Recent survey reveals firms not offering staff enough opportunities to gain overseas experience
According to the International Talent Mobility Report, recently released by ACCA and Robert Half International, many finance and accounting professionals want to gain international experience, but few firms in Asia Pacific are offering overseas career opportunities. The research, conducted by an iindependent research organisation in June 2011, examined the forces driving the movement of the finance and accounting talent pool. Respondents were from finance, accounting and banking sectors—with 645 respondents in Hong Kong and 793 respondents in Singapore.
Strong desire to work overseas
The Report revealed that two-thirds of finance and accounting professionals in Hong Kong and nearly three-quarters in Singapore wanted to work overseas. The key reasons Hong Kong employees were
seeking international work opportunities included a desire for career growth, 24%; better salary packages, 21%; improved overall lifestyle, 14% and new work experiences, 12%. Key benefits Hong Kong respondents expected to receive in an overseas relocation package included a housing allowance, 91%; medical insurance, 82%; return visits to their home country, 79% and a moving allowance, 76%.
Overseas opportunities hard to come by
Despite strong employee desire to obtain overseas experience the report indicated that there are not enough opportunities to work abroad. Amongst the Hong Kong firms that send employees on secondments overseas or to mainland China, only 8% do so on a regular basis. Similarly in Singapore, just 13% provide regular secondments abroad. “There is a clear gap between the opportunities to work overseas that businesses offer and the opportunities employees would like,” said Pallavi Anand, Director, Robert Half Hong Kong. She added, “Companies concerned about turnover may want to consider offering secondment programmes, as this can be a useful retention tool. Professionals who work overseas also increase their knowledge base and become more valuable to the organisation.”
The key reasons cited by Hong Kong employers choosing to send staff on overseas secondments were to encourage the transfer of knowledge and expertise between teams, 62%; enhance the training and development of employees, 52%; increase diversity of experience within the organisation, 44% and plug current skills shortage, 35%. “As business becomes more global, there is no better way to get professionals thinking globally than to give them overseas experience,” added Anand, “It’s important, though, to choose the right employees to send abroad. Ultimately, you want to select staff who have high potential and will stay with the company for the long term.”
Key factors employers will consider when choosing a candidate to relocate overseas include, appropriate skills or job knowledge, 93%; adaptability, 89%; collaboration skills, 88% and cultural sensitivity, 70%. Rosanna Choi, Chairman, ACCA Hong Kong commented, “There are factors that
can sway a decision in an employee’s favour especially in the finance and accounting industry. Employers also value employees who are equipped with a recognised accounting qualification which proves their technical capability. Local language proficiency is also important when selecting talent.” Overseas talent quest Although most companies do not plan to relocate their own employees to another country, they may be more likely to look abroad when adding to their teams. Just under one-third of Hong Kong employers surveyed who plan to add finance, accounting and banking staff in the second half of the year said they were likely to hire staff overseas. This may indicate employees who strongly desire an overseas career opportunity may have better luck looking outside of their firms than within them. Anand added, “If work experience in another country is important to a high-potential staff member, it may be better to offer the opportunity than risk losing the person.” Although hiring staff from abroad has advantages, it comes with a cost. According to the report, the primary reasons companies are reluctant to hire staff from abroad are relocation expenses, 67%, followed by candidates lacking knowledge of local accounting practices and regulations 37%.
Paul Arkwright
Publisher
