Recruiting in China

By Zhang Fengming (Shanghai Daily)
Updated: 2007-02-05 14:27

With overseas lenders given a more level playing field to compete on the Chinese mainland, the competition has heated up to find experienced employees.
Star Ge, a headhunter for bankers, says the beginning of the year is the peak season for job seekers.

Big plans

Sales managers, public relations officers, translators and other positions are open for those interested in working for an overseas bank.

HSBC will add 1,000 employees this year after hiring the same number in 2006 as the bank expands investment in networks and personnel on the mainland, said Richard Yorke, chief executive officer of HSBC in China.

Hang Seng Bank also said it will hire about 2,000 people by 2010.

Some of the new employees are from domestic lenders.

"The competition among overseas and domestic lenders is not only about the fight for high-end clients but for talented staff as well," said Shiu Kai-Wing at Capgemini, a consultancy firm.

The expansion ambition of overseas banks is easy to see in Shanghai.

Places like Xujiahui and the Jing'an Temple area stand out as key locations for overseas banks.

On the crossroad of Caoxi Road N. and Nandan Road, a batch of overseas banks including Standard Chartered, Hang Seng Bank, First Sino Bank and Bank of East Asia, fight for attention.

In January, Standard Chartered opened its biggest outlet in eastern China for priority banking, or high-end client investment services, near Xujiahui.

High on the list of skills required to work at an overseas bank is foreign languages, Ge said.

English helps

Chinese in their early 30s happily greeted Katherine Tsang, chief executive officer of Standard Chartered Bank China, and introduced themselves with their English names at the opening of the Xujiahui branch.

"People from domestic banks who have ample branch expansion experience are also highly desired by overseas lenders," said Ge.

The demand for people with small- and medium-sized business experience also looks good on resumes.

"Most candidates see an opportunity to develop their careers as the main attraction of working at overseas banks," said Ge.

It is expected that employees working for overseas banks will top 16,910 by 2008, according to PricewaterhouseCoopers.

Nonetheless, there are also some unwritten rules in the industry. Overseas banks are reluctant to grab too much talent from domestic partners to avoid potential conflicts.

HSBC, Citigroup and Standard Chartered have purchased strategic stakes in domestic lenders as part of a two-pronged approach to expansion on the Chinese mainland that complements organic growth plans. The last thing they want to do is cause problems with a domestic partner.

However, domestic banks are not defenseless in the battle to hire talented people. Some offer an allowance to purchase real estate. The amount varies on length of service and position, but it can be worth tens of thousands of yuan.

All about timing

Xiao Yang, a Bank of China employee in Shanghai, declined the chance to work at an overseas bank.

As a graduate from Shanghai International Studies University renowned for its foreign language education, he said the chance to speak English is rare in his current position.

"I want to gain more experience before making a wise move," he said. "If the right timing comes, I will move."