Job-hoppers can expect income increase of 15 to 20 per cent: Consultant
Salary levels in China are likely to increase in 2013 as the nation expects stable growth in gross domestic product, recruitment consultancy Robert Walters Plc said.
Generally speaking, candidates moving jobs usually will get a 15 to 25 per cent pay increase in the nation this year, said a survey released by the London-headquartered company.
Those who stay in their jobs are getting approximately 8 per cent salary increases, which corresponds with the forecast for GDP. The World Bank estimated in January China's 2013 GDP growth could hit 8.4 per cent.
With the economic environment challenging, salary increments for professionals who moved jobs were generally lower than previous years, said the survey.
Candidates typically received increases of 15 to 20 per cent when changing roles in 2012, while the amount was between 15 to 30 per cent in 2011. Strong performers could receive as much as a 40 per cent increase in some cases, it added.
The banking and financial services industry was the most affected by the global economic recession. As these employers were keen to increase profitability and hire sales professionals, they were also required to minimize costs and, in some cases, were subject to headcount freezes, according to the survey.
"In the second half of last year, international financial institutions bolstered their control functions in response to several overseas banking scandals. Senior professionals with risk, compliance, credit risk approval and anti-money laundering expertise were highly sought after," said Robert Walters.
A number of overseas financial firms delayed their expansion plans last year because of economic uncertainty. The demand for talent is set to bounce back this year as China's economy stabilizes, said Arthur Wang, managing director of Robert Walters China.
Multinational companies will be eager to recruit candidates with better knowledge of the Chinese market as banks start to explore markets beyond major financial centers such as Shanghai and Beijing.
"Candidates who could develop strong relationships with local clientele and possessed both overseas and local experience were particularly sought after and generally received average salary increases of 10 to 20 per cent when moving jobs," Wang said.
"Meanwhile, as Chinese financial institutions continue to increase their presence within the local market, we expect to see continued demand for local candidates with Mandarin skills."
Speaking fluent Chinese will also help the candidates to seek jobs in other industries such as information technology.
The survey found that candidates were not only required to master IT systems made by industry giants such as SAP or Oracle: Bilingual proficiency in English and Mandarin will also be expected.