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Since the beginning of the year, I have received requests from several media outlets to comment on the latest changes in the Financial Services market, as well as the larger recruitment outlook for 2021 — and understandably so. After all, 2020 was a challenging year for businesses across many industries. Even as we speak, global markets continue to reel from the impacts of Covid-19.
With that said, there are some positive signs already in the horizon. Foreign investment banks, asset management firms and securities companies began recruiting in China since the second half of 2020. Do these activities point to a real, sustained recovery to come? What will happen in 2021 and beyond?
Overall, China’s capital market enjoyed healthy activities in 2020. For example, at one point, the stock market surged to 3,500 points in a single day, Private Equity (PE) and Venture Capital financing exceeded US$100 billion, PE penetration of IPO projects reached 68%, the scale of mutual funds exceeded US$20 trillion and the total profit of various funds approached US$200 million. Retail investors, too, dabbled in foreign exchange hedges and fixed investment funds, with returns of more than 30% on average. Not to mention, institutional experts continued to trade hundreds of millions of dollars every day.
China, especially its A-share market, continues to be attractive to major securities companies, funds and asset management companies. In order to seize the burgeoning opportunities, businesses are well advised to hire the right talent at the right time. In fact, market growth, easing of regulations and the advancement of employees’ mindsets have all promoted talent competition between foreign and domestic institutions. Despite the ongoing uncertainties that have been carried over from 2020, powerful institutions will continue to pay for the right senior talent.
Based on my executive recruitment experience at Page Executive , I summarised the future talent trends among domestic and foreign organisations. In short, there are three prominent trends: technology-oriented positions will be in high demand, senior positions will become diversified, and international talent will be localised.
By ‘technology’, I mean to invest in the right tools, research techniques and analytics capabilities, especially those based around computing, big data and other technical support.
In 2020, we placed more than three times the number of senior quantitative positions, especially those with annual salaries above RMB1 million, compared to years before. In fact, we received one or two requests for quantitative investment positions on a monthly basis, mainly focusing on CTA and equity strategy. Of course, this was also partially due to the market reopening. The scale of growth of several quantitative companies was significant also, which is indicative of the capital market becoming more technology-oriented.
The diversification of senior positions also made me realise the openness of the current financial market, and the fact that there’s heated competition happening on the talent front.
In the past, these so-called ‘senior positions’ used to refer to those in Sales, Compliance, Finance and other back-end office support roles — but not anymore. These days, more types of senior positions are being created, such as those in Product Development, Asset Allocation, as well as Chief Investment Officer. Furthermore, the trend now is for these roles to be recruited within the local market. In fact, China’s public funds and private asset management firms developed many such talents. The entrance of foreign institutions, too, meant even more opportunities for senior local talent.
At Page Executive, our customers are increasingly looking for talent with both local and international experience. With the opening of the financial market, our regulatory authorities have been consistently issuing new regulations to ensure standardisation across the financial industry. This means that management talent, too, needs to have a good handle on the entire regulatory system, and understand the direction of market development, as well as the rhythm of business development as a whole.
China has yet to completely eradicate Covid-19 within its borders. With that said, the country’s rapid response, prevention controls and experience on the ground have all given businesses great confidence in the future. Our clients and candidates are eager to find out: since the market is bouncing back, is this the best time to recruit talent or apply for jobs?
Let’s deal with the first question: is it easy to find suitable, high-end and senior executives in the market?
The fact of the matter is that it is not just about finding talent. It is also about how enterprises attract them that makes a significant difference. One mistake that employers tend to make is that they passively wait for high-end and senior management talents to apply for specific positions. Instead, what businesses should do is assess their positions in the market and whether the job prospects allow these senior talents to grow and realise their own value. Many employers think that, just because they are a leader in a specific industry, then that is more than enough to attract the best talent. The reality is that reputation alone is no longer sufficient. Ultimately, the best financial services candidates are not looking for ‘everyday’ jobs. They want the jobs to work for them, too.
Also, market information is asymmetric. This means that even the best talent might not necessarily understand the full picture of what the company is going through or the employers’ expectations for specific positions.
How then do we solve this problem?
Obviously, it's not enough to just post recruitment advertisements on the Internet. Many senior talent don't often use LinkedIn, let alone other recruitment websites. What's more, it is at times inappropriate for enterprises to praise and advertise themselves directly. As such, this is when the value of recruitment consultancy firms come to the fore.
Recruiters at Page Executive have, on average, more than 10 years of industry or recruitment experience. On top of that, they have built their reputations and influence in their specialised fields. As such, our consultants are able to help share the company’s vision and leadership expectations — almost like brand ambassadors. Meanwhile, they also help candidates understand the specific needs of various companies, which will ensure a better, more suitable job fit.
I suggest job seekers to actively communicate their strengths and expectations to the recruitment consultants and discuss the jobs and functions you desire. In the past, candidates would say, “Come back to me when you have a job opening.” However, the reality is that opportunities are not always there to find you. So you need to explore these opportunities together with the consultants.
On that note, today’s talent market is dramatically different from 10, or even five years ago. Information about companies was not as readily available and transparency was also not a top priority. These days, companies are a lot more transparent, and technology too has become more highly developed. The Chinese market, for example, is filled with good-quality talent, including those returning from overseas and local candidates that have advantages of their own. As such, employers now have a wider array of options than ever before.
This is also why you want a recruiter who’s familiar with you, who will think of you when a specific job role becomes available, and who can recommend you to your next potential employer. For example, whenever I recommend a familiar candidate to my clients, I can present not just their resume, but past experiences, achievements, personality and value that they bring to the table. In short, more communication with recruiters means more opportunities for you.
Ultimately, this is what Page Executive offers. Many of our consultants have built their careers as candidates and customers themselves. They have witnessed promotions of young team managers to senior department heads, Vice Presidents or even CEOS. They have experienced changes within various industries firsthand, which is why they are in the best position to cater to market demands. After all, executive search is critical to the structure of an organisation. It is a task that requires full devotion, a wealth of experience, and an awareness of various sectors and markets as a whole. If you have specific hiring needs, feel free to get in touch with me or one of our highly trained and qualified consultants at Page Executive.
