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Shortage of Talent hits Shanghai's Financial Service Industry

BritCham / CBBC
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China’s ambition to see Shanghai emerge as a competitive international finance centre to rival those of New York, London and Hong Kong is being seriously hampered by a chronic shortage of skilled financial professionals. As regulations are being finalized for the launch of the Shanghai International board, which would allow foreign companies to list on the mainland for the first time, industry reports are focusing on a severe lack of talent which is damaging Shanghai’s future potential.According to a report conducted by eFinancialCareers.com, a leading global website for career advice in banking and financial markets, 95% of respondents cited a lack of skilled talent as a major problem, especially in hiring and retaining middle-to- senior-level professionals. Although 77% of respondents expressed satisfaction with their current position, they also stated they were continuously looking for better career opportunities. Depsite increasing demand for those with overseas experience, Shanghai is losing out to other financial centers like New York, and Singapore. High taxation is a major factor in making the city a less attractive destination, as well as other factors like education and healthcare facilities, and local infrastructure.  As the financial sector in China is a challenging and constantly changing environment, some companies cite their preference for attracting those with good knowledge of the local market, emphasizing the importance of localization. Others take a different view and are keen to hire seasoned foreign executives to meet their investment banking aims. Although the major challenge for Shanghai is attracting talented people with strategically innovative thinking and professional experience to help the Government plan and design the financial system, Shanghaican be a major stepping stone for early career professionals. Those who elect to go to Shanghai can expect early career advancement, as they experience less competition than those in based in Hong Kong or London. Source: ChinaDaily.

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