Key survey findings: (Source: Michael Page Global Financial Services Report - Asia Pacific Focus)
- More Asia Pacific-based financial services professionals received pay increases in 2011 (32%) compared to counterparts in Europe and the United States (25%), and have the greatest confidence for an improved bonus in 2012.
- 49% vote Asia Pacific as the market fastest to recover in a global downturn
- Singapore, Hong Kong and Sydney rated in the top five most attractive work destinations
1 May 2012: Despite a changed financial services industry due to the impact of events in the Eurozone, financial services employees located in Asia Pacific remain optimistic, according to the findings of the Michael Page Global Financial Services Report Asia Pacific Focus.
Based on the responses of 2,700 financial services professionals located in Europe, the United States and the Asia Pacific region, the survey findings reveal that workers based in Asia Pacific are the most confident about their chosen industry. In addition, Asia Pacific is viewed by many global survey respondents as a strong market and an attractive work destination.
A greater number of financial services professionals working in Asia Pacific compared to other locations received a pay rise at the end of 2011, with 32% receiving an increase of between 5 and 10% compared with 25% of global survey respondents. Additionally, expectations for an improved bonus in 2012 were higher among financial services professionals based in Asia Pacific, with 34% expecting a slight improvement to their bonus and 16% expecting it to improve greatly, compared to global survey findings of 29% and 15% respectively
Sharmini Thomas, Regional Director of Michael Page International, says the financial services industry in the Asia Pacific region has remained reasonably resilient.
While the financial services industry has suffered some pain in a global context due to issues arising in the Eurozone, countries within Asia Pacific have continued to fair relatively well against global counterpart regions with continued hiring activity and salaries on offer. The report findings reflect these market conditions, Ms Thomas says.
The strength of the financial services market in Asia Pacific was also recognised by survey respondents from around the globe, with the majority (49%) voting the region as the market likely to recover fastest in a global downturn. Further, Singapore, Hong Kong and Sydney were rated in the top five most attractive work destinations by survey respondents, coming behind only New York and London.
The Michael Page Global Financial Services Report for 2012 also reveals that financial services professionals, no matter where they are based, continue to place great importance on career progression and rate this as the most important factor in searching for a new job, adds Ms Thomas. Remuneration also remains high on the list, and increasing compensation would be an incentive to relocate for work for the majority of survey respondents.