ArticlesMarch 03 2011
Author : GrowInFinance.Com
The BRIC countries and Africa offer competitive packages but lack qualified candidates
Qualified specialists, particularly in finance and banking are very sought after in the BRIC and some of the African countries, recent surveys done by international organizations show.
As, due to a large range of economic and financial factors, many multinational companies in the recent years have moved their operations from traditional offshoring locations to Brazil, China or India. Further, as globalization and technology have advanced to make it possible to run a business from a distance, many Western companies have taken over some local enterprises while other BRIC companies have been thriving and expanding internationally, making international specialists and managers very sought after.
Brazil is a stunning example of the inability of companies to find specialists, where 64% of the employers report that they are not able to fill the vacancies even if the executives have been proven to earn more then their counterparts in New York, London or Singapore, and it is growing by double digits every year. This, apart from the base salary, is due to the extensive bonuses and the strong position of the local currency compared to other countries.
Africa is also progressing at a fast steady pace attracting private bankers from all over the world. Several big Western corporations, among which Barclays, JP Morgan and Credit Suisse, are getting ready to set up businesses there and are looking to hire.
Although traditionally complicated due to regulations and legislation, the Chinese finance and banking market is also growing at a fast pace. Recruiters are looking for hiring compliance people to help in establishing businesses there and to help adhere to the complicated legal system that the country has. Despite, what recruiters have called “a very competitive package” in terms of salary and bonuses, the Chinese market still struggles to find the right specialists. As much as 40% of the Chinese employers find it hard to fill highly qualified positions, for example. Nevertheless, demand will not slow down in neither sectors - due to the fast-growing infrastructure and oil finds plans China is looking for over 400 000 engineers a year.