Banks are having a hard time competing with casinos for fresh and enthusiastic recruits Macau's booming gaming and hospitality industries are tempting young job hunters with starting salaries of 13,000 to 14,000 patacas a month. Other industries such as the banking and financial sectors are also feeling the pinch, as potential candidates with a university education - young people who might otherwise have been knocking at their doors - are gravitating to the glitzy world of casinos instead. Junior-level candidates with an academic background and a couple of years of experience in finance and banking are actually turning away from banks. Liu Kam-chi, deputy general manager at Luso International Banking, a local bank with 10 branches at prime locations throughout the territory, said Macau's banks were suffering from a serious brain drain as potential employees moved to the gaming industry. With more casinos expected to open for business this year, the situation would only get worse, Mr Liu said. 'We have experienced difficulties in recruiting talent.' Finding junior-level staff was already proving difficult, so finding senior staff locally would be an even greater challenge, he said. The increasingly demanding nature of banking and finance is another point that young people are seriously considering. 'Our staff will have to put in extra effort and energy to achieve business targets and acquire new knowledge, as well as the professional qualifications required by banks and the monetary authority,' Mr Liu explained. It is not the banking sector alone that is having a hard time finding staff. Small and medium-sized businesses are also being challenged to fill posts for finance-related jobs, such as those of accountant and financial controller. Degree holders with training in business and accounting seemed to like the idea of working in hotels in accounting and administrative roles and working their way up, said Starr Xian, business development manager at Sunkoshi-IHR, a Macau-based recruitment consultancy. 'I had a client who spent a whole year looking for a local Macanese to fill a financial controller position, but eventually gave up and hired someone from Hong Kong,' Ms Xian said. 'Experienced candidates with a good working knowledge in the field and a high proficiency in English are hard to find in Macau.' The lack of talent has affected business and corporate growth in Macau. Mr Liu said he was concerned that the lack of available talent, coupled with high staff turnover, would affect the quality of service, increase operational risks and delay the development of new business. He said that the banking industry was likely to increase its incentives to make the industry more attractive. These would include higher salaries and extra bonuses. Meanwhile, Macau banks are being forced to consider hiring from outside the territory, mainly in Hong Kong and the mainland, and using part-time staff, a common practice in the banking industry. Mr Liu said when Macau banks recruited from outside the territory, they did so mostly for senior staff. He said qualifications and experience were deciding factors. Luso International Banking believed an attractive blend of financial remuneration and promotion opportunities were the best way to retain staff and ensure an adequate supply of new hires. 'Through our annual appraisal, we have identified crucial and outstanding staff, and they have been rewarded with both salary increases and promotions, while other staff who have given satisfactory performances have had their salaries raised,' Mr Liu said. The recruiting game Gaming and hospitality industry salaries are attracting top graduates like bees to a honeypot Banking and financial institutions are suffering a shortage of staff with at least two years of experience in the industry Recruiting senior banking staff locally is likely to get harder Banks are hitting back with pay rises and extra bonuses or by taking on part-time staff Senior staff from Hong Kong with spot-on skills and experience are getting a warm welcome
