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kinvin
05-08 02:50 PM
A bidding war makes for �crazy� salaries across Asia
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
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desi485
08-12 12:54 PM
in my case, the local municipal corp in india denied providing non-avaibility certificate. Because my birth is registered and I do have birth cerficate, but instead of wrong date as in your case, in my case the first name is wrong. I had my birth-name on the birth certificate which is not un-common in india. Before I started pre-school, all my cerficates from that point onwards have my current legal name.
I did not specified YES in the column where it asks if you were known by anyother name in 485.
The only glitch is a first-name in birth cert is diff. from my current legal name. the name of parents, date, timing, family name, birth place and everything else is true and correctly mentioned.
how much chances do you see for me to get an RFE on this?
My lawyer told me to submit Affdevits from my parents which I did, along with original birth certificate with wrong first name. My parents also mentioned that I was given a pet-name at the time of birth, and then decided for my current legal name. I know this is complicated...
I found 'usa consulate' in UK website talking about such case. It suggests to have affidevits, and EARLY school records, affidevit from priests etc. who performed any religious naming ceremonies etc as the acceptable documents.
I am keeping my fingers crossed.
I did not specified YES in the column where it asks if you were known by anyother name in 485.
The only glitch is a first-name in birth cert is diff. from my current legal name. the name of parents, date, timing, family name, birth place and everything else is true and correctly mentioned.
how much chances do you see for me to get an RFE on this?
My lawyer told me to submit Affdevits from my parents which I did, along with original birth certificate with wrong first name. My parents also mentioned that I was given a pet-name at the time of birth, and then decided for my current legal name. I know this is complicated...
I found 'usa consulate' in UK website talking about such case. It suggests to have affidevits, and EARLY school records, affidevit from priests etc. who performed any religious naming ceremonies etc as the acceptable documents.
I am keeping my fingers crossed.
h1b_professional
07-12 02:34 PM
I dont see any problem trying. The worst that cna happen is she doesnot help.
If anybody has contacts, please try to contact as many people in goverment as possible
If anybody has contacts, please try to contact as many people in goverment as possible
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jthomas
06-10 12:11 PM
Sidbee,
thank you sidbee and i would pray that you would never be in this position. Its hard to stay home without at job and secondly, with H1B laidoff its even tougher.
I was laidoff recently and i know the stress one goes through. That's the reason i am trying to help by making a IVjobhunters group. I have found my job and i have nothing to gain.
Sidbee if you cannot talk good or help please shut your mouth. . If someone is asking for help ( Laidoff means Was terminated from work for no reason of yours).
You have the right to ask your employer for one way return ticket to your home town. Its not just the international airport but till your home town, Its a law and you should get it.
I was laidoff and i took unemployment benifits, Sidbee, Give me a lecture.
J thomas
Man you are illegal in the country, And you want to pressurize your employer to follow the law.
If i was a employer , and had laid of a employee , I may not have reported the lay off, but if he tried to teach me the law , i would have surely reported it to the USCIS , as a illegal.
thank you sidbee and i would pray that you would never be in this position. Its hard to stay home without at job and secondly, with H1B laidoff its even tougher.
I was laidoff recently and i know the stress one goes through. That's the reason i am trying to help by making a IVjobhunters group. I have found my job and i have nothing to gain.
Sidbee if you cannot talk good or help please shut your mouth. . If someone is asking for help ( Laidoff means Was terminated from work for no reason of yours).
You have the right to ask your employer for one way return ticket to your home town. Its not just the international airport but till your home town, Its a law and you should get it.
I was laidoff and i took unemployment benifits, Sidbee, Give me a lecture.
J thomas
Man you are illegal in the country, And you want to pressurize your employer to follow the law.
If i was a employer , and had laid of a employee , I may not have reported the lay off, but if he tried to teach me the law , i would have surely reported it to the USCIS , as a illegal.
more...
MrWaitingGC
05-22 04:20 PM
If you have I140 cleared from company A you can use Priority date if you change Job and apply fresh GC from Company B in any catergory.
How will this change if the new legislation/amendment that are discussed passes.
Any ideas guys.
How will this change if the new legislation/amendment that are discussed passes.
Any ideas guys.
donelson
January 7th, 2005, 04:47 PM
I haven't done any 1:1 yet, but hope to this weekend. I'll post again after I've shot some.
Don
Don,
Thanks for the quick reply. Have you taken many 1:1 photos and how did they turn out?
Don
Don,
Thanks for the quick reply. Have you taken many 1:1 photos and how did they turn out?
more...
morchu
05-04 03:33 PM
It can be done online also. That is the second step in online process of AR11.
Ok, so basically I need to call customer service and have them update address for all pending cases?
Ok, so basically I need to call customer service and have them update address for all pending cases?
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Jimi_Hendrix
12-16 05:46 PM
To make any educated guess there has to be a basis. You need to have some data or some other relevant information. Unfortunately there is no data available that can help one make an educated guess about the future movement of EB3 India.
In the absence of any data being available you cannot make a guess about the movement of visa numbers. However we do have visa bulletins each month and if you notice the movement in Priority dates in the last 6-9 month period, that movement has been very minimal. Also the advisory given by the Department of State has been very negative about the future movement of priority dates. Therefore it is quite safe to conclude that unless legislative action is taken, you can reasonably expect priority dates to move very slowly or even stop moving.
In the absence of any data being available you cannot make a guess about the movement of visa numbers. However we do have visa bulletins each month and if you notice the movement in Priority dates in the last 6-9 month period, that movement has been very minimal. Also the advisory given by the Department of State has been very negative about the future movement of priority dates. Therefore it is quite safe to conclude that unless legislative action is taken, you can reasonably expect priority dates to move very slowly or even stop moving.
more...
vphope
04-04 12:22 PM
Is attorney not in the loop?
Why didnt he get any info?
Are we supposed to be monitoring all these...:mad:
Why didnt he get any info?
Are we supposed to be monitoring all these...:mad:
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roseball
03-31 02:38 AM
Hello frnds,
Just today, started new contract job at Clients place with big consulting firm on EAD. On my first day in the evening I got a call from consulting firm saying my back ground check have criminal record from state of Idaho. Till now I never ever was involved in any kind of criminal act. They asked me to stop going to work till it is resolved. consulting firm says all the states and federal agencies cleared me where I last lived, except state of idaho where i worked for 5 months.
Frnds please help! how should I resolve this issue. I have signed a 6 month rental lease, Left my H1B employer depending on this job. More over to all this we are expecting our first child and my wife doesnt have insurence. I was so happy I got this break but now this false check.
Please let me know if any one was in this situation and got out of it successfully.
Thanks,
Hydubadi.:confused:
Sorry to know about your situation. Nothing you can do at this point other than waiting to get the final report and know what the issue was in Idaho. You can ask them to give you a copy of the report.
Just today, started new contract job at Clients place with big consulting firm on EAD. On my first day in the evening I got a call from consulting firm saying my back ground check have criminal record from state of Idaho. Till now I never ever was involved in any kind of criminal act. They asked me to stop going to work till it is resolved. consulting firm says all the states and federal agencies cleared me where I last lived, except state of idaho where i worked for 5 months.
Frnds please help! how should I resolve this issue. I have signed a 6 month rental lease, Left my H1B employer depending on this job. More over to all this we are expecting our first child and my wife doesnt have insurence. I was so happy I got this break but now this false check.
Please let me know if any one was in this situation and got out of it successfully.
Thanks,
Hydubadi.:confused:
Sorry to know about your situation. Nothing you can do at this point other than waiting to get the final report and know what the issue was in Idaho. You can ask them to give you a copy of the report.
more...
tinamatthew
07-20 09:49 AM
What happens if I get my EAD after 180 days of concurrent filing i-140 & i-485, and my employer no longer has a vacancy for me. Can I start at another job or do I have to refile the i-140. (I'm not presently working for the company yet)
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mhb
05-31 01:11 PM
doing it right now...
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crystal
07-04 10:09 PM
Are sure about whether you can go for stammping to canada when you are going for first time stamping? I think you need to go to india where they can check your education credentials. If you have done masters/bachelors in u.s then only you can go to canada i guess . I am not very sure about it though. I read it somewhere.
When i changed from F-1 to H-1B, my employer filed my I-129 as if i had a Masters, then i changed employers , my second employer filed my I-129 under my Bachelors only. There was also a gap of my H-1 Activation and F-1.
For the semester starting august i did not pay the fee, since my H-1 was approved an H-1 was Active from October.
i think my approval will depend on my Visa officer nad i will try my luck in dec and i am planning to go to canada for my stamping and in any case i get it or not get it i will fly to india from canada.
i will also talk to a lawyer before leaving to stamping regarding what will happen if cant come back to US in 4 months, regaring what happens to my credit and loans if my stamping gets rejected.
When i changed from F-1 to H-1B, my employer filed my I-129 as if i had a Masters, then i changed employers , my second employer filed my I-129 under my Bachelors only. There was also a gap of my H-1 Activation and F-1.
For the semester starting august i did not pay the fee, since my H-1 was approved an H-1 was Active from October.
i think my approval will depend on my Visa officer nad i will try my luck in dec and i am planning to go to canada for my stamping and in any case i get it or not get it i will fly to india from canada.
i will also talk to a lawyer before leaving to stamping regarding what will happen if cant come back to US in 4 months, regaring what happens to my credit and loans if my stamping gets rejected.
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keiryu
08-20 04:07 PM
When did you apply the switch from EB3 to EB2? Did you have to go through the entire process of PERM all over again? How long did it take? I'm considering this also.
more...
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ItIsNotFunny
04-23 10:12 AM
Quick question - Our firm's attorney is being super-secretive in not letting me see the labor and/or the I-140 application. My wife is a dependent on the I-140 application. The I-140 is filed using premium processing.
Will I get a copy (courtesy) of either the receipt notice or the approval notice from USCIS directly?
If your 140 is filed under premium. Just relax and have fun with your family. You will get approved 140 at your home in a week. Good part of the story is, I-140, USCIS sends to your home not to lawyer. :)
Will I get a copy (courtesy) of either the receipt notice or the approval notice from USCIS directly?
If your 140 is filed under premium. Just relax and have fun with your family. You will get approved 140 at your home in a week. Good part of the story is, I-140, USCIS sends to your home not to lawyer. :)
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kish006
11-06 11:47 AM
Anyone who filed in July still waiting for a receipt / rejection notice?
I filed on July 2nd - haven't heard anything yet.
Hi,
did u gout ur receipt notice. I am still wating on my receipt. I called USCIS yesterday still not there in the system.
Please let me know if u got ur receipt number.
any one else who are wating on receipt number who filed I-485 on july 2nd.
I filed on July 2nd - haven't heard anything yet.
Hi,
did u gout ur receipt notice. I am still wating on my receipt. I called USCIS yesterday still not there in the system.
Please let me know if u got ur receipt number.
any one else who are wating on receipt number who filed I-485 on july 2nd.
more...
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freefly
May 1st, 2005, 12:58 PM
I think you already know the answer to this...don�t change a thing. They look very professional to me...PIN sharp, well composed and the speed is just right. By freezing the action, I think it gives the impression of an explosion of speed rather than enhancing the movement. Nice one!
P.s. Perfect use of aperture to lose the background too!
P.p.s.That has to be an "L" Lens?
Nick
http://www.all-things-photography.com (http://www.all-things-photography.com/)
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P.s. Perfect use of aperture to lose the background too!
P.p.s.That has to be an "L" Lens?
Nick
http://www.all-things-photography.com (http://www.all-things-photography.com/)
http://www.panphotography.com (http://www.panphotography.com/)
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ravi2patel
07-23 11:19 PM
Hi,
My situation is as follows:
1) approved RIR labor 2002
2) approved perm labor 2005
3) approved i-140 2006 (PD 2005)
4) ALL of above for company-A. 2006 company-B took over.
My lawyer said i cannot file and have to start again with new labor as merger/acquistion was 'asset only' type.
I want to self-file i-485 giving the company "name change" letter as the only proof along with the rest of regular documents. Company-B employer is in 100% support of my application.
SHOULD I just waste $$$$ money or take a chance ? PLEASE HELP...TIRED OF WAITING FOR LAST 5 years :(
Regards,
-Ravi
My situation is as follows:
1) approved RIR labor 2002
2) approved perm labor 2005
3) approved i-140 2006 (PD 2005)
4) ALL of above for company-A. 2006 company-B took over.
My lawyer said i cannot file and have to start again with new labor as merger/acquistion was 'asset only' type.
I want to self-file i-485 giving the company "name change" letter as the only proof along with the rest of regular documents. Company-B employer is in 100% support of my application.
SHOULD I just waste $$$$ money or take a chance ? PLEASE HELP...TIRED OF WAITING FOR LAST 5 years :(
Regards,
-Ravi
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kiranraheja
08-12 03:51 PM
Hi Billu/anyone,
Did anyone try this Dish Network iptv service? Its expensive and has a contract attached so wanted to know if I should go ahead with it.
Thanks.
Did anyone try this Dish Network iptv service? Its expensive and has a contract attached so wanted to know if I should go ahead with it.
Thanks.
izolo
06-07 06:26 AM
first sorry for multiple posting, it was by mistake as it was the first time posting. then thanks for the answers. Of course it is a real job with real payment, just remember my application goes back to 3 years ago and and I finally got it with lots of efforts to keep this opportunity. I never thought they might give the visa just for 3 months. now I have to think about all options. Does anybody have any other suggestion?
gc28262
07-29 05:36 PM
Also one EB1 participant asked for preferential treatment for EB1 applications.
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