SALARY SURVEY 2013 - Robert Walters Singapore
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SALARY SURVEY 2013 - Robert Walters Singapore

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HONGKONGHONGKONGBANKING&FINANCIALSERVICESMIDDLE&BACKOFFICEHONGKONGBANKING&FINANCIALSERVICES-MIDDLE&BACKOFFICEBANKING&FINANCIALSERVICES-MIDDLE&BACKOFFICE<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong> 272Ourfinancialservicesdivisionrecruitsexperiencedprofessionalsformiddleandbackofficepositionsacrossinvestmentbanking,fundmanagementandinsurance.MarketOverviewFinanceDuetotheuncertainityandrisk-aversenessofthemarketof2012,corporategovernancewasakeyissueforfinancialinstitutions.Riskandinternalauditdivisionsincreasedheadcountandexpandedtheirremits.Companiessoughtprofessionalsintheseareaswhowerefamiliarwithregulatoryrequirementsandup-to-datewithanychanges.Theywererequiredtoensurethewholefront-to-backprocesswasruninacontrolledmanner.Mostofthehiringwasatmiddlemanagementtoseniorlevels.Apartfromtechnicalskills,candidatesneededtobeawareofthelatestmarkettrendsandregulatorychangesduetobeimplementedinthenextoneortwoyears.Thereweremoreopeningsinthesecondhalfoftheyear,whichwebelievewillcontinueinto<strong>2013</strong>andeven2014.Acrosstheboard,companiesofferedcandidatessalaryincrementsofapproximately10%toenticethemtomove.GovernanceEmployerslookedforcandidateswithregulatoryknowledgeandchangemanagementskills.Companieswerekeentohirepeoplewhocouldcommunicatewithandchallengeseniormanagementandfrontofficepersonnel.Thiswasprimarilybecausethecorporategovernancerolesthatwerebeingrecruitedforrequiredemployeestocontroltheregulatoryriskssurroundingtheexecutionofbusinessplansandstrategies.Onaverage,corporategovernancecandidatesreceiveda20%salaryincrementwhenmovingjobs.ContractMarketAschallengingeconomicconditionsledhiringmanagerstofindsecuringpermanentheadcountincreasinglydifficult,wesawanincreaseininterimandtemporaryhiringthroughout2012.TherewerealsoinitiativestomovebankingandfinanceoperationsfromHongKongtocost-savingoffshorelocations,whichfurtherreducedpermanentjoblevels.Ontheoperationsside,therewasacontinuingdemandforequityderivativesmiddleofficeprofessionals,whilstanti-moneylaunderingandknow-your-customerstandards(KYC)candidateswerebeingrecruitedinhighnumbers.Withnewbankingregulationsbeingimplemented,extragovernanceandcomplianceprofessionalswereneeded.However,themajorityofcandidateshadtolowertheirsalaryexpectationsasfinancialservicesfirmssoughttomaintainorlowertheirlabourcosts.Inspiteofthis,top-tiercontractcandidateswithareputationforhighperformancewereabletogainsalaryincreasesof30%whenmoving,insomecases.Outlookfor<strong>2013</strong>In<strong>2013</strong>,wepredicttherewillbeasteadydemandforcorporategovernanceprofessionals,aswellaschangemanagementandregulatorypositions.Withnewbankingregulationsinthepipelineandsystemsandtechnologyprojectstobeimplementedtosupportthesechanges,changemanagersorbusinessanalystswillbeneededtoensureallgoessmoothly.ManyofthesecandidateswillbehighlyqualifiedSixSigmaprofessionalswithathoroughunderstandingofthefront-to-backofficebankingbusinessflowandprocesses.Weexpectthatemployerswhoseektoattractthetoptalentwilloffersalaryincreasesofaround10%in<strong>2013</strong>.

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