal audit, capital and regulatory reporting candidates. The second was the government s tightening of the eligibility and rising of qualifying salaries for work passes in certain categories, which in turn depleted the talent pool. Consequently the challenge for employers in commerce remains identifying and securing the right talent. This is most obvious for niche skills such as indirect tax, transfer pricing, costing and pricing as well as for regional roles. Competition to attract the top talent remains high with tax, compliance and management consulting candidates sought after. Firms are increasingly using less tangible benefits to attract candidates, such as long term career prospects, more varied client exposure or more rapid promotions. Salaries are likely to remain at a consistent level this year and significant increases to base remuneration are unlikely. Salaries in professional practice remained relatively static last year. Bonuses too remained fairly consistent. Salaries are closely aligned between firms and continued downward pressure on fees for services makes salary increments unlikely for the year ahead. Salaries within commerce have been stable with the usual year-on-year increase. However those candidates with a good career history and long tenure with their previous employers combined with solid experience in a similar industry did receive a premium salary offer. This year we expect salaries to continue to advance at a steady pace, taking into consideration inflation, market demand and the potential shortage of local talent. Most vacancy activity is at the junior to mid level as candidates change employers and businesses replace departing staff. The contingent workforce continues to grow in Singapore. More candidates are gaining exposure to contract opportunities and warming to the benefits of these roles, including the flexibility and shorter recruitment process. Employers meanwhile continue to offer contract roles in response to cost cutting pressure and permanent headcount freezes. Looking ahead, the main challenge will remain candidate supply. Demand still far outweighs the available talent supply and therefore employers need to ensure their remuneration and benefits packages are in line with market rates. If not, they will fail to attract the required candidates, particularly for contract roles. We expect to see salaries increase for contract and temporary positions this year as employers add more such roles to their department and compete for the top talent to fill them. MALAYSIA Malaysia s accountancy and finance jobs market is very buoyant and job rich. Much like Singapore, the country is experiencing high demand for quality finance professionals. This continued demand impacted salaries over the past year and saw individuals achieve high increases when moving jobs. Competition for the top talent and wage pressure will remain key features of the jobs market in the year ahead. When they recruit employers prefer candidates who can have a positive impact on the commercial objectives of their business. In particular demand are financial planning and analysis candidates as employers add commercial skills to their business, proving that commercial finance is a key element of increasing profits. Senior finance professionals, particularly Heads of Finance, Financial Controllers and Regional and Senior Finance s are in strong demand. It is at this level that salaries increased sharply. Although salaries for these professionals are still lower than other parts of Asia, such as Singapore and Hong Kong, they are starting to align. This is a key factor in securing returning Malaysians; those professionals who moved overseas to gain international exposure and higher financial rewards. Businesses are keen to attract these returning Malaysians as they recognise that candidates who have worked and studied abroad excel and go on to become high performers within the organisation. The contingent workforce continues to grow in Singapore. More candidates are warming to the benefits of these roles, including the flexibility and shorter recruitment process Hays Salary Guide - Asia 23 SALARY INFORMATION: ACCOUNTANCY & FINANCE
24 ACCOUNTANCY & FINANCE Commerce & Industry Financial Executives FINANCE DIRECTOR/CFO SME MID MNC China 700-1, ,200 1,000-2,500 Hong Kong 1,000-1,500 1,200-2,000 1,400-3,000 Japan Singapore Malaysia FINANCIAL CONTROLLER SME MID MNC China ,300 Hong Kong , Japan Singapore Malaysia SENIOR FINANCE MANAGER SME MID MNC China Japan Singapore Malaysia FINANCE MANAGER SME MID MNC China Hong Kong Japan Singapore Malaysia ASSISTANT FINANCE MANAGER SME MID MNC China Japan Singapore Malaysia SENIOR MANAGEMENT ACCOUNTANT SME MID MNC China Japan Singapore Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies Hays Salary Guide - Asia
25 ACCOUNTANCY & FINANCE Commerce & Industry Financial Executives MANAGEMENT ACCOUNTANT SME MID MNC China Hong Kong Japan Singapore Malaysia SENIOR FINANCIAL ACCOUNTANT SME MID MNC China Japan Singapore Malaysia N/A N/A N/A FINANCIAL ACCOUNTANT SME MID MNC China Hong Kong Japan Singapore Malaysia FP&A DIRECTOR SME MID MNC China N/A N/A 800-1,200 Hong Kong ,080-1,500 Japan Singapore Malaysia N/A N/A FP&A MANAGER SME MID MNC China N/A N/A Hong Kong Japan Singapore Malaysia N/A N/A FINANCIAL ANALYST SME MID MNC China Hong Kong Japan Singapore Malaysia Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies 2014 Hays Salary Guide - Asia 25
26 ACCOUNTANCY & FINANCE Commerce & Industry Financial Executives TAX DIRECTOR/HEAD SME MID MNC China ,500 Hong Kong ,000 1,080-1,600 Japan N/A Singapore Malaysia N/A TAX MANAGER SME MID MNC China Hong Kong ,080 Japan N/A Singapore Malaysia N/A TAX ACCOUNTANT SME MID MNC China Japan N/A Singapore Malaysia N/A HEAD OF INTERNAL AUDIT SME MID MNC China N/A ,500 Hong Kong ,200 1,200-1,600 Japan N/A Singapore Malaysia N/A INTERNAL AUDIT MANAGER SME MID MNC China N/A Hong Kong Japan N/A Singapore Malaysia INTERNAL AUDITOR SME MID MNC China N/A Hong Kong Japan N/A Singapore Malaysia Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies Hays Salary Guide - Asia
27 ACCOUNTANCY & FINANCE Commerce & Industry Financial Executives HEAD OF TREASURY/ CORPORATE TREASURER SME MID MNC China N/A N/A 600-1,300 Hong Kong 840-1, ,200 1,200-2,000 Japan N/A Singapore ASSISTANT AUDIT MANAGER SME MID MNC China N/A N/A Japan N/A Singapore Malaysia SENIOR TREASURY MANAGER SME MID MNC China N/A Japan N/A Singapore TREASURY MANAGER SME MID MNC China Hong Kong Japan N/A Singapore TREASURY SPECIALIST SME MID MNC China Hong Kong N/A N/A N/A Japan N/A Singapore TREASURY ACCOUNTANT SME MID MNC China Japan N/A Singapore HEAD OF COMPLIANCE SME MID MNC China N/A ,300 Hong Kong ,100-1,680 Japan N/A N/A N/A Singapore Malaysia N/A Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies 2014 Hays Salary Guide - Asia 27
28 ACCOUNTANCY & FINANCE Commerce & Industry Financial Executives SENIOR COMPLIANCE MANAGER SME MID MNC China N/A Japan N/A N/A N/A Singapore Malaysia N/A N/A COMPLIANCE MANAGER SME MID MNC China N/A Hong Kong Japan N/A N/A N/A Singapore Malaysia N/A COMPLIANCE SPECIALIST SME MID MNC Japan N/A N/A N/A Singapore PROJECT CONTROLLER SME MID MNC China ,300 Japan Singapore PROJECT FINANCE MANAGER SME MID MNC China N/A Japan Singapore SHARED SERVICE CENTRE Team Lead Assistant Head of Shared Service Centre China ,300 Hong Kong N/A N/A N/A N/A Japan N/A N/A N/A N/A Singapore Malaysia Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies Hays Salary Guide - Asia
29 ACCOUNTANCY & FINANCE Commerce & Industry Accounting Support GRADUATES Assistant Accountant Graduate Accountant China Japan Singapore Malaysia SUPPORT Accounts Receivable Accounts Payable Credit Control Bookkeepers China Hong Kong Japan Singapore Malaysia N/A : Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries do not include bonuses Top of range in MNCs implies regional role Job titles in global organisations vary greatly from European/American/North American companies SME - Small to medium enterprise MID - Medium to large MNC - Multinational companies Banking Industry Financial Executives FINANCIAL SERVICES Finance Director/CFO Financial Controller Senior Finance China 1,200-2, , ,000 Hong Kong 1,600-3,000 1,200-2, ,200 Japan Singapore Malaysia Finance Assistant Finance Tax Director/ Head of Tax China ,200-1,600 Hong Kong ,400-2,200 Japan Singapore Malaysia Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries are representative of the total package value Investment banking salaries are at the higher end of ranges stated; consumer banking at the lower 2014 Hays Salary Guide - Asia 29
30 ACCOUNTANCY & FINANCE Banking Industry Financial Executives FINANCIAL SERVICES Tax Tax Accountant Head Internal Audit Senior Audit China ,000-1, ,000 Hong Kong 650-1, ,700-2, ,200 Japan Singapore Malaysia Audit Assistant Audit Dept Head Product Control Senior Product Controller China ,200-1, ,200 Hong Kong ,500-2, ,500 Japan Singapore Malaysia N/A N/A Product Controller Senior Treasury Treasury Treasury Accountant China , Hong Kong ,100-1, , Japan Singapore Malaysia Head of Compliance/Risk Senior Compliance/ Risk Compliance/ Risk China 1,000-1, Hong Kong 1,200-2, , Japan Singapore Malaysia Compliance/ Risk Specialist Accounts Receivable Accounts Payable Credit Control China Hong Kong Japan Singapore Malaysia N/A Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries are representative of the total package value Investment banking salaries are at the higher end of ranges stated; consumer banking at the lower Hays Salary Guide - Asia
31 ACCOUNTANCY & FINANCE Professional Practice Financial Executives AUDIT Consultant Senior Associate/ Assistant Hong Kong Japan Singapore Malaysia Senior Director/Partner Hong Kong ,100 1,200 + Japan Singapore Malaysia ADVISORY PRACTICES Consultant Senior Associate/ Assistant Hong Kong Japan Singapore Malaysia Senior Director/Partner Hong Kong ,200 1,200 + Japan Singapore Malaysia TAX Tax Consultant Senior Tax Consultant Hong Kong Japan Singapore Malaysia Tax Senior Tax Tax Director Hong Kong ,200 1,200 + Japan Singapore Malaysia Salaries are represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Salaries are representative of the total package value 2014 Hays Salary Guide - Asia 31
32 BANKING CHINA The need to replace departing staff has been the dominant feature of China s banking market over the past year. That s not to say we haven t seen any new headcount, but rather the majority of vacancy activity has been driven by staff movement. Corporate banking is one key area where we have seen new jobs created for Senior Relationship s. Local corporate employers seek candidates with strong business development capabilities, specialised knowledge in syndication loans, and DCM and ECM products exposure. New vacancies are also being created in Asian, Australian and European banks that are establishing new branches in first and second tier cities. In the middle office, risk control has been a focus and we are seeing demand for credit risk, operational risk, market risk and compliance professionals. Turning to the back office, many international banks continue to migrate certain functions to operation centres in China. This is expected to remain the case and it will create demand for all operation professionals in trade, cash and treasury operations, client service and loan administration. It will also create vacancies for some supporting functions such as accountants and IT developers. In securities houses, equity capital markets have been frustrated as A share China stock markets are almost closed and many pre-ipo companies are shifting their attention to Hong Kong or overseas IPO markets, debt capital markets or even cross border M&A. As a result banks are competing with each other in terms of what they can offer, and more structured products are being introduced to cater for increased customer demand for more complex financial solutions. This is leading to demand for senior Coverage Bankers with previous exposure in DCM, cross border M&A, and overseas and HK IPO. Also sought are junior execution candidates with a strong finance background. Salaries in commercial banks are trending upwards, with candidates receiving increases between 10 and 15 per cent. However salaries in investment banks remain unchanged. HONG KONG Continuing the previous year s trend, commercial and corporate banking remained strong in Various international wholesale banks continue to hire actively, as do newly established foreign banks. This has created demand for candidates with trade finance and cash knowledge to perform both relationship management and transaction banking functions. Within private banking headcount is limited so employers can only selectively hire for business critical roles. In contrast the retail banking sector continues to hire aggressively. The demand for compliance, operational risk and regulatory talent is high as organisations steer through unprecedented regulatory shifts locally and globally. Yet while this field is recognised by all banking and financial services professionals as an exciting area to work in, skilled professionals are in short supply. Within investment banking, and contrary to international banks, Chinese banks continued to expand in the corporate finance and capital markets sectors within equity capital markets due to the added focus on the local IPO market. As a result, Chinese language skills and China market exposure have increasingly been required by employers in the region. In the coming year, employer expectations will vary by sector. With candidate shortages in corporate and commercial banking as well as in compliance, operational risk and regulatory reporting, employers will be more flexible regarding candidate experience and exposure. We also expect to see continued demand for candidates with solid fund management, business development and institutional sales experience in the investment management sector. However in investment banking and corporate finance employers will be more selective in their hires and will recruit local candidates with a proven record of success in the relevant area. Salary increases have been steady and will remain so, especially for junior to mid-level roles. More flexibility may be seen for salary increases at the senior level. Employers are also using innovative strategies to attract and retain top talent, such as competitive retention packages, promotion, internal mobility for career growth and opportunities to manage. SALARY INFORMATION: BANKING Hays Salary Guide - Asia In China salaries in commercial banks are trending upwards, with candidates receiving increases between 10 and 15 per cent.
33 BANKING JAPAN Strong candidates remain in high demand in Japan s banking market. Over the past year we have seen continued and constant demand for Associate to AVP level candidates, with most firms attempting to attract such candidates by offering a salary increase and additional responsibilities. In contrast at the senior level candidates prioritize stability or new challenges over a salary increase when looking for a new role. Consequently many more experienced candidates are comfortable in accepting a role that offers a similar or slightly lower salary provided it is in a stable environment. With more jobs to be filled, and given the shortage of skilled bilingual finance professionals, employers have started to look outside the local talent pool. This is a major shift as international sourcing has not been seen over the last few years. Today firms are open to relocating professionals from overseas markets, although relocation assistance is still limited. This trend will continue this year. In terms of salaries, in 2013 firms continued to offer an increase to attract the strongest candidates. With competition for experienced people increasing, it is not uncommon for professionals with skills in demand to receive multiple offers and achieve a 15 per cent or more increase in base salary. In 2013 we also saw more candidates receive a counter offer as firms attempted to retain key people. This was most obvious for next generation managers. Inevitably this had some upward impact on salaries. We also saw a large number of top performers receive a good bonus last year, although there were also a number of people who received relatively low bonuses. Looking ahead, most employees expect a similar or better compensation package than last year given the way the markets have performed, both within equities and fixed income and within both the buy and sell side. SINGAPORE Singapore s banking sector is fuelled by two major growth areas, which will remain drivers throughout The first is risk and compliance. This global trend is creating heavy demand for the right talent. Consequently, salaries for risk and compliance professionals are higher than for other job functions, and those changing jobs also receive the highest salary increments. Increases between 20 and 25 per cent are common. Those banks unable to offer such salary increases are instead offering good risk and compliance professional sizeable bonuses. The second is private banking, which is the biggest growth area in Singapore. All private banks are looking for experienced, well connected Relationship s. Total compensation for such professionals is difficult to quantify due to the nature of the packages, however those private banks that do offer the standard base plus bonus structure have awarded salary increases to Relationship s who generate solid revenue. Support functions such as banking operations and finance saw moderate salary increases in 2013 and this is expected to remain the case this year. Typical percentage uplifts for these professionals are in the single digits, topping out at around 15 per cent for candidates with rare skills. Bonuses in the middle office are lower than previous years, with the majority reporting a figure equal to between zero and three months of remuneration. Employers are also using innovative strategies to attract and retain top talent, such as competitive retention packages, promotion, internal mobility for career growth and opportunities to manage Hays Salary Guide - Asia 33 SALARY INFORMATION: BANKING
34 BANKING Front Office CORPORATE FINANCE, M&A, ECM/DCM Analyst Associate Vice President Director Managing Director China ,200 1,200-2,000 1,800 + Hong Kong ,600 1,600-2,000 2,000 + Japan Singapore ASSET MANAGEMENT Sales Senior Sales Head of Sales Junior Trader Trader China Hong Kong ,200 1,200-1, ,500 1,500 + Japan Singapore Research Analyst Snr Research Analyst Head of Research Assistant Fund Fund Chief Fund China ,000 1,000 + Hong Kong , ,020 1,020-1,400 1,400-2,100 Japan Singapore PRIVATE EQUITY Analyst Associate Vice President Director Managing Director China ,500 1,500-2,500 1,800 + Hong Kong 600-1, ,020-1,400 1,400-2,200 2,200+ Japan Singapore HEDGE FUND - INVESTMENT Analyst Associate VP Assistant Fund Fund China ,000 + Hong Kong 700-1, ,000-1,350 1,200-1,500 1,500-3,000 Japan Singapore HEDGE FUND - EXECUTION Risk Analyst Risk Quantitative Analyst Snr Quantitative Analyst Trader Senior Trader China ,200 1, , ,000 + Hong Kong , , , Japan Singapore Salaries are annual and represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Typical benefits include performance based bonuses Hays Salary Guide - Asia
35 BANKING Front Office GLOBAL MARKETS Junior Trader Trader Senior Trader Desk Head Quant Analyst China ,500 1, Hong Kong ,200 1,200-2,500 2,500 + N/A Japan Singapore Quant VP Quant Director Quant MD Associate Structuring VP Structuring China , Hong Kong N/A N/A N/A N/A N/A Japan Singapore Director Structuring MD Structuring China ,500 + Hong Kong N/A N/A Japan Singapore FINANCIAL MARKETS SALES INSTITUTIONAL, CORPORATE, RESEARCH, HEDGE FUNDS Associate Vice President Director Managing Director China ,200 1,200-2,000 2,000 + Hong Kong 660-1,000 1,000-1,600 1,600-2,000 2,000 + Japan Singapore RESEARCH/STRATEGY (FICC & EQUITY) Analyst Associate Vice President Director Managing Director China ,200 1,200 + Hong Kong ,500 1,500-2,100 2,100 + Japan Singapore CORPORATE BANKING Assistant Relationship Mgr Relationship Snr Relationship Team Head Department Head China ,500 Hong Kong ,300 1,300 + Japan Singapore Salaries are annual and represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Typical benefits include performance based bonuses 2014 Hays Salary Guide - Asia 35
36 BANKING Front Office COMMERCIAL BANKING Assistant Relationship Mgr Relationship Snr Relationship Team Head Department Head China ,000 Hong Kong ,000 1,000 + Japan Singapore SME BANKING Assistant Relationship Mgr Relationship Snr Relationship Team Head Department Head China Hong Kong Japan Singapore FINANCIAL INSTITUTIONS BANKING Assistant Relationship Mgr Relationship Snr Relationship Team Head Department Head China ,500 Hong Kong ,300 1,300 + Japan Singapore TRANSACTION BANKING (CASH MANAGEMENT, TRADE FINANCE, PROJECT & EXPORT FINANCE) Assistant Relationship Mgr Relationship Snr Relationship Team Head Department Head China ,200 Hong Kong ,300 1,300 + Japan Singapore FINANCIAL PLANNING & WEALTH MANAGEMENT Wealth Senior Wealth Premier Banking Relationship Private Banking Client Services Officer China Hong Kong Japan Singapore Private Banking Relationship Senior Private Banking Relationship Sales Sales Director China Hong Kong 500-1,000 1,200-3, ,200 1,200 + Japan Singapore Salaries are annual and represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Typical benefits include performance based bonuses Hays Salary Guide - Asia
37 BANKING Middle Office CREDIT RISK Analyst Associate AVP Vice President Director China ,080 1,080 + Hong Kong N/A ,200 1,200 + Japan Singapore MARKET RISK Analyst Associate AVP Vice President Director China Hong Kong ,100 1,100 + Japan Singapore OPERATIONAL RISK Analyst Associate AVP Vice President Director China ,080 1,080 + Hong Kong ,100 1,200 + Japan Singapore COMPLIANCE Analyst Associate AVP Vice President Director China ,080 1,080 + Hong Kong ,200 1,200 + Japan Singapore TRADE SUPPORT Analyst Associate AVP Vice President Director China Hong Kong N/A N/A N/A Japan Singapore COLLATERAL MANAGEMENT/ CLIENT VALUATIONS Analyst Associate Associate Vice President Vice President Director China Hong Kong N/A N/A N/A Japan Singapore CHANGE MANAGEMENT/ PROJECT MANAGEMENT Business Analyst Project China Hong Kong N/A N/A N/A Japan Singapore Head of Project Management Salaries are annual and represented in local currencies Typical salary range in 000, excluding Japan which is stated in millions. Typical benefits include performance based bonuses 2014 Hays Salary Guide - Asia 37
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