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"The foreign expats posted to China to run banks or to assume senior leadership positions in financial institutions call the shots, even though the Chinese get promoted too quickly." Read all comments »
Foreign banks are crying out for crew in China, but in their desperation for staff are they promoting people up the banking ladder far too early?
Rumour has it that new recruits at big China-based investment and commercial banks only wait a few months for their first promotion.
A Hong Kong recruiter comments: “I’ve placed people in China, phoned them up in six months to see how they’re doing and found that they’ve already got a better position in the same bank. It’s becoming a common trend and might lead to people landing jobs before they’re really ready.”
Why the rush to promote? There’s a massive local and expat talent shortage which is driving up salaries and encouraging poaching, according to a new report from PricewaterhouseCoopers. In the current market, banks are keener than ever to keep their staff happy.
So are there too many banking babies in Beijing? Can you make VP at 23 by working in the PRC? Board the fast boat to China below.
Copyright 2006. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
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