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Industry giant offers variety of incentives to lure employees
Non-existent pension plans, dormant bank accounts, obsolete insurance policies - at times it can all seem too hard. Everyone is so hell-bent on keeping up with the present that we tend to let yesterday take care of itself.
For many, the truth is that unless you fix a definite date to conduct a financial review, you'll never get round to doing it. Or to use that often-quoted cliche, 'one of these days is none of these days'.
According to American International Assurance  (AIA Bermuda) Macau office general manager Chris Ma,  it seems there is no time like the present for financial spring cleaning in Macau.
When AIA set up in Macau as the first registered insurance provider 26 years ago, business was not quite so good. But the enclave's booming economy has meant significant growth in the number of corporate clients. Mr Ma said AIA had invested heavily in Macau and saw it as an excellent place to do business.
According to the Monetary Authority of Macau,  AIA is a major life insurance provider in Macau with 42.2 per cent of the market. It offers a wide range of life and health insurance and also provides financial services and retirement products.
Since 2006, the company has expanded its operation into an extra 13,000 sqft of office space at Macau's AIA Tower, taking the total office space to 60,000 sqft.
'We will continue to expand in Macau. We are optimistic and the environment is good for business,' Mr Ma said. 'The booming economy provides unlimited business opportunities, there are a lot of people coming in, many foreign investors so the general wealth has increased, driven up by higher incomes and property prices. People have more money to spend and that has increased the demand for our products and services.'
Despite the good business environment, Mr Ma said there was no doubt that human resources  was the biggest problem facing the insurance and banking sector in Macau.
A spokesman from Macau's Labour Affairs Bureau  said in June last year  there were 75,391 non-resident workers in Macau. About 55 per cent were from the mainland  and  about 21 per cent were from Hong Kong.
'There is a great shortage of suitably experienced and qualified personnel, which is a challenge,' Mr Ma said. 'Our primary source of employees is still Macau, but when we do experience difficulty in certain job functions, or certainly when there is a need, we will look to Hong Kong.'
There is not only the difficulty finding staff in Macau, there is also the problem of keeping them. According to information provided by Macau's Statistics and Census Service, 25,100 people changed jobs in 2006,  an increase of 45.7 per cent from 2005. The main reason given for the change was better salaries.
Mr Ma described staff turnover as 'serious' and said the constant need to train new recruits placed a strain on businesses. 'Human resources is the major challenge we face, but it is the same for most employers not just us,' he said.
'The other big thing is the high inflation rate, which has increased the cost of doing business, and the tight labour market has pushed salary levels up.' Under these circumstances, with strong competition from the gaming sector pushing salaries higher and higher each year, there is a need to provide greater incentives for staff to stay. Mr Ma said for AIA it was all about staff development and offering a definite career path.
The AIG Group, parent company of AIA, operates in 130 countries and jurisdictions. Mr Ma said this provided staff with an opportunity to pursue their careers outside  Macau, which not all employers could offer.
'With us their career path could bring them beyond the boundaries of Macau,' he said. 'We aim to have a comprehensive development plan for our staff members, job satisfaction and future opportunities are important.'
The majority of training at AIA is conducted in-house, but employees are encouraged to pursue relevant courses outside the company and the costs are reimbursed. Mr Ma said AIA was looking for employees who were self-starters and target focused.
'We drive for performance very aggressively and we need people to work with us to drive that performance,' he said. 'We want people who are committed and can see the future in our business.'
Mr Ma said the  various positions available within AIA meant that staff could move around and learn a variety of skills. 'There are a  variety of duties, from claims assessment and agency administration to accounting,' he said. 'If they are interested they could develop their career in other areas of the business.'
Facts
AIA is a major life insurance provider in Macau
It has experienced significant growth, spurred by an increase in corporate clients
Employees offered international career paths
There will be an opportunity to move within the company in different roles



Insurer ensures job satisfaction