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March 16, 2011

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Pay hikes of at least 10% predicted

LOCAL employees of international corporations can expected salary increases of 10 percent this year - with top-tier staff commanding up to 60 percent, according to a survey published yesterday.

The research, conducted by recruitment consultancy Robert Walters, found that salary rises are likely to be around 10 percent across various industries in China.

In Shanghai, a shortage of seasoned consumer banking professionals will see some top bankers with regulatory relationships receive a salary increase of up to 60 percent.

A local private banker with at least four years' experience is likely to receive a salary of between 180,000 yuan (US$27,383) and 480,000 yuan this year - up from last year's 180,000 yuan to 320,000 yuan, said the survey.

People working in human resources, information technology and sales and marketing may also get attractive salary increases of between 15 to 35 percent.

The situation is similar in Beijing and Suzhou - with the biggest hikes in accounting and finance, operations and manufacturing, the supply chain and banking and financial services sectors.

However, increases will not be as big as in Shanghai.

According to the survey, job seekers are also likely to be more proactive in pursuing relocation and work transfer opportunities this year.

Attractive compensation packages would be the primary motivation for key talent in this candidate-driven market.

And the hiring activities of Chinese companies are also expected to increase this year - particularly across financial and professional services and retail and luxury sectors - due to sustained business investment in the buoyant Chinese economy.

Carter Yang, managing director of Robert Walters China, said the Chinese market would continue to grow this year, and professionals with experience in sales and marketing, the supply chain, finance, information technology and human resource functions are expected to be in strong demand.

Although he did not reveal the exact statistics, Yang told reporters that foreigners are warmly welcomed in finance, public relations and consulting companies.


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