China Retail Finance Firms Offer Record Hiring
Packages For Taiwan Pros
With China opening its retail financing market to non-Chinese
competitors in Dec. 2006, Chinese firms are offering record
packages to attract Taiwan finance management pros to
work in China and build their retail financing arms. Annual
salary packages for top management are running more than
US$400,000 a year, with a two year contract commitment.
China is required to open its markets to all competition
by Dec. 2006, and is poised for an onslaught by leading
American firms such as Citigroup, a leader in retail and
credit card financing. The Taiwan market has already opened
to foreign competition, and Citigroup, just to cite an
example, has been active there for more than 15 years.
The strategy for the leading Chinese finance companies,
almost all of which are state-owned, is to hire the senior
management of the firms which have already cut their teeth
in Taiwan to build up local Chinese teams. The thinking
is that it's better to have these people on their own
side, than it is to have them on the competitors' side
in China.
The result is that hiring packages which would have been
unthinkable even one or two years ago have appeared. These
top packages are for salaries of more than US$400,000,
full education packages in international schools for their
children, a home and a car. They all require a two-year
contract commitment.
Previously, Chinese companies hired middle management
away from Taiwan; now the tendency is to hire senior management.
The requirements are that candidates have department
management experience, or are VP level and above. The
most urgently required positions are for finance and IT
positions. Unlike before, the candidates are required
to achieving certain milestones as part of their performance.
These salaries are more than 100% higher than what these
individuals are making in Taiwan, which has a much higher
standard of living than China.
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