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Hong Kong Attracts Companies but Talent in Short Supply

Hong Kong continues to attract companies looking to gain a foothold in Asia, but talented professionals are in short supply. The ‘Michael Page Hong Kong 2014 Salary & Employment Forecast’ shows average salaries in Hong Kong are expected to increase over the next 12 months, with 71% of all surveyed employers expected to offer salary increases of between 1% and 5%. Sectors expected to provide employees with higher salary increases of 6-10% include procurement & supply chain (50%), secretarial & office support (42%) and legal (33%). Andy Bentote, senior managing director of PageGroup, comments: “While some established businesses are beginning to look at setting up in other cities such as Shanghai and Singapore, Hong Kong’s deep pool of talent makes it hard to beat for companies starting out in the region.” Michael Page also witnessed growth in Greater China and achieved record revenue for the region in 2013, in particular, a resurgence in financial services in Hong Kong contributed to its revenue growth. Bentote adds: “For 2014, we believe that staff retention will be the key theme for employers in Hong Kong as competition for the best performers will be strong.”

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-EMPLOYMENT OUTLOOK- Banking Expansion May Create Up to Two Million New Jobs

The banking sector may create up to two million (20 lakh) new jobs in the next 5-10 years, helped by the issuance of new licenses and efforts being made by the Reserve Bank of India (RBI) and the government to expand financial services to rural areas according to the Press Trust of India. Hiring may be further boosted by public sector banks, as nearly half of their workforce is scheduled to retire in the next few years. According to Randstad India, the banking sector will generate 700,000 to 1 million jobs in the coming decade and the sector will be amongst the top job creators in 2014. The Manipal Academy of Banking, is even more bullish and hopes to help create 1.8 to 2 million new bank employees over the next five years. "With the new banking licenses… the banking sector is poised to create big career opportunities in the near future,” said Moorthy K Uppaluri, Randstad’s India & Sri Lanka CEO. "With only less than 30% of the Indian population having access to bank accounts, top banking firms are looking to expand and venture into the untapped rural markets that have so much potential to boost growth and profitability.”

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