Expats back in favour as banks rehire

After cutting expat salaries and benefits to the bone in 2009, banks have been forced to change tack and pay for expats, survey finds.

The Robert Walters Salary Survey 2010 revealed that expatriates are now back in demand as there was a short supply of tax compliance and internal audit specialists when organisations decided to hire locals. The marked reduction in expatriates’ packages in 2009 was observed after companies moved to manage costs. But now expats are again part of selection pools to widen the search for professionals with the right skill sets.

Mark Ellwood, Robert Walters Southeast Asia Managing Director, said, "Over 2009, due to the Global Financial Crisis, salary increases were kept to a minimum and in some cases there was evidence of some salary reductions as organisations fought to control costs. Given the challenging economic condition, candidates' expectations were similarly conservative. Towards the end of 2009, although many employers remained cautious and costs were still a key focus, we began to see some organisations increase their hiring activity. For 2010, we anticipate that organisations will continue to try to contain costs as much as possible which will be reflected in compensation throughout South East Asia. However, if the global economy continues to rebound quickly, we expect to see salary inflation for certain business-critical positions."

Particularly in the areas of fund management, investment banking, finance, operations and projects, the financial services market saw significant headcount reductions and continued restructuring in the first half of 2009.