Hong Kong hunts for top-level finance honchos amidst regulatory reforms

Companies are looking for VP, CFO and finance heads in past months.

Although recruitment in the finance industry has largely focused on junior to mid-level hiring in the past two years, sweeping regulatory reforms across Hong Kong's finance industry have led to a gap in the upper corporate levels as companies try to plug VP, CFO and head of finance positions, according to HR consultant Hays.

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The reasons driving this shift are the developing regulations including ongoing reforms to the banking sector, the creation of Insurance Authority and the upcoming implementation of the global IFRS17 standard - which all require companies to install project managers capable of implementing systemic changes. 

“In the insurance industry, due to the requirement for having IFRS 17 systems up and running by 2021, there is a need for systems project people to implement them, but these individuals are few and far between, particularly inhouse. This means that firms are looking to recruit individuals from the Big Four companies where preparations are already well underway,” Dean Stallard, Managing Director of Hays Greater Bay Area said in a statement.

In addition to high level executives with expertise in financial regulatory reporting, project management and senior financial planning and analysis professionals are also in hot demand.

“What is most interesting about these positions is in the way that the new technologies required to implement them means that candidates who not only have an IT background but also an in-depth knowledge of the regulatory reforms are top of companies’ wish lists,” added Stallard.

As finance workers gain confidence about their in-demand status, companies are increasingly rolling out attractive compensation packages from 25 to 28% salary increases as retention packages to avoid high turnover rates.