Hong Kong employers face competition from China to retain compliance professionals
Chinese employers are willing to offer a hefty premium to attract anti-money-laundering and compliance professionals from Hong Kong
Hong Kong employers may have a task on their hands. Their highly skilled anti-money-laundering and compliance professionals may not be able to resist the temptation of better pay and perks in China.
According to British recruitment agency Hays, the wage gap for mid- to senior-level managers between Shanghai and Hong Kong is closing.
But some of the cash-rich Chinese companies are offering salaries much higher than Hong Kong employers to secure much-needed talent and fill key positions.
“Generally speaking, the wage gap for similar roles between Shanghai and Hong Kong is closing, but has not yet achieved parity,” said Simon Lance, managing director for Hays in Greater China. “But the cost of living in Hong Kong is still relatively higher.”
A Hays survey of 3,000 employers in Asia shows that an average compliance director at a mainland-based bank can earn 1.2 million yuan (US$187,500) a year, 45 per cent more than in Hong Kong where it is HK$1.01 million (US$129,156).