Recruiting in China

Graduates seek prospects at a job fair in Hangzhou, Zhejiang province. They face tougher challenges in a slower economy.

Recruitment agencies find it difficult to satisfy demand as need for specialized regulatory professionals grows in several sectors

The Chinese job market will see rising demand for compliance professionals in 2015, a report suggests. The United Kingdom-based recruitment specialist Hays Plc said in its forecast that the huge growth in demand for compliance experts will be the most important trend in the next 12 months.

The government's anti-graft campaign, as well as ongoing changes in the regulatory environment, will lead to the increased demand for compliance professionals, and the trend is expected to continue in the coming years.

According to Simon Lance, regional director of Hays in China, compliance staff usually see their salaries rise by 15 percent every year. But due to the huge shortage of candidates, experienced professionals are very likely to see their salaries increase by 30 percent or even 40 percent.

The closer cooperation between China and the United States after the 2014 APEC meeting, which was held in Beijing in November, will also result in higher demand for such talent, said Lance.

This is largely because the Chinese market will open further, and Chinese companies will need to learn more in terms of compliance.

Lance said that the demand for compliance talent will be even higher in the banking industry and elsewhere in the financial sector, including insurance, funds and securities firms, as well as in the pharmaceutical industry.

Global insurer Allianz SE got involved in compliance affairs in 2008 and set up its own compliance department one year later. The compliance staff increased from three to four people in 2014, of whom three have legal backgrounds.

Maria Zhang, head of the human resources department of Allianz China General Insurance Co Ltd, said: "Within Allianz, the compliance department is mainly responsible for working closely with the supervisory authorities and submitting reports or documents as required. It will also implement compliance projects within Allianz and manage contracts, internal controls and legal affairs.

"It is an independent department that also provides legal and compliance advice to other departments," Zhang said.

Pete Chia, managing director of recruitment service provider BRecruit China, also said that the healthcare, vehicle, finance and high-tech sectors have a higher demand for compliance talent.

"We foresee cooperation between China and the US will be booming in the above industries. During this process, mergers and acquisitions are definitely the favored strategy for companies on both sides.

"Compliance people play the important role of making sure the acquisition and operations after the acquisition in one country obey the laws and policies of another country," Chia said.

"Recently, we received many assignments from pharmaceutical clients, which urgently seek candidates who are well-versed in the laws of both China and the US."

"Healthcare, vehicle, finance and high-tech companies are keen to find compliance staff. Generally, they have very specific requirements, but language skills, law certifications in both the US and China, and deep project experience are preferred by MNCs.

"Salary is not the only key factor in retaining these people. Based on feedback from our candidates, they care more about the job scope, authority and career development," he said.

Zhou Tian, 30, received a law degree last summer and soon landed a compliance job in a local securities company in his hometown of Wuxi, in Jiangsu province.

To him, this is an ideal job, which is a little bit different from traditional legal work while also giving him a chance to enter an industry that provides opportunities to learn new things.

"The Chinese legal system is not yet mature. Neither is the Chinese finance industry," said Zhou.

"There are only a few people working as compliance professionals at present. Therefore, if I can really obtain more financial knowledge, I can do the job really well in the long run. And the salary is also quite good, this is already quite attractive to me."

Chia from BRecruit also added that the growing number of Chinese companies going public in overseas markets have helped boost the demand for compliance talent, with jobs in investor relations getting a lot of attention from Chinese companies.

"Many companies consider an IPO not as an end goal but as the starting point to enter the global market. This vision boosts the demand for compliance talent," he said.

However, it is quite difficult to find the right compliance talent in China. Lance from Hays said that the pool of candidates is quite small in the country, but that is also the case globally.

Chia said that the major way to find such people is still the internal referral, as many compliance openings are not publicized.