Banks clamour for project managers in Hong Kong

Banks - especially those that are expanding or integrating - are ramping up their recruitment of project managers , but they’re being choosy about who they hire.
With banking in a state of flux, firms are taking on experienced PMs to guide them through the changes ahead.
The growth camp comprises of banks like Barclays (expanding in equities) and aggressive Aussie duo ANZ and NAB. Consolidators include RBS and Nomura, following their takeovers of ABN AMRO and Lehman Brothers respectively.
A further drive for PMs is likely to come from BoA-Merrill Lynch, and potential from whichever banks snap up sections of RBS in Asia.
“We have seen an increase in demand, which in light of current conditions, is an interesting concept. Traditionally in times of market decline, projects will be one of the first areas where headcount will be cut,” says Mark Andrews, manager, banking operations, Robert Walters Hong Kong. So what’s behind the current hiring? “There’s a demand for seasoned project managers to drive finance and operations projects in mergers, demergers and takeovers,” explains Andrews.
He adds that banks are offering roles on both a temporary and permanent basis and some candidates have even secured two to three-year fixed-term contracts with redundancy clauses written in. But be warned, if you’re not currently a project manager, you’re unlikely to land one of these new jobs, even if you’ve worked in PM previously in your career. Getting sign-off is tricky and each new hire must be carefully justified, so banks need their PMs to “tick all the boxes”, says Matthew Adamson, manager, WH Marks Sattin. “Sometimes line managers who have overseen change are considered. But generally most banks want pure project managers. The scale of the change that banks are undertaking is more than anything that’s been done before, so it’s important to have a thorough understanding of the methodologies required to cope with this scale of project,” he adds. But even experienced project managers with unbroken PM careers need to fit the job function. “For example, an IT project manager will no longer be considered for a non-IT role. Banks are no longer able to compromise like they previously were,” says Adamson. Not surprisingly, there is a shortage of professionals who can meet all the banks’ requirements.Those who do can command significant salary increments, and sometimes even get offered more than one role, according to Adamson.

Think Like a Head hunter

You send your CV to a reputable headhunting firm. You don’t hear from them. You try calling them, but can’t get someone to speak to you. You persist and finally talk to someone who is just not interested in meeting you, or talking to you for more than five minutes.
Sounds familiar? Chances are, this is the experience of a vast majority of bankers who have approached search firms to represent them. Here are a few candid tips on how you can really get your headhunter working for you.
Choose the right recruitment company…
There are many search firms out there. You should do some research to find out which ones specialise in your part of financial services. The biggest mistake is to send your CV to a firm which doesn’t deal with your sector. Your CV will simply sit in a database and you are unlikely to receive any job interviews.
…and speak to the right consultant
Many recruiters are generalists, or at least they recruit across a vast range of sectors. Finding out the name of the consultant who specialises in your job function is the next important piece of research you should do. Even if you send your CV to the right search firm, if the specialist recruiter doesn’t get to see it, you are unlikely to get immediate results.
Don’t insist on a face-to-face interview
This is the bane of many recruiters. A candidate sends in her CV, calls the recruiter and insists on a face-to face meeting as soon as possible.
As a candidate you will want to explain your strengths in person to make sure recruiters understand your career objectives. But headhunters probably don’t have any immediate opportunities and they hope you will leave them alone for now.
Much of a recruiter’s time is spent getting job orders from clients. If you are the right candidate, don’t worry - you will be hunted down! Trying to get an audience with your recruiter will only take him away from getting job orders from clients - your potential employers. So, leave him alone to work with your potential employers. If you are the right candidate, your recruiter will come knocking at your door.
Now, after you have done all that, you wonder why your phone still isn’t ringing. Here are some tips on how to make yourself useful, get the attention of recruiters and get them to work for you. Discuss business opportunities in the market
Share with your recruiter information that you hear about hirings or other events in the market. Headhunters are always keen to receive any information about company developments, especially if they involve potential job orders. If you keep feeding your recruiter with market information, you will slowly find that not only does she remember you well, she will call you more often because you are foremost on her mind.
Keep your recruiter notified about your career
If you have moved on and found a new job, please keep your headhunter informed of your status. This is professional courtesy. Some candidates may think that once their recruiter knows they have been hired, job opportunities will not come their way anymore.
But you should see things from a recruiter’s perspective. You would seriously embarrass him, if he introduced you to a prospective client, only to discover that you are no longer available. It reflects poorly on your recruiter and in return, he starts to cast doubt on your professional integrity. Recruiters have an industry blacklist and you wouldn’t want to be on it!
Build a long-term relationship
Once you have found that job, don’t forget to keep in touch with the consultant on a regular basis. Continue sharing and discussing market information. After all, if your recruiter specialises in your field, she probably knows quite a lot about your competitors as well. And who knows, new opportunities might arise and you could find yourself with another prospect again.
Remember to carry your relationship with that consultant throughout your career. Recruiters often tend to recommend candidates who they have known the longest. Of course this doesn’t take away the importance of your basic performance track record. But in these challenging times, try to get whatever support you can. Remember - be consistent in your relationship with your recruiter.
These may sound like simple ideas, but any relationship is a two-way process – it’s about giving and receiving.
Andre Cheong, managing director, Global Search Partners

Don't worry WE can Get Out of Global Recession

This is the question in everybody's mind. What should we do to get out of this time of global economic slowdown ? To understand this we have to know where did it begin and what has been happening since then. My intent is not to explain the cause of this slowdown but to get rid of it. The current situation is jobs have become unstable, businesses are shutting down, people are afraid to spend, liquidity in market had dried, profits going down, jobs cut, etc.

Global economic slowdown nothing but a cascading effect of a series of events.

Lets take a simple example. One big company goes down and companies associated with them are shut and jobs are cut. People get afraid of the security of their job and start saving more and more and spending less. One may think yes this is what has to be done as you never know that the next day you may be jobless. So let me save enough to protect my family.

This is the beginning of the cascading effect. Example of this is an exceutive earns 50000 per month. Of this he spends 15000 in essentials, 15000 for loans , 10000 for savings and 10000 for luxuries like outing, eating at hotels, a movie, etc. When he fears that jobs will be cut he reduces his expenses and increases savings. This means 12000 for essentials, 15000 for loans,18000 savings and 4-5000 for others. Since people are saving more the bank deposits go up and the bank is unable to pay interest as they are not able to lend it to anyone outside. In the bargain interset rates dip.In the bargain what is happening to the economy. As people are spending less those businesses are impacted. Shopping reduces and malls which survive on volumes are forced to reduce costs which is easily done by reducing resources. Jobs are cut as business does not require that numbers and the cycle goes around.

The aftermath of a global meltdown is increasing crime, faltering businesses, poverty, increase in prostitution, anti social activities, robbery, etc

So does that mean you should not save more considering you might lose your jobs. The answer is no. Its a common man's behaviour to safeguard his family based on the current crisis. However before retrencing or cutting expenses think about people who thrive on that business. Simply speaking one might shop in a Big Bazzar or DMart every month suddenly switches over to a local kirana. What happens is obvious as said above. In this the low income group gets affected bigtime and he can do anything to feed his family.

Let see whats the solution to this. From above you have understood that the starting point is lack of job security. So all the organizations have to promise their employees that they will not cut jobs. In a situtaion which demands job cut they may reduce a % of salaries but job will be secure atleast for the next two years. The organisation can save some costs by cutting salaries of top management as everyone knows that 80% of salaries expenses goes for 20% of the people on top.This will bring some life to the economy and people will slowly start spending. This will not happen in a day but if everyone does it consiously things can stabilize as fast as a year or 6 months.

From a goverment perspective they should try to reduce taxes as much as they can to increase the spending ability of individuals and bring in more foreign investments to gain the confidence in the minds of the people. Talking about recession again and again will not help but working towards coming out of it helps. In such times the worst impacted is the comman man and the only person to get him out of it is he himself.

Its not a one man's job or a one thousand men job. It would require efforts from every person in this economy to contribute his part. This is possible only if this message goes across to everyone in India and the world.

Lets make a beginning and you can make a difference.....Times will change and we will be back from this black night to a bright sunshine if everyone makes the effort.