Hong Kong Career Blog

Should I stay or should I go?

That question is prompted by many different experiences for each individual, but everyone who has been in the job market for any length of time has asked themselves this question and they often come up with a different answer depending on what day, week, month in which they ask it.  It’s often very hard to determine if it’s time to start looking for another job because it is generally easier to follow the old adage “A bird in the hand is worth two in the bush.”  It may in fact be time for you to look for a new engagement, but inertia may cause you to ride things out and hope for a positive change in your current role within your company.    Of course, the comfort of a steady paycheck is hard to ignore, but sometimes that is simply not enough if you are unhappy in your job and it is affecting other parts of your life.  Here are some key signs that you may really have to be proactive and start seeking a new job.

1. If your company announces that is going to go through a “reorganisation”, more often than not, that means that head count is going to be reduced.  If that’s the case, you really need to at least start exploring other options, as very qualified people often find themselves  left out in the cold when the dust settles, regardless of how well they have performed.   This is especially true if your company is planning a merger with another firm, as this most often results in the new entity trying to reduce redundancy (i.e. engage in layoffs)  to improve efficiency.

2. A management shake up is another sign that it’s time to prepare to move on.  If you feel threatened, or if you think that your boss may be at risk of leaving (or being asked to leave!)  you should get ready to make a move, because while you may be an excellent performer, a new supervisor will not have the kind of loyalty or understanding of your contributions that your current boss has built up over time while working with you.  Quite, simply, you will lose a valuable source of protection.  Of course, before leaping headlong out the door, you should voice your concerns and ask questions about any reorganisation as it will be considered completely natural that you have questions about how a management change will affect you and your role.  Speaking of which…

3.  If there has been a change and other employees leave and aren’t replaced, that may be a red flag.  If you remain and find yourself doing extra work and not being recognised for it (whether it’s more money, a promotion or better benefits) you need to think hard about what your options are.  This is probably the most common source of unhappiness on the part of employees during the last year, as companies have cut head count, yet expect the company to continue running apace.

There are many, many more questions and considerations to address before making a career move, especially in the current economic climate, but for more tips on career management and to explore job opportunities in Hong Kong and Singapore, please visit My Ambition and  Ambition Hong Kong and Ambition Singapore.

Bonuses in Banking

Recently, the heads of Britain’s five largest banks have chosen to forgo millions of pounds in bonuses that were due to them.  The decision by some of the world’s most prominent bank executives was clearly a response to the public’s negative opinion of the finance and banking industries, but is also seen as an effort to protect lower level executives who are legally entitled to bonus packages negotiated prior to the economic downturn.  This is actually good news for job seekers.  If you’re looking for an engagement in the coming year, you obviously can’t expect to be offered the kinds of bonus packages that were being floated just two years ago.

However, the decision by many bank chiefs to forgo their bonuses shows that they understand that acquiring and protecting talent at all levels of the company is a priority.  And in the current environment, the best way to do that is to pay out what has been agreed upon with current employees, and step back from what may be considered to be excessive compensation for new hires.

This makes the coming year a good time to find a position that offers potential for long term growth, as firms seek to recruit individuals that they are happy to reward, but whom they expect to add value to their bottom line for years to come.

To see our projections of what finance and banking executives can expect in the coming year, please visit our market and salary report page.

Click here to view Ambition Market Trends & Salary Reports – Hong Kong

Click here to view Ambition Market Trends & Salary Reports – Singapore