March and April have always been the golden season for job-hoppers. This year seems especially rosy for bank employees because overseas banks are expected to recruit more talents for their local offices.

 

A PricewaterhouseCoopers report had earlier forecast that once China fully opened up its banking sector, more than 16,910 people would be working for overseas banks on the mainland by 2008, that is, 154 percent more than 6,654 employees in late 2006.

 

Among the 35 overseas banks surveyed, 13 said the number of their staff on the mainland would be more than doubled by 2008, with seven forecasting a growth of at least 50 percent.

 

Fluent in English, a good knowledge of international trade and commercial laws, professional certificates in banking fields and a three- to eight-year working experience are what the overseas banks look for in their recruits, says Hao Jian, a senior job consultant at zhaopin.com, a leading Chinese job recruitment website.

 

People familiar with the yuan retail business and strong in sales are the most sought after, he said.

 

There's no doubt that experienced staff of local banks will be the overseas banks' main target as they try to expand in the mainland market and attract the growing number of rich Chinese clients.

 

In fact, headhunters are already on the prowl. "Overseas banks have attracted a number of our staff," China Construction Bank Chairman Guo Shuqing says. Though the percentage of job-hoppers is not very high, most of them are skilled professionals, vital to the banking business.

 

For domestic banks, the competition to retain and get talented and experienced staff is more immediate and big than the race with overseas rivals to attract new and rich clients.

 

An obvious advantage that overseas banks enjoy is the ability to offer higher salary and bonus to their staff, said a foreign bank employee, who didn't want to be named. But even that is not the most important reason because "many of my colleagues believe overseas banks offer better career opportunity".

 

This view, to some extent, is reflected in an online survey conducted by zhaopin.com that covered about 4,000 people. It showed that only 19.5 percent of the banking professionals attach more importance to high salaries, whereas 53 percent believe better career prospect is most vital.

 

But that hasn't stopped the competition among banks to raise their employees' salaries, Fitch Ratings' Charlene Chu said. "It's good for individuals but not for banking companies," she said.

 

The demand for banking professionals, especially mid-level management experts, is high because there is general shortage of such talents in China.

 

The bankers know this problem well. "Luring staff away from other banks is not an effective and sustainable way to run operations," said Christine Ip, China head of Standard Chartered Bank's consumer banking business.

 

Domestic banks, however, are not sitting idle. They have begun recruiting more talented graduates from famous universities and are trying to retain their skilled staff.

 

The Bank of Communications has already implemented a share incentive program for its senior management staff and has started a pay revision for all its employees.

 

China Construction Bank, too, will launch a share and equity incentive scheme for all its staff.

 

(China Daily March 20, 2007)