Morgan McKinley Hong Kong Salary Survey 2012

CONTENTS.

MANAGING DIRECTOR’S LETTER 2

FINANCIAL SERVICES 3ACCOUNTING & FINANCE 4ASSET MANAGEMENT 5BANKING OPERATIONS 6HEDGE FUNDS & PRIVATE EQUITY 7HUMAN RESOURCES 8INFORMATION TECHNOLOGY 9INSURANCE 10INVESTMENT BANKING & CAPITAL MARKETS 11LEGAL, TAX & COMPLIANCE 12PRIVATE BANKING 13RISK MANAGEMENT 14

COMMERCE & INDUSTRY 15ACCOUNTING & FINANCE 16HUMAN RESOURCES 17INFORMATION TECHNOLOGY & TELECOMMUNICATIONS 18SALES & MARKETING 19

UNDERSTANDING THIS GUIDE 21

TALK TO US 22

CLICK ON THE HYPERLINKS TO GO TO PAGE

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Following a period of robust economic recovery in 2010, both financial services and commerce & industry hiring markets in Hong Kong continued to demonstrate growth in the first half of 2011. The continued positive outlook and growth of mainland China and other emerging markets in the region boosted demand for professionals across a broad range of specialist areas.

Unfortunately H2 2011 was a very different story, with the effects of the US debt-ceiling crisis and turbulence in the eurozone significantly impacting Hong Kong’s recruitment market. Companies focused on cost management, hiring activity decreased and in certain areas (particularly investment banking) redundancies were announced.

Commerce & industry remained relatively buoyant, particularly the retail and luxury goods markets. However, hiring processes slowed somewhat at the end of 2011 as global financial uncertainty impacted a broader range of industries, from manufacturing to property and construction.

Despite the challenging economic climate we remain cautiously optimistic about the hiring market for 2012. There are early signs that an increased number of opportunities will be available within sales & marketing, insurance and private banking.

Within financial services, we anticipate that in Q2 there will be turnover as a result of reduced bonus pools and that this will stimulate hiring activity. It is worth noting that the majority of financial institutions expect minimal growth in headcount, but growth all the same.

We have accumulated the sector knowledge and expertise of our consultants to deliver the Morgan McKinley Hong Kong Salary Guide 2012. It provides a general guide to current compensation and hiring trends across Hong Kong’s professional markets.

Indications are that salaries within commerce & industry increased by approximately 7% year-on-year in 2011. Within areas of sales & marketing, accounting & finance and IT security there have been uplifts in excess of this figure. Bonuses have remained relatively stable as cost reductions are still at the forefront of CFO and CEOs’ minds.

Financial services salaries are predicted to remain relatively stable across the board in 2012 but with considerably diminished bonus pools (approximately 25% less than paid out in 2010/11). However, compensation packages for professionals with specialist skill sets such as risk management, compliance, Solvency II and actuarial remain attractive, as there is fierce competition for top talent within these areas.

We hope you find this guide informative and we welcome any feedback you may have. For more specific salary or hiring information, please contact our specialist consultants or myself directly.

Nick LambeManaging Director | Hong KongT: +852 3907 3931E: [email protected]

Welcome toMorgan McKinley’sHong Kong Salary Guide 2012

MANAGINGDIRECTOR’SLETTER.

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FINANCIAL SERVICES.SALARY GUIDE

3

Role: Analyst / Non-Officer

Associate / AVP / Manager

VP / Senior Manager

SVP / Director

Director / Senior Director

Product Control $25k - $35k $35k - $75k $75k - $100k $100k - $125k $125k+

Financial Control $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+

Valuations $28k - $38k $38k - $78k $78k - $105k $105k - $130k $130k+

Management Reporting $25k - $35k $35k - $60k $60k - $85k $85k - $125k $125k+

Financial Reporting $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+

Internal Audit $28k - $34k $34k - $58k $58k - $100k $100k - $130k $130k+

The financial services jobs market for accounting and finance professionals was quite stable throughout 2011, with certain areas offering more opportunities than others.

Product control and valuations specialists were in high demand earlier in the year, mainly within the area of equities, as the preference for qualified accounting professionals increased.

BASIC SALARIES (HK$ PER MONTH)

FINANCIAL SERVICES.ACCOUNTING & FINANCE

4

There has been a rise in demand for auditors, with many banks and other financial institutions adding headcount to existing audit teams or creating new teams to incorporate hybrid functions.

An interesting trend that has emerged is the surge in contracting vacancies, mainly within financial control, financial reporting and regulatory reporting.

Whilst hiring activity will be slow in Q1 of 2012, it is anticipated the market will bounce back, although it will become more competitive. Despite certain areas being relatively dormant, others such as audit and strategic analysis will continue to expand in 2012. It is expected that candidates within these areas that are hiring will be compensated with increments ranging from 15-20%.

There was considerable movement at all levels within most asset management firms in the first half of 2011. Employers were relatively generous in terms of total compensation for new hires and remained market competitive for retentions.

At the start of Q3 2011, there was a substantial decrease in demand, especially in the middle and back office areas. Front



VP / Senior Manager

SVP / Director

Managing Director

Fund Manager $42k - $53k $47k - $68k $68k - $92k $105k - $138k $200k+

Research Analyst $36k - $42k $42k - $63k $63k - $83k $92k - $125k $125k+

Retail / Institutional Marketing $15k - $25k $25k - $45k $45k - $65k $65k - $83k $120k+

RFP Writer / Investment Writer $20k - $35k $35k - $50k $50k - $70k $70k - $100k $100k+

Performance Analyst $12k - $20k $20k - $35k $35k - $45k $45k - $70k -

Retail/ Intermediary / Distribution Sales $25k - $35k $35k - $50k $50k - $80k $80k - $120k $150k+

Institutional Sales $25k - $35k $35k - $50k $50k - $92k $92k - $150k $180k+

Client Relationship / Account Management $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+

Execution Trader / Dealer $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+

Product Development / Management $20k - $30k $30k - $50k $50k - $70k $70k - $100k $100k+

Fund Manager’s Assistant $15k - $25k $25k - $45k $45k - $65k $65k - $80k -

office openings for sales, marketing and client servicing professionals were limited, with hiring managers focused mainly on critical replacement hires.

A dramatic increase in hiring activity is not predicted for 2012. Professionals in this area are cautious to make a move due to financial market uncertainty as is the case across the sector. Those who decide to make a move are keen to secure a larger


FINANCIAL SERVICES.ASSET MANAGEMENT

5

increment to offset the risk of being last to join and first to be out. The European debt crisis will continue to have a huge impact on hiring trends over at least the first three quarters of the year.

At the start of 2011 there was huge demand for experienced banking operations professionals across all asset classes. The key areas of hiring activity were trade/sales support and client on-boarding. Towards the end of 2011, hiring within operations slowed significantly due to uncertainty and decline in global financial markets. It is



VP / Senior Manager

SVP / Director


Trade Support $20k - $30k $30k - $60k $70k - $90k $100k+ $130k+

Client Services $20k - $30k $30k - $55k $65k - $85k $90k+ $120k+

Settlements $15k - $25k $25k - $35k $50k - $65k $70k+ $100k+

Documentation $20k - $28k $28k - $40k $50k - $75k $75k+ $100k+

Business Analyst / Projects $25k - $30k $30k - $60k $60k - $90k $90k+ $120k+

EQUITY FINANCE (PRIME BROKERAGE)

Prime Brokerage / Client Services $25k - $35k $35k - $55k $60k - $80k $90k+ $120k+

Prime Brokerage / Settlements $20k - $30k $30k - $40k $50k - $65k $70k+ $100k+

OTHER

Loans Administration $12k - $20k $20k - $40k $45k - $60k $60k+ $75k+

Static Data Analyst $15k - $20k $20k - $35k $45k - $60k $60k+ $85k+

Control / Reconciliations $18k - $25k $25k - $40k $40k - $55k $70k+ $85k+

Asset Servicing (Corporate Actions & Dividends) $18k - $25k $25k - $35k $50k - $65k $75k+ $85k+

Cash Management $15k - $25k $25k - $35k $35k - $65k $70k+ $85k+

anticipated that this will continue in 2012 with hiring likely to be considerably slower compared to the past two years. The majority of recruitment will focus on replacement rather than growth hires. We have seen significant offshoring over recent years and the ongoing emphasis on cost management should see this continue


FINANCIAL SERVICES.BANKING OPERATIONS

6

in certain areas. However, trade support, sales support, client services and client on-boarding should remain key areas for hiring within Hong Kong over the next 12 months.

Salary levels in 2011 increased around 4-8% across most functional levels internally, with professionals moving externally seeing a 15-20% increase on base.

In 2010, the market in Hong Kong rebounded quickly and many people were optimistic about the outlook for 2011. Indeed the first half of 2011 was steady and hiring activity was stable. However, in August 2011 the market started to decline, dropping further in November due to the eurozone crisis. The hedge fund industry was deeply impacted and had one of its worst years in the past two decades. Many of the smaller funds faced redemption and

Role: Analyst Associate / AVP

VP / Senior Manager

SVP / Director


Fund / Portfolio Manager $35k - $40k $40k - $60k $65k - $85k $85k - $105k $110k+

Portfolio Management / Investment Specialist $35k - $45k $45k - $60k $65k - $80k $80k - $90k $90k - $115k

Investment Analyst $30k - $40k $40k - $55k $65k - $80k $80k - $100k $115k - $135k

Economist / Investment Strategist $30k - $40k $40k - $50k $55k - $70k $65k - $80k $90k - $125k

Portfolio Construction $35k - $45k $40k - $55k $60k - $65k $70k - $85k $90k - $115k

Trader $25k - $40k $40k - $50k $55k - $75k $75k - $90k $90k - $115k

Product Development $35k - $40k $40k - $50k $55k - $70k $80k - $100k $90k - $110k

Sales / Business Development $25k - $30k $35k - $45k $50k - $70k $65k - $105k $125k+

Private Equity – Investment Team $35k - $50k $50k - $80k $65k - $100k $90k - $115k $110k - $210k

unfortunately, some had to close down or exit Hong Kong. Hedge fund managers are maintaining a conservative approach to hiring and taking time to observe the situation before making recruitment moves.

With regard to private equity, the impact from the economic downturn has not been as direct. Although the market is declining, deals are not getting any cheaper to invest in and it has been difficult for private equity funds to raise money for investments.


FINANCIAL SERVICES.HEDGE FUNDS & PRIVATE EQUITY

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Therefore most private equity firms are also adopting a cautious approach to hiring. Most are ensuring they can raise more funds before hiring new people into their teams.

Many funds are ‘bearish’ and salary levels for 2012 is predicted to be similar to 2011. For large funds, increments may still be offered to candidates, but for smaller or start up funds, the focus will be on performance bonuses and not base salary.

FINANCIAL SERVICES. HUMAN RESOURCES

In the first half of 2011 there was strong demand for professionals across all areas of HR, particularly HR business partners and recruitment specialists.

Recruitment activity remained steady in Q3 2011, although there was increased emphasis on replacement roles rather than additional headcount. The market became very cautious in Q4 2011 but remained reasonably active.

Headcount restrictions are still in effect and many companies are looking to mobilise their global workforce to reallocate talent where it is most needed. Talent retention and succession planning are still key areas of concern, so demand is high for professionals with experience in talentmanagement, organisational development and learning & development.

It is predicted that there will be steady levels of hiring activity for 2012 with salaries to remain stable with relatively conservative bonus payouts. Many employers will proceed cautiously however, key performers will continue to receive competitive packages as talent retention remains a strong focus in the financial services sector.


Role:

HR Director / Head $125k+

HR Manager / HR Business Partner $66k - $125k

Associate / Assistant HR Manager $32k - $54k

HR Officer / Assistant $18k - $25k

Recruitment Head / Director $108k

Recruitment Specialist $35k - $70k

Recruitment Coordinator $20k - $28k

Learning & Development Head $125k+

Talent Development / Organisational Development Director $108k+

Learning & Development Specialist $55k - $70k

Learning & Development Officer / Coordinator $20k - $28k

Compensation and Benefits Head $100k - $125k

Compensation and Benefits Manager $40k - $80k

Payroll Manager $42k - $75k

Payroll Specialist $25k - $34k

Global Mobility Manager $74k - 105k

Global Mobility Specialist $40k - $62k

Shared Service / HR Operations Manager $45k - $108k

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After a strong rebound from 2010, it was an eventful year for IT recruitment in 2011. Demand grew steadily in front office development, product management and project management in the first half of 2011, with turbulence in the markets amplified by the eurozone crisis and the weakening US economy. Technical developers also remain highly sought after, especially for front office roles.

There was however, diminishing demand for project managers and business analysts as various projects were discontinued.



VP / Senior Manager SVP / Director

Director / Executive Director

Business Analyst / Specialist $25k - $40k $40k - $55k $60k - $75k $75k+ $110k+

Application Developer– Front Office / Middle Office $30k - $40k $40k - $55k $60k - $75k $75k+ $100k+

Project Manager / Change Manager $30k - $35k $35k - $50k $50k - $70k $80k+ $100k+

Production Support / Technical Support $25k - $30k $40k - $55k $60k - $75k $80k+ $100k+

Information Security / IT Audit $25k - $35k $40k - $55k $60k - $75k $80k+ $100k+

Infrastructure Specialist $25k - $35k $35k - $45k $50k - $70k $75k+ $90k+

It will be a challenging year for IT recruitment in 2012, with many banks and financial institutions adopting a more conservative approach to hiring.

Demand for contract IT professionals will be substantially high however, especially in the fields of Wintel, UNIX administration, DBA and network / storage.

Hiring in expected to pick up in Q2/Q3 2012, with replacement hires predicted to provide the majority of new IT job opportunities within financial services.


FINANCIAL SERVICES.INFORMATION TECHNOLOGY

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Skilled developers with strong domain business knowledge will remain the most sought after specialists in the market.

Information security in both application and infrastructure will be another demanding area, given a shortage of experienced professionals.

Given the challenging environment in the last two quarters of 2011, salaries are likely to increase in 2012 for the banking technology field by 3–5%.

Role: Assistant Manager Manager Senior Manager Department

Head

Actuarial $48K - $63k $46k - $70k $62k - $78k $110k+

Claims $37k - $52k $52k - $74k $61k - $82k $70k+

Underwriting $35k - $47k $40k - $52k $44k - $69k $70k+

Distribution $26k - $37k $32k - $57k $50k - $78k $68k+

Audit $38k - $52k $42k - $74k $58k - $85k $74k+

Finance $34k - $45k $40k - $55k $50k - $83k $83k+


FINANCIAL SERVICES.INSURANCE

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The majority of insurance houses in Hong Kong recorded positive results in the first three quarters of 2011, prior to a slowdown in Q4. Asia is still seen as a growth region for insurance and does not seem to be as sensitive to global economic turmoil as other sectors within financial services.

The trend is continuing for internal controls focused hiring as organisations strengthen their compliance, internal audit and risk functions (e.g. ERM & Solvency II).

Experienced life actuaries (qualified) and life underwriters also continue to be in demand.

Due to the shortage of experienced insurance specialists, many employers are now widening their global networks and looking outside of Asia for key talent. In some cases, firms are more open to considering professionals without direct insurance experience.

Other areas of demand include strategic planning and channel distribution. Currently, many professionals are showing reservations to move jobs before bonuses are paid at the end of Q1 2012. Some employers are offering attractive sign-on bonuses and packages in order to attract the right professionals.

FINANCIAL SERVICES. INVESTMENT BANKING & CAPITAL MARKETS

Following an extremely active job market in 2010, investment banking & capital markets saw fewer front office professionals moving jobs in early 2011. This was due to ‘churn’ from the previous year, and increasing uncertainty surrounding the global economy. Since then, the economic outlook has deteriorated and most global investment banks in Hong Kong scaled back headcount in H2 2011.


Role:CORPORATE FINANCE

Analyst 1 $40k - $60k



Associate 1 $70k - $80k



VP $130k - $160k

Director $160k - $180k

Managing Director $200k+

EQUITY RESEARCH

Research Associate $60k - $80k

Senior Research Associate $80k - $100k

Writing Analyst $160k - $180k

Sector Head $160k+11

These factors have put significant downward pressure on compensation. Basic salaries in these top firms have shown little increase since the start of 2011 and with prevailing market conditions, it is unlikely that they will increase significantly in Q1 2012. Moreover, with bonus pools depleted in those firms which have announced 2011 results so far, total compensation for 2011 already looks to be

down ‘across the street’.

Top international firms continue to operate on a broadly level playing field in terms of basic salary at junior levels, and will pay more than local firms. However there is evidence that Chinese banks are adjusting their compensation structures to become more competitive and attract experienced talent from their international peers.

Role:SALES & TRADING

Sales – Institutional – Analyst $40k - $60k

Sales – Institutional – Associate $50k - $70k

Sales – Institutional – VP $100k - $125k

Sales – Corporates – Analyst $40k - $60k

Sales – Corporates – Associate $50k - $70k

Sales – Corporates – VP $100k - $125k

Trader – Analyst $40k - $60k

Trader – Associate $80k - $120k

Trader – VP $130k - $160k

Role:Analyst /

Non-OfficerAssociate /

AVP / ManagerVP /

Senior ManagerSVP /

DirectorDirector /

Senior Director

Head of Compliance - - - $125k - $170k $170k+

AML $25k - $40k $40k - $55k $55k - $80k $90k - $130k $130k+

Product Specific Advisory $35k - $45k $50k - $70k $70k - $110k $120k - $150k $160k+

Training & Competence $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+

Control Room / Research $20k - $35k $35k - $60k $60k - $100k $110k - $140k $140k+

Monitoring / Surveillance $20k - $30k $30k - $50k $60k - $90k $90k - $120k $120k+

Tax Compliance $25k - $35k $30k - $45k $50k - $65k $75k - $105k $110k+

Tax Advisory $25k - $45k $45k - $70k $70k - $100k $100k - $120k $130k+

Tax Product Specific Advisory - $45k - $65k $70k - $110k $110k - $130k $140k+

Banking Lawyer $70k - $80k $80k - $100k $90k - $130k $140k - $170k $180k+


FINANCIAL SERVICES.LEGAL, TAX & COMPLIANCE

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Compliance continues to be one of the most in demand areas within banking. With continued focus on regulatory requirements and reporting, professionals with expertise and experience in this area were in fairly high demand in 2011.

The areas that saw considerable movement across the market were product advisory, private banking and AML compliance.

This trend should continue throughout 2012

as organisations enhance their internal controls and continue to foster close working relationships with local and regional regulators. Furthermore, the introduction of new legislation will also increase demand for professionals within affected areas.

Salaries have increased gradually over the years, especially in areas with a limited pool of talent. However, this growth is expected to slow down in 2012 due to cost-cutting at banks.

Legal recruitment in the transactional and ISDA space tends to be dictated by trading volumes and market activity. Considering the slowdown in global markets, we do not expect such high demand as previous years.

Tax recruitment has remained fairly stable over the years, the same is expected for 2012 where the majority will be replacement hires.

Private bankers are still sought after in Asia. The majority of players in the industry have announced expansion plans and key hires in the region, despite the current depressed market. In 2011 the market was very active and most firms were recruiting in a broad range of functions from business assurance, strategy and investment advisory, to risk and compliance.

Role: Analyst Associate / AVP / Manager

VP / Senior Manager

SVP / Director / Senior

Director

Executive Director / Managing Director

Private Banker $38k - $52k $52k - $70k $70k - $85k $85k - $120k $130k+

Fund / Portfolio Manager $30k - $33k $33k - $46k $46k - $75k $75k - $120k $125k+

Investment Advisor / Consultant $25k - $35k $35k - $46k $50k - $75k $83k - $100k $120k+

Product Specialist $25k - $33k $33k - $50k $50k - $75k $80k - $100k $120k+

Trade / Dealer $30k - $33k $33k - $40k $40k - $75k - -

Business Management $30k - $33k $35k - $46k $50k - $63k $63k - $85k $85k+

Assistant Relationship Manager $25k - $30k $32k - $42k $42k - $55k - -

Product Development / Management $30k - $35k $35k - $45k $45k - $70k $80k - $100k $100k+

It is predicted that 2012 will not be as active for private banking as 2011 and that hiring activity will decrease slightly. It is likely that the majority of recruitment early in the year will be replacement hires following bonus payments in February and March. However, the banks will continue to work to improve their platforms and client offerings, and will strive to retain key talent.


FINANCIAL SERVICES.PRIVATE BANKING

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Salaries within private banking are on a moderate rising trend and we have seen up to 15-20% increases in salary offers. It is anticipated that this growth will continue as Asia becomes an increasingly important player in global private banking.

Role:Analyst /

Non-OfficerAssociate /

AVP / ManagerVP /

Senior ManagerSVP /

DirectorDirector /

Senior Director

Market Risk Management $30k - $40k $40k - $50k $50k - $110k $120k - $160k $150k+

Market Risk Reporting $20k - $35k $30k - $40k $45k - $60k $80k - $110k $120k+

Quantitative Analysis $40k - $50k $50k - $55k $60k - $90k $100k - $150k $150k+

Operational Risk $20k - $30k $30k - $40k $45k - $70k $80k - $120k $120k+

Credit Risk Analysis $30k - $40k $40k - $50k $50k - $90k $100k - $130k $150k+

Traded Credit $30k - $40k $45k - $55k $60k - $110k $110k - $150k $150k+


FINANCIAL SERVICES.RISK MANAGEMENT

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Overall, there was generally consistent levels of hiring across risk management in 2011. Demand for credit risk professionals mainly stemmed from the Greater China region, and as such professionals with Mandarin skills were required.

However, it was also clear that as companies overall business strategies moved towards an emphasis on cost cutting as well as process and operational losses, demand for operational risk expertise rose.

The first quarter of 2011 saw high demand for experienced market risk managementprofessionals at VP and director level. There was a particular focus on strong product experience and proven decision making ability, however this decreased significantly later on in the year as bonuses started coming into play and banks were reluctant to recruit if required to ‘buy-out’ the candidates’ bonus.

There will be continued emphasis on risk management in 2012, however due to changes in financial markets and the

business models of banking organisations, hiring for new teams or business areas will be very limited, and most of the focus will be on strengthening current risk frameworks.

Salary levels are generally in line with previous years and we do not anticipate significant salary growth in 2012 due to the general market outlook.

COMMERCE & INDUSTRY.SALARY GUIDE

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There was renewed economic confidence at the start of 2011 which resulted in buoyant recruitment in accounting & finance within commerce & industry. Economic uncertainty in the latter stages of the year impacted the financial services industry more significantly but did also affect commercial businesses.

Role: Officer / Accountant Senior Manager Senior Manager

Director / CFO

Internal Audit $24k - $36k $37k – $44k $45k - $84k $85k - $150k $150k+

Treasury $26k - $36k $37k - $44k $45k - $99k $100k - $170k $170k+

Tax $33k - $44k $34k - $54k $55k - $124k $125k+ $140k+

Cost Accounting $24k - $35k $36k – $42k $43k - $46k $48k - $60k -

Management Accounting $22k - $32k $23k - $39k $40k+ - -

Financial Accounting $25k - $37k $38k - $45k $46k+ - -

Financial Analyst $20k - $29k $30k - $37k $38k+ - -

SENIOR FINANCESME Multinational

FP&A $38k - $54k $48k - $68k

Finance Manager $33k - $54k $45k - $55k

Financial Control $53k - $70k $65k - $85k

Group / Regional Financial Controller $65k - $80k $85k - $120k

Finance Director $80k - $110k $100k - $125k

Regional Finance Director $90k - $100k $125k+


COMMERCE & INDUSTRY.ACCOUNTING & FINANCE

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Companies became more cautious with regard to recruitment in Q4 2011; a number put new employment on hold and/or froze replacement hires. Despite these turbulent market conditions, some organisations are continuing to hire staff for critical positions although some of the most talented professionals are less inclined to change

jobs in these uncertain times.

Salary levels have remained at a similar level to last year with increases in basic salaries likely to be typically 2-3%.

COMMERCE & INDUSTRY.HUMAN RESOURCES


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There was a steady level of recruitment in all areas of HR within commercial businesses throughout 2011 and this looks set to continue in 2012. Top performing HR business partners are highly sought after, as are specialists in the areas of learning & development, talent management and compensation & benefits.

With Asia continuing to be a key market globally, companies in growth mode look to HR to play a strategic role in business expansion in the region. For this reason, there is demand for senior HR professionals who possess a combination of hands-on HR operational experience and the ability to work as a strategic partner with business leaders. With many firms continuing to grow in China, Mandarin and experience of PRC is also highly desirable.

Overall salaries have not changed significantly and individuals are receiving between 3-7% increments on their total compensation package. Therefore remuneration has been a common motivator for professionals to move jobs. Whilst key performers continue to be rewarded at 10–20% more on their total compensation package.

Role:

HR Director / Head $100k+

HR Manager / HR Business Partner $38k - $100k

HR Associate / Assistant HR Manager $28k - $35k

HR Officer / Assistant $16k - $25k

Recruitment Head / Director $58k - $86k

Recruitment Specialist $45k - $58k

Learning & Development Head $72k - $100k

Talent Development / Organisational Development Director $58k - $100k

Learning & Development Training Manager $30k - $58k

Learning & Development Officer $20k - $28k

Compensation and Benefits Director $66k - $90k

Compensation and Benefits Manager $40k - $64k

Compensation and Benefits Specialist $25k - $32k

The information technology & telecommunication (IT & T) employment markets held firm in 2011, with minimal job losses. Although turbulence in the global economy has impacted Hong Kong to a certain extent, there was steady business growth in the retail, telecommunication and luxury brand sectors.

There is evidence that hiring activity within the IT industry is set to rise in 2012. More than any other field, professionals within IT must keep up with the latest trends and technologies. One of the significant factors affecting salaries within IT is certifications, however, hands-on experience and particular skill sets are still desirable.

Infrastructure support, storage, networking and information security continue to be the most in-demand skill sets across different industries. These core technology functions significantly impact business continuity assessment, performance analysis and data loss prevention, as well as ongoing business development schemes.

Comprehensive e-business solutions and mobile technology will continue to be innovative trends in 2012. This will create demand for professionals, not only within IT & T but also marketing, transport logistics and architecture.

Role:

Pre-sales Consultant $38k - $67k

Microsoft Programmer $35k - $54k

Non-Microsoft Programmer $35k - $54k

ERP Functional Consultant $42k - $67k

System Administrator $38k - $58k

Infrastructure / Networking $30k - $50k

QA Testing $35k - $58k

Data warehousing $38k - $63k

Project Manager $42k - $83k

Business Analyst $42k - $75k

Mainframe and Mid-range Programming $25k - $42k

Service Delivery $42k - $75k

Telecommunication $42k - $75k

Channel Sales $50k - $100k

Marketing Product Management $50k - $100k


COMMERCE & INDUSTRY.INFORMATION TECHNOLOGY & TELECOMMUNICATION

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COMMERCE & INDUSTRY.SALES & MARKETING

Overall, 2011 was a steady year for hiring within the field of sales & marketing. Consumer driven sectors such as the retail and luxury industries recruited for sales, marketing & retail professionals throughout the year, across all levels of experience.

Digital marketing and e-commerce were growth areas in 2011 as companies started to embrace alternative marketing channels to connect with their customers and explore alternative revenue streams. Throughout the year commercial businesses also actively sought sales and business development staff to prepare for anticipated business growth.

There was a slowdown in hiring activity in Q3 and Q4 2011 as companies adopted more conservative approaches to headcount planning. However, sentiment remained mostly positive overall for sales & marketing recruitment within commerce & industry throughout 2011.


Role:SALES & RETAIL

Trade Marketing Manager $30k - $50k

Key Account Manager $30k - $50k

Channel Manager $30k - $50k

Retail Manager $30k - $60k

Retail Director $60k - $90k

Sales & Marketing Director $60k - $100k

Merchandising Manager $30k - $50k

Merchandising Director $50k - $80k

Sales Manager $35k - $50k

Sales Director $50k - $80k

General Manager $80k - $120k

Managing Director $100k - $150k

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COMMERCE & INDUSTRY.SALES & MARKETING


Role:MARKETING

Marketing Manager $30k - $50k

Marketing Director $50k - $80k

Online / Digital Marketing Manager $30k - $60k

Online / Digital Marketing Director $60k - $80k

CRM Manager $30K - 50K

CRM Director $50k - $80k

PUBLIC RELATIONS / CORPORATE COMMUNICATIONS

Event Manager $30k - $50k

PR Manager $30k - $50k

PR Director $50k - $80k

Internal / Corporate Communications Manager $30k - $50k

Internal / Corporate Communications Director $50k - $100k

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In 2011, many companies looked to develop either a retail or sourcing footprint in Hong Kong and this looks likely to continue in 2012.

Digital and e-commerce marketing specialists remain in high demand and companies have shown a willingness to attract digital marketing talent from around the globe.

It is anticipated that hiring will be moderate within the IT & T, industrial, media and professional services sectors as organisations will still be mindful of the economic uncertainty stemming from Europe and the US. The majority of recruitment is likely to be replacement hiring, with only some allowances for headcount growth.

Commercial businesses in Hong Kong were reasonably resilient throughout 2011 and the overall outlook for sales and marketing hiring (which are by and large, revenue-generating roles) remains positive for 2012.

As demand for sales and marketing talent remains strong, it is forecasted that for high performers salary increases are likely to be in the vicinity of 5-10%.

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SALARY GUIDE | HONG KONG 2012.UNDERSTANDING THIS GUIDE

METHODOLOGY:

The salary information provided in this guide has been compiled by dedicated researchers across Morgan McKinley’s financial services and commerce & industry divisions. Our researchers are in regular contact with both employers and candidates across these sectors in Hong Kong.

STRUCTURE OF SALARY TABLES:

We acknowledge that different organisations have different corporate structures. For ease of use, this document includes corporate titles typically used in financial services and commercial businesses to classify approximate salary ranges.

SALARY DATA:

The salary ranges in this guide are indications of what individuals with similar experience might expect to earn in new roles in 2012. This salary data is based on placements made during the last six months, as well as the specialist knowledge of Morgan McKinley’s consultants.

Salaries listed cover basic salaries only and do not include bonus payments or benefits. This is due to the variety of ways in which organisations manage employee pay and reward.

Please note, the information presented in this document should be used as a general guide only. Where number of years’ experience is mentioned, it is only to give an approximate framework in which to gauge what a typical professional is likely to earn with the level of experience shown.

In order to match candidates to the right career opportunities, Morgan McKinley assesses individuals on all their skills and abilities when deciding on their suitability for roles.

FURTHER INFORMATION:

For more specific salary or hiring information, please visit www.morganmckinley.com.hk or contact your Morgan McKinley consultant directly.

© 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction of this material is strictly prohibited. 21

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Documents

Morgan McKinley Hong Kong Salary Survey 2012