It has been half a year already since Covid-19 has started. In the past 6 months, we hear banks shut down desks and companies exiting the market. Hong Kong unemployment rate has hit 15 years high. They say the labour market in banking remains in a similar state. But the progress of landing a banking job is now becoming even more protracted.
Banks are Still Committed to Asia
“The new surge in cases hasn’t directly correlated in a decreased appetite for headcount. Banks are very much committed to Asia and know they have to continue BAU operations, which means replacement hiring,” says Abimanu Jeyakumar, head of Selby Jennings for North Asia. “None of our job offers has been pulled because of the recent COVID uptick,” he adds.
Recently, we see china wealth manager Hywin planning foray into Singapore. HSBC announced to hire 3,000 wealth planners in China. All these shows Asia is still looking positive. The People's Bank of China and the monetary authorities of Hong Kong and Macau has as well announced the Wealth Management Connect scheme. Under the new scheme, residents in Hong Kong, Macau and nine cities in Guangdong can carry out cross-boundary investment in wealth management products distributed by banks in the bay area. This new scheme no doubt will create opportunities for Hong Kong wealth management talent.
Status of Banks' Hiring Process
Social distancing causing slow-down hiring processes. Firms are working from home, and hiring virtually is something new to hiring and HR managers. Although looks like we are now more familiar with the "new normal", it is still slowing down the hiring processes. This is because the final-round interviews typically still need to be done in person, especially when they are at the senior level. However, this has become more difficult because most managers are back working from home - you are not going to interview a candidate at your home!
On the other hand, recruitment is now particularly time-consuming if the candidate is based overseas. Obviously there are travel restrictions nowadays around the world. Even more, visa transfers have been a difficult part according to Abimanu Jeyakumar.
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