Top Biz News

Professionals make hay as banking sun shines

By Zhang Lu
Updated: 2007-03-20 08:46

This view, to some extent, is reflected in an online survey conducted by zhaopin.com that covered about 4,000 people. It showed that only 19.5 percent of the banking professionals attach more importance to high salaries, whereas 53 percent believe better career prospect is most vital.

But that hasn't stopped the competition among banks to raise their employees' salaries, Fitch Ratings' Charlene Chu said. "It's good for individuals but not for banking companies," she said.

The demand for banking professionals, especially mid-level management experts, is high because there is general shortage of such talents in China.

The bankers know this problem well. "Luring staff away from other banks is not an effective and sustainable way to run operations," said Christine Ip, China head of Standard Chartered Bank's consumer banking business.

Domestic banks, however, are not sitting idle. They have begun recruiting more talented graduates from famous universities and are trying to retain their skilled staff.

The Bank of Communications has already implemented a share incentive program for its senior management staff and has started a pay revision for all its employees.

China Construction Bank, too, will launch a share and equity incentive scheme for all its staff.