Hong Kong Career Blog

On September 2-3, 2010, Hong Kong will be the site of The Integrated Marketing Communications Conference, which promises to help marketers develop effective applicable strategies for conveying their messages to their target consumers.

The advent of social media has signaled a fundamental shift in how marketers communicate with their target audience. The kind of content and message control that companies have come to relay on is no longer possible and now consumers can often control how your brand is perceived. One of the key difficulties for marketers to overcome is the seemingly endless array of platforms on which consumers can voice their opinions and from which companies can try to effectively communicate their message.

The conference promises to provide a wealth of information for marketing, sales and branding professionals:

“Through a showcase of best practices from and of global brands including HP, InterContinental, KFC, LG, Unilever, Nike, DBS, FairPrice, Volvo, Bank of Philippines, this 2-day conference will equip marketers with strategies and insights to funnel core messages with conviction and consistency. We will uncover Asia’s new IMC dynamics, hear strategies that evoke cohesive emotional responses and maximise impact via multiple touch points, in today’s digital age. Find out how you can capitalise on social media and integrate it seamlessly with offline channels to engage consumers and combat message dissonance. Grab this opportunity to acquire insights through best practices that will propel your brand up and above the rest!”

The conference is essential for “Vice Presidents, Directors, Heads and Professionals in charge of Strategic Marketing, Marketing Communications, Branding, Advertising & Promotions, Corporate Marketing, Business Development & Sales, and Media Management” and anyone else who needs to get a handle on how to effectively market on the new playing field.

You can get more info and register at the conference web site.

And be sure to subscribe and visit us at Ambition to keep up to date on upcoming events in Hong Kong.

We think all sales and marketing executives should thing about attending the Search Engine Strategies conference in Hong Kong coming up in September 13-14, 2010:

“SES brings its world renowned learning experience and thought leaders in the search engine marketing field to Hong Kong. Organized and programmed by the SES Advisory Board and searchenginewatch, the conference will be packed with sessions covering PPC management, keyword research, SEO, social media, local, mobile, link building, duplicate content, multiple site issues, video optimization and usability, plus networking events, parties and more.”

And be sure to check out the video interview with Search marketing interview with Avinash Kaushik

This is a great chance for brand managers and other marketing professionals to get real insight into how search marketing can add value to your business. Get more information and register with SES

To keep up to date on the latest events of interest to marketing and sales pros in Asia, please subscribe and check in with us at Ambition Hong Kong.

According to recruiters, a number of European banks (including Barclays Plc, Credit Suisse Group AG and Royal Bank of Scotland Group Plc)  may pull back on hiring as the year comes to an end.   Bloomberg  is reporting that staff may even be shed due to a drop in revenue from fixed income trading:

“’Now that trading revenues are dropping there’s a hiring freeze on,’ said John Purcell, managing director at executive search firm Purcell & Co. in London. ‘I wouldn’t be surprised to see people shedding traders again.’

…

Barclays Capital added about 3,600 people in the 12 months to June 30, while Credit Suisse hired 1,800 and RBS’s securities unit increased headcount by approximately 1,100. In March, UBS AG Chief Executive Officer Oswald Gruebel said the bank hired about 350 fixed-income traders over the preceding 12 months.

Credit Suisse and Barclays Capital said on Aug. 11 they plan job cuts. Credit Suisse said it will eliminate 75 posts in the U.K. Barclays Capital is cutting 300 administrative jobs, a person with knowledge of the matter said at the time. Barclays plans to recruit in its growth areas, a spokesman said.

…

‘The war for talent has meant that the cost of hiring has gone up significantly,”’UBS Chief Financial Officer John Cryan said in an interview on July 27. ‘I wouldn’t expect that we’d be taking on enormous numbers.’

The cost of employing bankers jumped after the U.K. last year levied a 50 percent one-time tax on discretionary bonuses. The securities units of Barclays and Citigroup Inc. also boosted salaries after Group of 20 leaders called on banks to stop guaranteeing bonuses for longer than one year.

‘A lot of the hires that companies were trying to make did not get approved by management especially those with guaranteed bonuses,’ said Jason Kennedy, chief executive officer of Kennedy Group, a London-based executive search firm. ‘They are saying: sorry there is a freeze of guarantee-type hires. It’s on base-pay only.’”

Read the full story at Bloomberg.

This is not exactly great news, but does pose an opportunity for banking and financial services in Asia, as a number of the firms in the article have stated that they will continue to hire outside Western Europe.  Barclays Capital for one is predicted to add as much as 10 percent more staff this year, mainly in Asia.

To take advantage of the rebounding recruitment market in Asia and to view some of the open positions in key fields, please visit Ambition Hong Kong

In an interview with Campaign Asia, Nick Brien, head of McCann Worldgroup’s Global Ops, discusses how the advertising industry needs to reshape itself in order to sustain its growth and remain a key component in pushing the growth of client companies.  Brien believes that marketers, ofen seen as cutting edge, have been slow to adapt to a changing business environment and  communication model.

Interview with McCann’s Nick Brien

Please visit us at Ambition Hong Kong to look at some of the jobs we have for sales and marketing professionals looking to help shape the industries future.

As little as twenty years, China was closed, with little need for international accounting standards or internal audits and other controls that are fundamental to the operation of Western businesses.  As China has moved up the rankings of the world’s economic powers, it has been faced with the challenge of integrating its businesses practices with those of Western economies.  Improving the competence and development of its accounting profession is paramount in getting that done, and this poses both a challenge internally (as it seeks to prove that it can recruit and develop is own talent) and also a challenge to the the West’s major accounting firms (should China succeed in achieving its goal without needing to recruit Western accountants).

Perhaps the biggest challenge to China’s ability to build its accounting profession is the  (not entirely incorrect) perception that Chinese accounting practices are meant to be good enough only to give Chinese companies an advantage over multinationals and other companies who do business on the mainland. However, there are signs that this is changing and that there may be a sea change coming in the training, hiring and recruitment of accounting professionals.  A press release (UPDATE:  the source was a “media alert” not a press release) from the Hong Kong Institute of Certified Public Accountants highlights the growth of China’s accounting sector:

“The Chinese accounting profession’s revenue has grown more than 400 fold in two decades, and will continue to grow, according to Chen Yugui, secretary-general of the Chinese Institute of Certified Public Accountants, in an exclusive interview with A Plus magazine. Chen says China has the right conditions to support its own international accounting network, although achieving this is going to be tough. He says the CICPA is planning to train 1,000 accounting leaders within the next five to 10 years, and tighten regulation to weed out malpractice.  In the second feature, the head of RSM China, Gu Renrong, says although H-share auditing won’t bring them much revenue, they are still actively pursuing the scheme to  put Chinese firms on equal footing with the Big Four. Gu says he has his eyes on  putting his firm’s capabilities on par with those accounting giants.  These stories are part of the China accounting series for A Plus. Last month, the magazine featured an exclusive interview with the Ministry of Finance’s accounting  chief Liu Yuting. Next month, we’ll be featuring two big mainland firms talking about their expansion strategies.

Carlyle Group, Blackstone Group, Bain Capital – these and other big international private equity firms are facing intense competition in China from local firms, as yuan funds boom. The third feature of the magazine has more.  Trekking the Himalayas is a lifetime experience that everyone should consider doing,  according to Roger Best, a retired partner of Deloitte and past president of the Hong Kong Institute of CPAs. He talks to A Plus about the danger and the beauty of the trip.”

Of particular note is Chen’s comment that “the quality of our CPAs remains uneven. We don’t have enough professionals who can offer international services, such as international accounting and auditing, consulting, restructuring and international trade advisory.”

Whether this will lead to a weakening of the stature of the Western accounting firms or greater reliance on them should China fail to adequately reform its accounting practices is anyone’s guess but we think the situation bears watching.  Read the full Chen interview: CICPA chief Chen Yugui on Chinese accountants’journey to the world market

For more information on accounting jobs in Hong Kong, please visit us at Ambition Hong Kong.

Next stop...dream job.

As the job market and overall economy in Hong Kong improves, we have been receiving a growing number of requests to search for candidates recently.  Each week, we will continue to feature some of our latest, most attractive job opportunities.   Below are some of the newest positions for which our clients are recruiting:

1. Product Manager – Travel Retail

Our client is a niche but widely recognized skincare company. Relatively new in the region the brand continues to capture a loyal and developing pool of consumers. A new and exciting role has been created for a sales or marketing professional to join the team as Product Manager.

Based in Hong Kong and reporting to the Head of Marketing you will be responsible for performing product management duties for the AP region with particular emphasis on the travel retail sector. Responsibilities include new product launch set ups, sales forecasting, inventory management, sales analysis and the development of product marketing collateral. Internally you will work with sales and merchandising on point of sales opportunity, visual set ups and counter design. This is a rare opportunity for a dynamic junior candidate to join a unique organization with regional exposure.

To qualify individuals must possess:

• 3+ year’s marketing/sales experience
• Skincare or travel retail experience preferred
• International mindset
• Excellent analytical and project management skills
• Native English
• University degree

2. Assistant Manager/Senior Online Executive – Luxury Brand

Our client is a leading international luxury brand with products sold in over 40 countries through a combination of their own stores and recognised wholesalers. An exciting opportunity exists for a dynamic digital marketing specialist to join the organisation in the role of Regional Assistant Manager/Senior Online Executive.

Based in Hong Kong and reporting to the Regional Marketing Communications Manager, you will be responsible for developing and managing a website with the objective of growing the site as an ecommerce platform with various revenue streams including advertising, site subscriptions and premium access in addition to ancillary revenues. Additionally you will drive the sites communication strategy where you will introduce effective SEM & SEO tactics, engaging content designed to create noise in the market and a customer relationship management system where you can keep consumers informed of the latest products and promotions driving repeat purchase and brand loyalty.

To qualify, individuals must possess:

• Minimum 4 years of e-business or e-commerce experience
• Exposure with social media tools, copywriting and tracking tactics
• Background in website management
• Strong project management skills
• Fluent Cantonese and English
• University degree

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

Hongkong and Shanghai Banking Corp (HSBC) and Hang Seng Bank have announced plans to ramp up recruitment in order to add to their headcounts.  They also have expressed a commitment to more carefully assess payrolls in a newly competitive job market.

The Standard reports:

“Hongkong Bank will hire at least 300 people in the mainland this year – including equities specialists – while Hang Seng will add up to 600 staff in Hong Kong and China.

‘We have many vacancies,’ said Hang Seng vice chairman and chief executive Margaret Leung Ko May-yee. ‘If we’re to meet our hiring forecasts, we’ll hire 400 people locally and 200 in the mainland.’”

However, things aren’t as simple as all that, as Chief executive Peter Tung-shun commented that finding talent has become “challenging”:

“‘As wealth moves from West to East in the coming years, many people will scramble for employees. With high turnover, we will pay more attention to salary surveys,’ Wong said.”

Well, we hope they will consider our most recent surveys, which we think will also be quite helpful to job seekers looking to gauge their value in current market.  You can read them all Ambition Hong Kong.

With brightening economic prospects and improving employment news in Hong Kong, we have been receiving a growing number of requests to search for candidates recently.  Each week, we will continue to feature some of our latest, most attractive job opportunities.   Below are some of the newest positions for which our clients are recruiting:

1. Manager/Senior Manager, Financial Statuatory Body

Our client is a well known financial services statutory establishment currently looking for a dynamic and committed individual to support their ongoing initiatives and to assist the organisation in facilitating the growth of the banking industry in Hong Kong.

In this role, you will work closely with the banking industry and have multiple opportunities to interact with banking professionals to resolve issues that can impact the industry. The main responsibility of this position will be to act as the establishments representative and will have to issue regular circulars, prepare and drive industry meetings as well as to provide executive support to committees and working groups. In addition, you will prepare reports representing the banking industry to various regulators in refining new regulations and policies.

To qualify, the individuals must possess:

• A university degree with 10 to 12 years of working experience gained from a well-established bank
• Prior HKMA/SFC rules and regulations exposure would be preferred
• Proven project management skills
• An independent and self motivated personality
• Strong problem solving abilities and a passion to be able to liaise with multiple counterparts
• Excellent command in both written and spoken English
• Ability to read and write in Chinese

2. Client Administration Manager, Private Bank

Our client is a global banking group with established businesses within the Asia Pacific region. An exciting new opportunity has recently arisen within their Private Wealth management business.

The core responsibility of this role is to oversee the day to day business functions within their Private Wealth business and identify gaps within their business process by performing analysis into their local and regional support team. You will perform transactional review to ensure its compliance to the groups policies and procedures. In addition, you will be involved in talent recruitment into the business support functions.

To qualify, the individuals must possess:

• Minimum 6 years of working experience gained within an international finance institution, preferably with 3 years within a Private Bank
• Strong Project or Business Management exposure
• Effective communication and interpersonal skills to foster strong working relationship with the business
• Excellent analytical and problem solving mindset
• Proficiency in English, Cantonese and/or Mandarin

To find out more about these jobs and to search for other openings, please visit our job search page at Ambition Hong Kong.

Reuters has reported that hiring in Asia is really heating up as Investment banks are targeting top talent by offering up big pay packages that rival pre-crisis levels. For example, several prominent bankers have changed firms, one reason for which is the chance to obtain guaranteed compensation packages that some say are as high as $10 million a year.

However, Reuters points out that there may some backlash:

‘‘’I am against guaranteed bonuses,’’ U.S. ‘pay czar’ Kenneth Feinberg told Reuters on Wednesday, when asked about the latest wave of these on offer. ‘We have said guaranteed bonuses are a bad idea so we’ll see what those banks do.’’

Shareholders of certain banks such as HSBC have fought against executive pay, and regulators have taken steps to bring compensation more in line with long-term performance. But so far, guaranteed pay packages have largely stayed out of the radar of the public. The banking industry says that guarantees are necessary to attract and retain top talent, and may even reduce risk-taking. Proponents say in many cases they are used sparingly and only for top executives.

A flurry of investment-bank hiring has occurred at top levels lately, with a large chunk occuring in Asia, where competition for talent is growing as upstart banks expand in the region. According to bankers and headhunters involved, the movement of dealmakers here involves favourable guarantees, some worth several million dollars for two years and others hitting eight-digit numbers.
…
In most cases, a responsible banking professional on a guarantee would seek to perform well, create value for the bank, and help the bottomline. The worry about guarantees is that a banker is paid a lot but not incentivised to outperform. In a worst case scenario, the person could feel that underperformance is not a worry because it won’t impact pay, which could result in a riskier decision that costs the bank.

Alan Johnson, a Wall Street compensation consultant, said the industry has an opposite view. ‘‘The view of the industry is that if you take a guarantee you are going to take less risk and not work as hard,’’ Johnson said.
…
Investment banking compensation is formulated the same across the industry. Base pay is set, usually with a limit of $250,000 per year for the top executives. It’s the bonus that matters, with top managing directors routinely earning $1 million per year in bonus pay. At the high end, some top rainmakers are getting up to $15 million for two years in guaranteed pay packages, accounting for a roughly 20-50 percent jump over the previous year.
…
What has stoked the pay and talent battle in part is that more banks are now building out investment banking capabilities. Barclays plc and Japan’s top brokerage, Nomura Holdings, are among those entering the competitive world of investment banking to take on the Wall Street giants. Headhunters and industry sources say two-year guarantees are rare and only a few top dealmakers get them. Rose Marie Orens, senior partner at New York-based Compensation Advisory Partners, said guaranteed bonuses are more likely to come into play when someone is being hired late in the year and does not have an opportunity to get a bonus — or if they are leaving money on the table from an old job.”

Despite the potential public outcry over bank bonuses, it’s clear that hiring across all finance related industries is bouncing back and the need for top notch talent is rising.

To take advantage of the rebounding recruitment market and to view some of the open positions in key fields, please visit Ambition Hong Kong

Business Week has reported that Daiwa Securities is joining the ranks of financial services firm that are planning to boost their recruitment efforts in order to add headcount in Asia as we move into the second half of 2010.  In a bid to raise its Asia revenue to 160 billion Yen, the Japanese brokerage has already added more than 100 bankers and plans to hire another 70 to 80 staff in Hong Kong alone.

Bloomberg reported:

“Revenue from Asia will rise to 30 percent of the group’s total in fiscal 2011 from 10 percent now, Chief Executive Officer Shigeharu Suzuki said in a statement today. Capital markets revenue from its Asia offices is expected to reach 53 billion yen, he said.  Suzuki is expanding investment banking and broking globally to fill the gap left after dissolving a 10-year-old joint venture with Sumitomo Mitsui Financial Group Inc. in December. The revenue target includes KBC Groep NV’s convertible bond and Asia equity derivatives units, which Daiwa earlier this month agreed to acquire for about $1 billion, he said today. The brokerage, which reported revenue of 537.9 billion yen last fiscal year, reiterated plans to hire 300 more staff in the Asia-Pacific region by March 2012 for its derivatives and equities business.

Daiwa’s hiring costs this fiscal year will be about 10 billion yen and an additional 20 billion yen may be required later, Suzuki said, without giving a timeframe. He also repeated plans to hire another 100 people in the region for underwriting and mergers and acquisitions in next two years.  The company has hired more than 100 bankers, mainly for its equity and derivative units, since October, bringing total headcount in Asia to 850, it said in today’s statement…It expects to add 70 to 80 people to its Hong Kong office as part of the KBC acquisition, Suzuki said.

Daiwa also intends to raise more than 70 billion yen in capital for expansion in the region, the Tokyo-based company said in a presentation to analysts on May 17. Revenue from Asia, excluding Japan, was 14 billion yen in the fiscal year ended March 31, according to the presentation.”

This is yet another sign that competition for banking and back of office professionals will continue to be intense as companies seek to hire from a depleted talent pool as many expats left Hong Kong and other Asian due to a tough employment market in 2009. This presents an excellent opportunity not only for bankers seeking jobs, but also for other professionals, as we expect there to be a continued flow through effect, leading to an increase in the number of available back of house jobs, including accounting, ops, marketing and corporate comms.

To view some of the open positions in these fields, please visit Ambition Hong Kong