Recruiting in China

(Is it the word "Liar" or a man's face?)

Important interview scheduled? Usually, the recruiter is sitting across from the candidate trying to determine whether or not the truth is being told.

Turn the tables.

If a Recruiter is credible (and smart), then you'll hear nothing but the truth, the whole truth, so help me God.

But I would guess that there's a few folks out there who aren't convinced.

If that's the case, here's 10 ways to tell if someone is lying to you (courtesy of Elisabeth Eaves, Fortune.com):

Watch Body Language (sweating? fidgety?)

Seek Detail (liars' stories often lack detail)

Beware Unpleasantness (liars are less cooperative than truth-tellers)

Observe Eye Contact (failure to do so is often a sign of deceit)

Signs of Stress (Dilated pupils / rise in vocal pitch)

Listen for the Pause (most people will take a second or two to collect their thoughts)

Ask Again (Interrogators often ask suspects to repeat their stories)

Beware Those Who Protest Too Much ("....to be honest....")

Know Thyself (Liars succeed because listeners don't really want to know the truth)

Work on Your Intuition (Good human lie detectors are likely to be good intuitive psychologists)

China's announcement Thursday that foreign banks can soon deal in renminbi retail business has prompted a flurry of international lenders to announce their plans to incorporate in China. [Read full text of the regulation]

The rule, which marks the implementation of one of China's banking commitments to the World Trade Organization (WTO), allows foreign-funded banks to deal in the renminbi retail business across the country after December 11.

In order to better protect the interests of domestic depositors, the Chinese Government is encouraging foreign banks to incorporate locally when dealing in renminbi retail business.

The release of the rule yesterday was welcomed by foreign banks, with a few immediately announcing they are ready to become among the first to incorporate in China.

According to Xu Feng, the director in charge of overseeing foreign banks for the China Banking Regulatory Commission (CBRC), more than 10 foreign banks are ready to change their branches to local corporations following the issuance of the rules.

Foreign lenders including HSBC, Standard Chartered, Bank of East Asia, and Hang Seng Bank have all expressed their willingness to transfer operating branches into locally registered corporations.

"It is a historic milestone to mark the fifth anniversary of China's entry into the WTO and its commitment to fully open the financial market," said Richard Yorke, China CEO of HSBC.

"We believe that local incorporation will enable us to further expand our network and service range, in particular our renminbi financing ability for the benefit of our customers in the China market," he said.

HSBC, Europe's largest bank, is aimed to become one of the first to incorporate in China based on its experience in other countries.

Katherine Tsang, CEO of Standard Chartered Bank China also announced the bank had submitted its application to China's banking regulator for local incorporation yesterday.

Hang Seng Bank said it planned to invest more than HK$1 billion (US$128 million) to expand its mainland network and service capabilities, including increasing its number of outlets to 30 from 15 by the end of 2007.

"The total assets of those banks who are willing to transfer to local corporations are accounting for 60 per cent of the combined assets of foreign lenders in China," said CBRC's Xu.

According to Wang Zhaoxing, assistant chairman of the CBRC, in order to lower the time and cost of local incorporation, the government will try to guide foreign banks. The procedure will normally take one to three months, Wang said.

Not an immediate threat

Though foreign banks are likely to siphon off renminbi services from local banks, which have grown by an annual average of 2 trillion yuan (US$246 billion) in recent years, experts say they won't pose an immediate threat to domestic banks.

Wang Yu, a 40-year-old lawyer who has years of experience overseas, said he does not plan to deposit most of his earnings into foreign banks.

"Currently the service in domestic banks are almost at the same level with those of foreign banks, and I don't feel there is a need to change my bank," he said.

He did say he would consider buying a few wealth management products from foreign banks once they start dealing in renminbi.

"Foreign banks are more sophisticated in providing wealth management service," Wang said.

A recent AC Nielsen survey said Chinese customers are increasingly interested in foreign bank services, especially young people.

But Yi Xianrong, a researcher from the Chinese Academy of Social Sciences, says Chinese banks already have a strong hold on the market. "Local banks have already built a nationwide network across the country, making it hard for foreign banks to compete," Yi said.

Deng Chun, vice-president of Bank of Communications, said he expects "there will be more co-operation than competition" between foreign and domestic banks.

However, analysts pointed out that foreign banks might encounter conflicts in their business strategies. In recent years, international banks have become strategic investors in Chinese banks. Now, they will be in direct competition with those banks.

HSBC, which holds a 19.9 per cent stake in Bank of Communications (BoCom), helped the Chinese bank establish a credit card centre in October 2004.

Now, as the foreign bank expands its own network in the country, analysts worry HSBC will siphon clients away from the card centre.

"I'm afraid with HSBC's expanding of its own operating branches in China it is not likely to share its clients with BoCom, especially from the high-end clients," said She Minhua, a banking analyst at CITIC China Securities.

Shanghai is 'the first choice'

With yesterday's announcement, Shanghai is expected to get the largest benefit from foreign banks locally incorporating.

Foreign banks currently concentrate their business in the country's eastern areas such as Shanghai, Shenzhen, Beijing and Guangzhou.

Statistics from the CBRC shows the number of foreign bank branches and bank corporations in Shanghai totalled 60. The overall number of foreign banks and non-bank financial institutions have reached 103 in the city.

Shanghai has 30 per cent of all foreign banking institutions, which accounts for 55 per cent of its total business revenue.

Now, Citibank, HSBC, Standard Chartered Bank, Bank of East Asia, and Hang Seng Bank all said they were considering setting up headquarters in the country's largest city.

Some foreign firms have expressed concerns that incorporation in Shanghai may take a long time due to complex legal procedures.

In response, the local government established a special financial office to help foreign banks efficiently incorporate.

There are a few companies out there that draw the attention of both active and quiet candidates. Whether it¡¯s the success of these companies, the chance of success they offer to employees, or just the buzz they get, they attract top talent and newcomers alike.

It¡¯s no surprise that candidates seek out these companies, and many of the job boards seem to focus solely on these types of companies. However, we all know that candidates need an opportunity to look beyond the giants and the ¡°popular kids¡± in order to find the right match:

¡°Take this thought and apply it to your own job search. Are you truly passionate about the company you are applying to or are you using it as a ¡®resume booster¡¯? Are there other companies out there that would be a better match for your skills and interests even if they are smaller? Microsoft, Google, Yahoo! ¨C these may all be ¡®hot¡¯ commodities, but they may not necessarily be the right environment for you or provide you with the experience you need.¡± (Jobsyntax)

There was a hope that the niche boards would fill the void when it came to smaller companies and unique opportunities:

¡°Companies that post and hire through these job boards are typically small startups, however the booming nature of the boards has attracted large firms such as the New York Times and NBC Universal. They are generally looking for that awesome, super do-it-all person and are hoping to hire ASAP. It¡¯s not uncommon to see job listings entitled ¡®Superstar Sys Admin¡¯ or ¡®Ninja C/C++ Programmer¡¯ on these small, high-traffic job boards.¡± (From The Job Boards Boom)

Now, we¡¯ve discussed our issues with the niche boards before. While many are doing a fantastic job of bringing smaller companies to the table, most still lack the tools to help quiet candidates find their dream job at those smaller companies. While it¡¯s a step in the right direction to go beyond the Googles and Yahoos!, more steps have to be taken. It¡¯s not enough to post unique jobs, we have to effectively match candidates to companies.

It is estimated that 85 percent of all U.S. companies outsource some of their human resources functions, most notably those dealing with employee recruitment, called recruitment process outsourcing (RPO).

Can human resources outsourcing (HRO) and its more specialized technique of recruitment process outsourcing (RPO) be of use here in Gwinnett? Absolutely. Experts say it's the way of the future, and if you're not on board with it now, you should be.

HR outsourcing allows companies to focus on their particular areas of expertise and their bottom line while relying on HRO specialists to take care of some or all of the functions of the company's HR needs, without the necessity of having an on-site HR staff within the company.

Employee benefits, hiring, training, administration, payroll and even total on-boarding of new hires can be monitored by HROs. Business owners need no longer worry about open enrollment periods or benefits paperwork when they have off-site specialists to do this job for them. Employees need only call an 800 number or visit the appropriate HRO Web site to answer questions they may have. While this may be tough to get used to at first, most employees grow to love the service.

One of the fastest-growing sectors of HRO is recruitment process outsourcing (RPO), where specifically only the hiring and other recruitment processes for a company are outsourced to an RPO specialist. What makes RPO different from an executive recruitment firm? A few key functions:

First, typically (but not always) RPO recruiting is for a temporary (long or short-term) job situation. Basically, it's a "pay as you go" service, thereby allowing for cost benefits to the employer. In a seasonal business, for example, RPO can obtain the qualified talent you need for the time you need it.

Next, RPO is a measurable, or scalable, process. An updated version of employee leasing, an RPO specialist acts as a partner in the growth of a company's bottom line. All recruiting, training and paperwork for the company's RPO hires are handled off-site by the RPO provider. The RPO model is methodologically modeled to be scalable. In the event of a sudden need for talent, say a company is launching a new product, or a company is opening a new division, or the company performs seasonally, the formula for talent created by the RPO specialist is scalable to all potential hires of the client's company. Fifty qualified people can be hired as easily as five, all in a remarkably quick time table. RPO providers have talent from which they can draw in a short amount of time. Speed is of the essence.

Naturally, RPO rules out C-level or Board-level hires, and even most executive hires as well. Again, the HR function of recruiting, or an RPO solution, is an extension of the company for which it is being utilized, handling administrative tasks and on-boarding. As you can see, this is not the same as an executive recruitment agency, although some recruiters are currently implementing RPO models themselves.

Bear in mind, RPO is not for broken companies. It cannot act in the manner of glue or tape to mend a cracked system. Since the hires are technically under the employ of the HR outsourcer, their loyalty lies with the person who signs their paycheck and this is not you. Sometimes it may be best to call in a business consultant or even an executive recruiter and see whether a new permanent position needs to be created within your company. Generally, however, with the economy running hot, businesses are staffing up. RPO may be your answer if your employee needs are of an urgent, perhaps temporary or seasonal, mid-level nature.

The job market is improving. A recent study from the National Association of Colleges and Employers found that employers plan to hire 13% more new college grads this year than last year ¡ª with business, engineering and computer fields taking top priority.

That¡¯s good news if you or someone you know is preparing to make the move from library stacks to a corporate cubicle. But it doesn¡¯t mean the perfect job will just fall in your lap. And misconceptions about job hunting, the working world and the entry-level employee¡¯s role can easily bog down a young professional¡¯s progress.

Improve your chances of finding your dream job. Don¡¯t get sucked into these ten common job-hunting myths:

1 | Finding a job after college will be quick and easy

Although the job market for this year¡¯s college grads looks rosier than last year, don¡¯t expect the job offers to come rolling in. Finding work may be a cinch for a select few, but for the vast majority, it will still take serious effort.

The length of your hunt will depend on a variety of factors, including:

* The job market

* Your location

* Your qualifications

* The amount of time you dedicate to your search

* Your interviewing skills

* The types of resources you use to find job openings

If it takes a while, don¡¯t get discouraged. The average job search lasts four months, according to outplacement firm Challenger, Gray and Christmas. To make ends meet in the meantime, you may have to take a less glamorous (and lower-paying) gig. A few of my friends have worked in call centers, flipped burgers or cleaned toilets for a couple months after graduation ¡ª just until they landed a job where they could use their degree.

2 | The Internet is the best place to look for a job

¡°One of the most prevalent misconceptions in job hunting is that job hunting on the Web is some magic elixir that will result in employers lining up to interview you,¡± says Randall Hansen, associate professor of marketing at Stetson University and publisher of Quintessential Careers.

While the Internet should probably make up one component of your search, says Hansen, it shouldn¡¯t be your only strategy. Only about 15% to 20% of all job openings are ever publicly advertised in any medium, and only about 5% of job seekers end up getting jobs through ads, Hansen says.

How does everyone else do it? Word of mouth.

¡°Networking is by far the most effective job-search tool you can use,¡± Hansen says. When you¡¯re first starting out, you probably don¡¯t know many people in your field that can help in your job hunt, so this can present a challenge. But there are plenty of ways beginners can plug into the grapevine:

* Check out the resources offered by your college alumni association.

* Join a professional organization or club.

* Subscribe to a trade magazine.

* Consider getting an internship.

* Find online discussion groups for your industry though groups.google.com.

* Set up informational interviews with experts in your field

* Keep in touch with college acquaintances in your major, especially those who may have graduated before you.

The Internet may not be a total bust ¡ª I found my first job out of college through an online journalism job board. But taking the time to weave a web of professional contacts could create more opportunities for you now and enhance your career options down the road.

Learn how to use the Web productively in your job hunt.

3 | I¡¯ll make at least $40,000 at my first job out of college

WHAT¡¯S YOUR DEGREE WORTH?

Chemical engineering: $53,659

Computer engineering: $51,523

Electrical engineering: $51,113

Computer science: $51,042

Mechanical engineering: $50,806

Information science: $43,741

Civil engineering: $43,159

Accounting: $43,050

Economics/finance: $40,719

Nursing: $38,788

Business administration: $38,357

Marketing: $37,519

Political science: $32,296*

English: $31,113*

Elementary education: $30,364

History: $30,344*

Biology/life sciences: $29,629*

Liberal arts (as a group): $29,060

Psychology: $28,230*

Source: National Association of Colleges and Employers, Winter 2005 Salary Survey

* NACE Fall 2004 Salary Survey (2005 numbers unavailable)

As graduation nears, you¡¯re probably fantasizing about the wads of money you¡¯ll make as a member of the working world ¡ª and how you¡¯ll spend your new-found cash. As such, you¡¯ll be happy to hear that according to the NACE, 2004/05 grads can expect higher starting salaries than last year¡¯s. There¡¯s nothing wrong with a little planning, but make sure your expectations are in line with reality.

Starting salaries for several fields featured in the NACE study averaged less than $40,000 (see box to the right). The most lucrative majors were in engineering and computer fields, running in the neighborhood of $50,000. But popular degrees such as business administration, English and marketing fell solidly below $40,000. Psychology, liberal arts and biology grads averaged less than $30,000 to start.

Although your degree and skills impact your salary, your location matters too. For example, an entry-level public relations specialist in Dallas typically makes about $40,000. But in Los Angeles, the median salary runs $4,000 higher, according to Salary.com, which surveys employers about the wages they actually pay their workers. Check out our salary calculator to learn what your job¡¯s going rate is in your neighborhood. You can select ¡°Entry Level¡± as the job category, or choose among 67 other fields to compare beginners¡¯ salaries in your field with positions you might qualify for in the future. You may have to start lower on the salary scale than you planned, and work your way up as you gain more experience.

And remember, just because you earn a certain amount doesn¡¯t mean that¡¯s what you¡¯ll take home. For example, a $40,000 annual salary is reduced to about $30,800 after federal, social security and medicare taxes are taken out. That¡¯s not counting state taxes and any money you might have withheld from your paycheck for benefits. Use the paycheck calculator from PaycheckCity.com to estimate your future take-home pay.

4 | There¡¯s no room for negotiation with an entry-level salary

With some jobs, this may very well be true. But most employers leave some wiggle room in their offers to new employees, even those that are fresh out of school. The bottom line: You won¡¯t know unless you ask.

Bargaining over a job offer shows your potential employer that you are discriminating about where you work. But that doesn¡¯t mean the sky is the limit. Let¡¯s face it, you have minimal ¡ª if any ¡ª real-world experience. And a prestigious alma mater doesn¡¯t entitle you to more pay. Employers care more about what you can do for them. Use our salary calculator to find out what your job is worth, and then negotiate around that figure, highlighting your unique skills and talents that you¡¯ll bring to the position. And don¡¯t say that your salary requirements are a deal breaker unless you mean it.

But even if there isn¡¯t any room for an increase in salary, consider negotiating your benefits such as vacation time, work hours, signing bonuses, starting date, relocation benefits, etc. Many college grads get so excited just to receive an offer that they accept the terms outright. But you don¡¯t want to find yourself a week later wondering if you could have gotten a better deal.

5 | The person who gets hired is the one who can do the job best

If you¡¯ve got the skills, you¡¯re a shoo-in. Right?

Not so, says Hansen. More often than not, it comes down to interviewing skills and your rapport with your interviewers. Your qualifications, education and experience will usually get you an interview, but then ¡°you need to prove why you are the best person to fill the job.¡±

Make a good first impression by showing up on time and looking clean and professional. Act confident but not cocky. Use concrete examples to illustrate your qualifications. Maintain eye contact and relax. For more pointers on how to master your presentation, check out the job interviewing resource center from Quintessential Careers. You¡¯ll find databases of interview questions, including one tailored specifically for recent college grads.

Before leaving the interview, make sure you find out how to follow up, says Carole Martin, interview coach and author of Boost Your Interview IQ. For example, she suggests asking your interviewer: ¡°I¡¯d like to stay in touch and follow up with you in a week or two to see how the process is going and where I stand. How do you prefer that I communicate with you ¡ª e-mail or phone?¡± You¡¯ll want to show your continuing interest in the job without becoming a pest.

6 | A well-designed r¨¦sum¨¦ will boost my chances of getting noticed

A snazzy resume may actually be a hindrance. Most employers accept resumes via email, but many won¡¯t open resume attachments either out of laziness or fear of contracting a computer virus. Your chance of getting noticed: zilch.

The solution: Create two copies of your r¨¦sum¨¦. The first one should be a simple version you can paste into the body of an e-mail ¡ª sans formatting. That means no fancy fonts, bolds, italics, underlines or special characters. Keep each line under 65 characters and replace bullets with plain old asterisks, says Kim Isaacs, director of ResumePower.com. (See a sample.) The second resume should be nicely formatted for you to carry in-hand to your interview. For more tips on how to get your r¨¦sum¨¦ noticed, see Polish Your R¨¦sum¨¦.

7 | What I think of an employer doesn¡¯t matter as much as what s/he thinks of me

Of course you¡¯re eager to impress. But in your zeal to get hired, don¡¯t forget that the employer must pass your screening too. Many first-time job hunters overlook this key point until it¡¯s too late. Think about this: There are 168 hours in a week. If you spend 40 of those at work, that means you¡¯ll pass one-quarter of your week there. You better make sure you like the place.

Find out about boss¡¯s management style, the company¡¯s stability and any company problems. Ask about the challenges specific to your position, what a typical day will be like and opportunities for growth and advancement in the company.

Some employers may introduce you to your potential co-workers either on the initial or secondary interview. Chat with them about the work environment, and what they like and don¡¯t like about their jobs. If you haven¡¯t had that opportunity before the company makes you an offer for hire, ask for the contact info of a couple of people you would be working with and give them a call or send them an e-mail before accepting the job. It is important to impress the employer, but it¡¯s equally important that you¡¯re impressed with the job.

8 | If I plaster the Web with my r¨¦sum¨¦, I¡¯ll receive more interviews

Let¡¯s face it ¡ª the sheer volume of r¨¦sum¨¦s on the massive job boards like Monster.com, HotJobs.com and CareerBuilder.com make it virtually impossible to get an employer¡¯s attention. In fact, job hunters such as yourself post thousands of new r¨¦sum¨¦s each day.

And sending out your r¨¦sum¨¦ en masse to every employer you can think of isn¡¯t a much better approach. On average, a company interviews only one person per 245 r¨¦sum¨¦s it receives. You need to be more proactive in your job search and tighten your focus if you expect to get results.

Tailor your r¨¦sum¨¦ and cover letter to target each job you apply for and follow-up your r¨¦sum¨¦ with personal contact.

And you can still use the Internet in other ways to hone in on more promising prospects:

* Check out job boards that cater to your specific field. You can find a list of industry-specific job sites at Quintessential Careers or the Riley Guide sites. Or check out local job boards on Craigslist.org.

* Research a prospective employer. Before applying for (and especially before going to an interview), you should spend some time on the employer¡¯s Web site. Make sure you understand the company and see if you can envision yourself working there. At WetFeet.com, you can also get company profiles for thousands of firms.

* Network. One of the best ways to jump-start your career is to talk with people in your field to get career advice and find job openings by word-of-mouth. Search for an online discussion group through Google or Yahoo!.

9 | If a company isn¡¯t currently hiring, I can¡¯t get an interview

One of the most powerful job-hunting tools is an informational interview. You can arrange an informal interview with people working in your field to learn more about working in the industry, get expert career advice and, most importantly, build a network of contacts in your field.

A friend of mine in college was interested in working in the insurance industry, and he¡¯d heard good things about an employer in the area. It wasn¡¯t hiring at the moment, but he set up an interview with one of its executives to talk generally about a career in the industry. He took a copy of his resume with him, and the exec offered to keep it on file should an opening arise. Two weeks later, he was called in for an interview for an opening that the firm hadn¡¯t even advertised yet. And he got the job.

Not all informational interviews will result in a job offer, but they¡¯re time well spent. It may not pay off immediately, but later in your career, you may reap the benefits of the contacts you made and advice you received.

10 | If I don¡¯t know what I want to do after graduation, I should go to graduate school

An advanced degree could be the ticket to a new career or a stepping stone to faster advancement in your current job. But if you¡¯re using it just to buy time because you can¡¯t make a decision, it could be a complete waste of time, energy and money. Grad school should be used as a means to a well-researched end.

Peter Vogt, president of Career Planning Resources suggests asking yourself the question: ¡°Are you going to graduate school for a purposeful reason or are you falling into grad school to get away from other things?¡± It¡¯s an awfully big investment, so you better make sure it¡¯s what you really want for yourself.

If you¡¯re finding yourself tempted the wrong reasons, get a job instead. Breaking out of the routine of school for a while could help you gain greater perspective about your skills, interests and career goals. Besides, you can always go back to school later. For more information on whether grad school is for you, see The Back to School Decision.

¨C China is working hard to improve its energy efficiency, and it is planning to expand the energy market scale to 10 trillion yuan before 2020. It is estimated that China will overtake USA in 2 years to become the biggest energy producer in the world.

Though China is well on the way to developing more energy resources, and the country does have a great potential in this field, it will still be wise for it to use energy in a sustainable way.

Besides fossil energy development, great achievements have also been made in developing clean energies like windpower, hydropower and solarpower.

Environmental protection will pose a great challenge, too, as even rapid growth of energy industry in the country should never harm eco-environment.

China will stick to the open-market policy in the future, which will bring mutual benefit to both China and the world.

Currently, a law on renewable energies is under being in preparation, and specific regulations on the development of clean energies will be made, too, to ensure energy security.