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1 2007 MANPOWER SURVEY REPORT BANKING AND FINANCE INDUSTRY 銀 行 及 金 融 業 二 七 年 度 人 力 調 查 報 告 書 BANKING AND FINANCE INDUSTRY TRAINING BOARD VOCATIONAL TRAINING COUNCIL 職 業 訓 練 局 銀 行 及 金 融 業 訓 練 委 員 會

2 CONTENTS Paragraph Page Executive Summary 1 20 I VII Section I Introduction II Summary of Survey Findings III Conclusions IV Recommendations Appendix 1 Membership List of the Banking and Finance Industry Training Board 1a Membership List of the Working Party on 2007 Manpower Survey 1b Membership List of the Focus Group of 2007 Manpower Survey of the Banking and Finance Industry 2 Terms of Reference of the Banking and Finance Industry Training Board Sampling Plan of the Survey 86 4 Survey Documents and Questionnaires Statistical Tables Manpower Changes of the Banking and Finance Industry from December 2004 to January Manpower Projection for the Banking and Finance Industry [Using the Labour Market Analysis (LMA) Approach] i

3 The 2007 Manpower Survey Report of the Banking and Finance Industry Executive Summary Objective 1. In January/March 2007, the Banking and Finance Industry Training Board conducted a survey to collect the latest manpower information of the banking and finance industry with a view to determining the current and future manpower requirements of the industry and making recommendations to meet the demands. Scope of the Survey 2. Based on the advice of the Census and Statistics Department (C&SD), the Training Board had decided on the sampling frame to cover all banking and financial institutions in the industry. Using the stratified random sampling method, a sample of establishments was subsequently selected from the central register maintained by the C&SD. 3. The survey covered samples in the following nine branches: (i) 128 licensed banks, restricted licence banks and local representative offices of foreign banks; (ii) 28 deposit-taking companies; (iii) 198 investment and holding companies; (iv) 85 personal loans, mortgages, instalment credits, finance leasing, factoring and bill discounting companies; (v) 194 stock and share companies; (vi) 80 commodity futures and gold bullion brokers/dealers; (vii) 5 stock, bullion and commodity exchanges and statutory bodies in the banking and finance industry; (viii) 134 money changers and foreign exchange brokers/dealers; and (ix) 187 other financial companies. Data collected from these selected establishments (samples) have been processed by the C&SD and statistically projected (except for (vii) above, i.e. the 5 establishments in the branch of stock, bullion and commodity exchanges and statutory bodies in the banking and finance industry whose figures were actual manpower statistics without projection) to reflect the overall picture of the manpower situation of the whole banking and finance industry. I

4 Manpower Demand 4. The survey reveals that during the survey period, the banking and finance industry employed persons, of which (69.8%) were in the banking sector, (1.1%) in the deposit-taking companies (DTC) sector, (9.4%) in the securities sector and (19.7%) in the other financial sectors. The industry had vacancies (or 1.7% of the total manpower demand) at the time of the survey. Employers forecast an increase in manpower of 110 employees (or 0.1% of the total manpower demand in January 2007) by January Manpower Demand in the Banking Sector 5. Of the persons in the banking sector, there were (18.6%) managers, (34.9%) supervisors, (37.9%) clerks and (8.6%) other supporting staff members. This sector had vacancies (or 70.5% of the total number of vacancies in the industry) during the survey period. Employers forecast a decrease of 123 (or -0.2%) in manpower by January Manpower Demand in the DTC Sector 6. The DTC sector employed persons, including 286 (24.4%) managers, 376 (32.1%) supervisors, 465 (39.6%) clerks and 46 (3.9%) other supporting staff members. This sector recorded 26 vacancies (or 1.3% of the total number of vacancies in the industry) and employers forecast a manpower decrease of 3 employees (or -0.3%) by January Manpower Demand in the Securities Sector 7. The securities sector employed persons, of which there were (19.1%) managers, (26.3%) supervisors, (49.0%) clerks, and 590 (5.6%) other supporting staff members. This sector had 102 vacancies (or 5.2% of the total number of vacancies in the industry) and employers forecast a manpower increase of 72 employees (or 0.7%) by January Manpower Demand in the Other Financial Sectors 8. The other financial sectors employed persons, of which there were (30.5%) managers, (35.8%) supervisors, (26.0%) clerks, and (7.7%) other supporting staff members. This sector had 446 vacancies (or 23.0% of the total number of vacancies in the industry) at the time of the survey and employers forecast an increase of 164 employees (or 0.7%) by January Figures 1 to 3 show the manpower structure and the distribution of employees by sector and by job level. II

5 Figure 1: Distribution of Employees by Sector Employees: DTC Sector (1.1%) Banking Sector (69.8%) Securities Sector (9.4%) Other Financial Sectors (19.7%) Figure 2: Distribution of Employees by Job Level Employees: Managerial (21.0%) Supervisory (34.3%) Other Supporting Staff (8.1%) Clerical (36.6%) III

6 Figure 3: Distribution of Employees by Sector and by Job Level Number of Employees (100%) (18.6%) Managerial Supervisory Clerical Other Supporting Staff (34.9%) (37.9%) (8.6%) (100%) 286 (24.4%) 376 (32.1%) 465 (39.6%) 46 (3.9%) (100%) (19.1%) (26.3%) (49.0%) 590 (5.6%) (100%) Banking Sector DTC Sector Securities Sector Other Financial Sectors (30.5%) (35.8%) (26.0%) (7.7%) Sector IV

7 Minimum Education/Qualification Requirement of Employees 10. Generally speaking, the majority of employers preferred their employees at the supervisory and managerial levels to possess at least higher diploma, university degree or above education level and/or professional qualifications. For the clerical staff, matriculation and secondary 5 were the minimum education requirements of employees. Employees Minimum Requirement on Year(s) of Experience in the Industry 11. Most of the employers preferred their employees at managerial level to have a minimum of 5 to over 10 years of working experience in the industry. For supervisory staff, a minimum of 2 to 10 years of working experience in the industry was required. For clerical level, staff with 1 year or less working experience in the industry were also acceptable. Distribution of Employees by Average Monthly Income Range 12. The survey findings showed that the average monthly income range of managerial staff spread widely from $20,001 to above $100,000 per month whereas the average monthly income range for supervisory and clerical staff were from $10,001 to $40,000 and from $6,001 to $30,000 respectively. Staff Turnover 13. Employers reported that employees left the banking and financial institutions in the past 12 months. During the same period, employees were recruited to fill the vacancies. The staff turnover rate for the banking and finance industry was 12.3%. Internal Promotion 14. The survey findings showed that job levels of clerical and supervisory had better opportunities to get promotion. Among the internal promotions, 61.5% were promoted from clerks to supervisors and 36.9% were promoted from supervisors to managers. Recruitment Difficulties 15. Employers reported that the main reasons of recruitment difficulties were Lack of candidates with relevant experience and training and Working conditions/remuneration package could not meet recruits expectations. The ratios of these 2 reasons to total reasons were 51.0% and 33.7% respectively. V

8 Number of Hong Kong Employees Having to Work in Mainland 16. Employers reported that employees had to work in Mainland during the survey period. Of these, 266 (25.7%) were on Stationed Basis and 770 (74.3%) were on Travelling Basis. Effects of Mainland Operations on Hong Kong Employees 17. Employers reported that 115 additional employees need to be recruited to handle the Mainland operations. In addition, 173 employees had to be trained for the purpose of handling operations in Mainland. Estimated Training Plans for Employees in the Next 12 Months 18. The survey findings showed that the estimated total trainee hours for banking and finance personnel in the next 12 months were In view of the fact that some employers did not estimate the trainee hours for their employees, in fact, these employees need training programmes to help them cope with the changing business environment in the financial services sector, the Training Board re-calculated the estimated total trainee hours. A total of estimated trainee hours were then derived. Part-time Employees Employed in the Banking and Finance Industry 19. In addition to full-time employees working in the banking and finance industry, 560 part-time employees were employed in the industry to help carry out business activities in banking and financial institutions. Recommendations 20. The Training Board s major recommendations are: (i) Manpower surveys should continue to be conducted once every 2 years to assess the manpower requirements and training needs of the banking and finance industry; VI

9 (ii) After taking into consideration the business prospect of the industry, the manpower projected by the Labour Market Analysis Approach and the wastage rate for various job levels in each sector, the total training requirements for 2008 are recommended as follows: Job Level Recommended Training Requirements for 2008 Managerial Supervisory Clerical ====== (iii) As evidenced by the employers estimated training plans in the next 12 months, employees need training programmes among the 3 areas of General Management Knowledge, Basic Banking and Finance-related Knowledge and Generic Skills. With regard to the mode of training, the Training Board suggests that apart from the systematic in-house training programmes provided to their employees, employers should make good use of services provided by external course providers. Furthermore, subsidies would be granted by the Government via the Continuing Education Fund to support the lifelong learning process for employees self-development; (iv) Banking and financial institutions should help employees fulfill various licensing requirements in order to carry out the institutions daily operations. On the other hand, banking and financial institutions are advised to encourage their employees to take part in some continuing professional development training programmes with a view to providing quality services to their customers in the long run. (v) To catch up with the changing business environment of the banking and finance industry, manpower training programmes for banking and finance personnel should be emphasized on professional training on asset management, investment consultancy and capital financing, etc; and (vi) Employers should consider to review the existing remuneration package, convey clear messages on training and development plans and promotion routes to their employees for the purpose of attracting and retaining talents in the banking and finance industry. VII

10 銀 行 及 金 融 業 2007 年 人 力 調 查 報 告 書 報 告 書 摘 要 目 的 1. 銀 行 及 金 融 業 訓 練 委 員 會 於 2007 年 1 至 3 月 間 進 行 人 力 調 查, 蒐 集 業 內 最 新 的 人 力 資 料, 以 確 定 目 前 及 未 來 的 人 力 需 求, 並 就 此 等 需 求 提 供 建 議 調 查 範 圍 2. 本 會 按 照 政 府 統 計 處 的 建 議, 將 調 查 範 圍 定 為 包 括 所 有 銀 行 及 金 融 業 機 構, 並 採 用 分 層 隨 機 抽 樣 法, 從 政 府 統 計 處 的 中 央 紀 錄 內, 選 出 間 機 構 為 調 查 對 象 3. 調 查 包 括 以 下 九 個 門 類 : (i) 128 間 持 牌 銀 行 有 限 制 牌 照 銀 行 及 外 國 銀 行 本 港 代 表 辦 事 處 ; (ii) 28 間 接 受 存 款 公 司 ; (iii) 198 間 投 資 及 控 股 公 司 ; (iv) 85 間 私 人 貸 款 按 揭 分 期 信 貸 財 務 租 購 收 債 及 貼 現 票 據 公 司 ; (v) 194 間 股 票 公 司 ; (vi) 80 間 期 貨 及 黃 金 經 紀 / 交 易 商 ; (vii) (viii) 5 間 股 票 黃 金 及 期 貨 交 易 公 司 及 銀 行 及 金 融 業 內 的 法 定 機 構 ; 134 間 兌 換 商 及 外 匯 經 紀 / 交 易 商 ; 及 (ix) 187 間 其 他 財 務 公 司 政 府 統 計 處 將 間 機 構 調 查 數 據 用 統 計 方 法 倍 大 (5 間 股 票 黃 金 及 期 貨 交 易 公 司 及 銀 行 及 金 融 業 內 的 法 定 機 構 除 外, 其 數 據 為 實 際 人 力 統 計 數 字 ), 以 反 映 業 內 的 整 體 人 力 情 況 VIII

11 總 人 力 需 求 4. 調 查 顯 示, 銀 行 及 金 融 業 共 有 名 從 業 員, 其 中 名 ( 69.8%) 受 僱 於 銀 行 類 別 ;1 173 名 (1.1%) 受 僱 於 接 受 存 款 公 司 ( DTC) 類 別 ; 名 (9.4%) 受 僱 於 證 券 業 類 別 ; 名 ( 19.7%) 受 僱 於 其 他 財 務 機 構 類 別 調 查 期 間, 業 內 共 有 空 缺 個, 佔 總 人 力 需 求 的 1.7% 僱 主 預 測 2008 年 1 月 時, 僱 員 會 增 加 110 人, 較 2007 年 1 月 時 的 總 人 力 需 求 增 長 0.1% 銀 行 類 別 人 力 需 求 5. 銀 行 類 別 共 有 名 僱 員, 其 中 經 理 有 名 (18.6%); 主 管 有 名 (34.9%); 文 員 有 名 (37.9%); 其 他 輔 助 員 工 有 名 (8.6%) 調 查 期 間, 銀 行 類 別 有 空 缺 個, 佔 業 內 空 缺 總 數 的 70.5% 僱 主 預 測 2008 年 1 月 時, 僱 員 會 減 少 123 人 (-0.2%) 接 受 存 款 公 司 類 別 人 力 需 求 6. 接 受 存 款 公 司 (DTC) 類 別 共 有 名 僱 員, 其 中 經 理 有 286 名 (24.4% ); 主 管 有 376 名 (32.1% ); 文 員 有 465 名 ( 39.6%); 其 他 輔 助 員 工 有 46 名 (3.9%) 調 查 期 間, 接 受 存 款 公 司 類 別 有 空 缺 26 個, 佔 業 內 空 缺 總 數 的 1.3% 僱 主 預 測 2008 年 1 月 時, 僱 員 會 減 少 3 人 (-0.3%) 證 券 業 類 別 人 力 需 求 7. 證 券 業 類 別 共 有 名 僱 員, 其 中 經 理 有 名 (19.1%); 主 管 有 名 (26.3%); 文 員 有 名 (49.0%); 其 他 輔 助 員 工 有 590 名 (5.6%) 此 類 別 空 缺 有 102 個, 佔 業 內 空 缺 總 數 的 5.2% 僱 主 預 測 2008 年 1 月 時, 僱 員 增 加 72 人 (0.7%) 其 他 財 務 機 構 類 別 人 力 需 求 8. 其 他 財 務 機 構 類 別 共 有 名 僱 員, 其 中 經 理 有 名 ( 30.5%); 主 管 有 名 (35.8%); 文 員 有 名 (26.0%); 其 他 輔 助 員 工 有 名 (7.7%) 調 查 期 間, 其 他 財 務 機 構 類 別 有 空 缺 446 個, 佔 業 內 空 缺 總 數 的 23.0% 僱 主 預 測 2008 年 1 月 時, 僱 員 會 增 加 164 人 (0.7%) IX

12 9. 圖 1 至 3 列 出 各 類 別 及 各 技 能 等 級 的 人 力 結 構 及 僱 員 分 布 情 況 圖 1: 各 類 別 僱 員 的 分 布 情 況 僱 員 總 數 : 接 受 存 款 公 司 類 別 (1.1%) 銀 行 類 別 (69.8%) 證 券 業 類 別 (9.4%) 其 他 財 務 機 構 類 別 (19.7%) 圖 2: 各 技 能 等 級 僱 員 的 分 布 情 況 經 理 級 (21.0%) 僱 員 總 數 : 主 管 級 (34.3%) 其 他 輔 助 員 工 (8.1%) 文 員 級 (36.6%) X

13 圖 3: 各 類 別 及 各 技 能 等 級 僱 員 的 分 布 情 況 僱 員 人 數 (100%) (18.6%) 經 理 級 主 管 級 文 員 級 其 他 輔 助 員 工 (34.9%) (37.9%) (8.6%) (100%) 286 (24.4%) 376 (32.1%) 465 (39.6%) 46 (3.9%) (100%) (19.1%) (26.3%) (49.0%) 590 (5.6%) (100%) 銀 行 接 受 存 款 公 司 證 券 業 其 他 財 務 機 構 (30.5%) (35.8%) (26.0%) (7.7%) 類 別 XI

14 僱 員 需 具 備 基 本 學 歷 資 歷 10. 大 部 分 僱 主 認 為 主 管 級 及 經 理 級 的 基 本 學 歷 資 歷 為 高 級 文 憑 大 學 學 位 或 以 上 教 育 程 度 及 或 專 業 資 格 至 於 文 員, 基 本 學 歷 要 求 為 預 科 或 中 五 程 度 僱 員 需 具 備 的 基 本 年 資 11. 大 部 分 僱 主 認 為 經 理 級 需 擁 有 五 至 十 年 的 相 關 工 作 年 資 至 於 主 管 級, 應 具 備 二 至 十 年 的 相 關 工 作 年 資 至 於 文 員, 只 有 一 年 或 以 下 的 相 關 年 資 亦 可 僱 員 平 均 每 月 收 入 幅 度 的 分 布 12. 調 查 結 果 顯 示, 經 理 級 僱 員 的 平 均 每 月 收 入 幅 度 由 20,001 元 高 至 100,000 元 以 上, 至 於 主 管 級 和 文 員 級, 平 均 月 入 分 別 由 10,001 元 至 40,000 元, 以 及 6,001 元 至 30,000 元 不 等 僱 員 流 動 情 況 13. 僱 主 填 覆, 名 僱 員 於 過 去 12 個 月 離 職 同 期, 新 聘 名 僱 員 填 補 空 缺 僱 員 流 動 率 為 12.3% 內 部 晉 升 14. 調 查 結 果 顯 示, 文 員 級 和 主 管 級 的 晉 升 機 會 較 佳 名 獲 內 部 晉 升 的 員 工 中,61.5% 由 文 員 級 晉 升 至 主 管 級,36.9% 由 主 管 級 晉 升 至 經 理 級 招 聘 困 難 15. 僱 主 填 覆, 遇 到 招 聘 困 難 的 主 要 原 因 是 職 位 申 請 人 缺 乏 相 關 經 驗 及 訓 練, 以 及 服 務 條 件 / 薪 酬 未 能 符 合 求 職 者 要 求, 分 別 佔 51.0% 及 33.7% 需 要 在 內 地 工 作 的 僱 員 人 數 16. 僱 主 填 覆,1 036 名 僱 員 於 調 查 期 間 在 內 地 工 作 其 中,266 名 (25.7%) 屬 長 駐 工 作,770 名 (74.3%) 屬 非 長 駐 工 作 XII

15 內 地 業 務 對 本 地 僱 員 的 影 響 17. 僱 主 填 覆, 須 增 聘 115 名 僱 員 處 理 內 地 業 務 此 外,173 名 現 職 僱 員 須 接 受 培 訓, 以 便 處 理 內 地 業 務 估 計 未 來 12 個 月 內 僱 員 的 培 訓 計 劃 18. 調 查 結 果 顯 示, 僱 主 估 計 未 來 12 個 月 內 僱 員 的 總 受 訓 時 數 為 小 時 由 於 一 些 僱 主 並 無 估 計 其 僱 員 的 受 訓 時 數, 而 事 實 上, 這 些 僱 員 需 要 接 受 培 訓, 以 便 應 付 業 務 環 境 各 項 轉 變 因 此 本 會 重 新 計 算 估 計 總 受 訓 時 數, 所 得 結 果 是 估 計 總 受 訓 時 數 為 小 時 銀 行 及 金 融 業 兼 職 僱 員 人 數 19. 除 了 名 全 職 僱 員 外,560 名 兼 職 僱 員 獲 聘 協 助 銀 行 及 金 融 機 構 全 職 僱 員 從 事 業 務 活 動 建 議 20. 本 會 的 主 要 建 議 如 下 : (i) 繼 續 每 兩 年 進 行 一 次 銀 行 及 金 融 業 人 力 調 查, 以 評 估 業 內 的 人 力 及 訓 練 需 求 ; (ii) 經 過 考 慮 業 務 前 景 人 力 市 場 分 析 法 推 算 的 人 力 需 求, 以 及 各 類 別 機 構 各 技 能 等 級 的 流 失 率 後, 本 會 建 議 2008 年 業 內 培 訓 人 數 如 下 : 技 能 等 級 2008 年 建 議 總 訓 練 名 額 經 理 級 主 管 級 文 員 級 XIII

16 (iii) 根 據 僱 主 估 計 未 來 12 個 月 的 培 訓 計 劃 顯 示, 僱 員 分 別 在 一 般 管 理 知 識 基 本 銀 行 及 金 融 知 識 及 通 用 技 能 三 方 面 需 要 培 訓 培 訓 形 式 方 面, 本 會 建 議, 除 了 有 系 統 的 內 部 培 訓 課 程, 僱 主 應 善 用 外 間 培 訓 機 構 提 供 的 服 務 此 外, 政 府 可 通 過 持 續 進 修 基 金 批 出 津 貼, 支 持 僱 員 自 我 發 展 的 終 身 學 習 過 程 ; (iv) 銀 行 及 金 融 機 構 應 協 助 僱 員 符 合 各 種 發 牌 條 件, 以 便 處 理 機 構 內 的 日 常 業 務 另 一 方 面, 銀 行 及 金 融 機 構 應 鼓 勵 僱 員 報 讀 持 續 專 業 培 訓 課 程 長 遠 而 言, 務 求 向 顧 客 提 供 優 質 服 務 ; (v) 為 了 緊 貼 銀 行 及 金 融 業 業 務 環 境 的 各 項 轉 變, 銀 行 及 金 融 業 僱 員 的 人 力 訓 練, 應 由 傳 統 的 銀 行 業 務 轉 為 資 產 管 理 投 資 顧 問 及 融 資 服 務 等 專 業 訓 練 ; 及 (vi) 僱 主 應 考 慮 檢 討 目 前 的 薪 酬 福 利 制 度, 向 僱 員 清 楚 展 示 培 訓 和 發 展 計 劃, 以 及 晉 升 途 徑, 以 便 吸 引 和 挽 留 業 內 人 才 XIV

17 SECTION I INTRODUCTION The Training Board 1.1 The Banking and Finance Industry Training Board (BFTB) of the Vocational Training Council is appointed by the HKSAR Government to be responsible for, among other duties, assessing the manpower situation and training needs in the industry and recommending to the Vocational Training Council measures to meet the demand for trained personnel in the industry. The Training Board comprises members nominated by trade associations, banking and financial institutions, educational/training institutions and government departments. The memberships of the Training Board and the Working Party on 2007 Manpower Survey are listed in Appendices 1 and 1a. The terms of reference of the Training Board are given in Appendix 2. Purpose of the Survey 1.2 The Training Board conducted the 2007 Manpower Survey in the first half of 2007 with the following objectives: (i) To assess the manpower and training needs of principal jobs in the banking and finance industry; (ii) To forecast the growth of manpower in the industry; and (iii) To recommend measures to meet the training needs and manpower demand of the industry. 1.3 In the past, the BFTB conducted the manpower survey biennially. The previous manpower survey was conducted in November As requested by the Advisory Committee on Human Resources Development in the Financial Services Sector (FinMan Committee) of the Financial Services and the Treasury Bureau, the BFTB agreed to synchronize its 2007 Manpower Survey with the Manpower Surveys of the Accountancy Sector and the Insurance Industry. The fieldwork of these 3 surveys were planned to be carried out from 8 th January 2007 to 8 th March However, the fieldwork of the survey of the Banking and Finance Industry had been extended to end of June for inclusion of respondents with large number of banking and finance personnel. Survey findings of these 3 surveys are expected to provide comprehensive manpower statistics which would help the community in formulating the manpower training and development strategies for the entire financial services sector. 1

18 Scope of the Survey 1.4 The scope of the survey covered banking institutions, deposit-taking companies and other financial institutions. There were banking and finance establishments in the following 9 branches at the time of the survey and a stratified random sampling method was adopted to survey establishments as follows: (i) 128 licensed banks, restricted licence banks and local representative offices of foreign banks; (ii) (iii) 28 deposit-taking companies; 198 investment and holding companies; (iv) 85 personal loans, mortgages, instalment credits, finance leasing, factoring and bill discounting companies; (v) (vi) 194 stock and share companies; 80 commodity futures and gold bullion brokers/dealers; (vii) 5 stock, bullion and commodity exchanges and statutory bodies in the banking and finance industry; (viii) (ix) 134 money changers and foreign exchange brokers/dealers; and 187 other financial companies. 1.5 The distribution of samples by branch and by employment size is shown in Appendix 3. Procedures of the Survey 1.6 The fieldwork of the manpower survey commenced on 8 th January One week before the survey, a copy of the printed questionnaire together with the explanatory notes (Appendix 4) was sent to each selected establishment. The reference date of the manpower data was fixed on 2 nd January During the survey period, interviewing officers of the Census and Statistics Department (C&SD) visited each selected establishment to collect the questionnaire and, where necessary, to assist the completion. The fieldwork of the survey was so much longer than expected that the cut-off date for the survey was extended to end of June 2007 with a view to improving the response rate and thus to enhancing the reliability of the survey findings. Completed questionnaires were scrutinized and rechecked with respondents in case of doubts. The data collected were processed by the C&SD. 2

19 1.7 After the cut-off date, data obtained from the selected establishments were statistically grossed up (except the 5 establishments in the branch of stock, bullion and commodity exchanges and statutory bodies in the banking and finance industry whose figures were actual manpower statistics without projection) to reflect the overall picture of the manpower situation of the Banking and Finance Industry. 1.8 A focus group comprising practitioners from banks, securities and futures trading firms and a fund house was set up to give expert advice on various aspects of the manpower situation of the industry. Its membership is listed in Appendix 1b. Response Rate 1.9 Of the establishments, 734 responded, 72 refused to reply while 233 had either closed, moved or temporarily ceased operation. The effective response rate was 91.1%. New Principal Jobs 1.10 The following job titles were added to the 2007 Manpower Survey to cater for principal jobs which had not been included in the 2007 Manpower Survey documents: Managerial Level 1. Manager Liaison 2. Other Managers for unclassified managerial staff, such as Senior Manager and Manager. Supervisory Level 1. Investment Officer 2. Liaison Officer 3. Securities, Futures and Commodities Trading Officer 4. Other Supervisors for unclassified supervisory staff, such as Customer Services Officer, Corporate Banking Officer and Senior Services Officer. Presentation of Survey Findings 1.11 A summary of the survey findings is presented in Section II of the survey report while the Training Board s conclusions and recommendations are presented in Section III and Section IV respectively. 3

20 SECTION II SUMMARY OF SURVEY FINDINGS Introduction 2.1 Data collected from the selected establishments (samples) have been processed by the C&SD and statistically projected (except the 5 establishments in the branch of stock, bullion and commodity exchanges and statutory bodies in the banking and finance industry whose figures were actual manpower statistics without projection) to reflect the overall picture of the manpower situation of the whole banking and finance industry. This section presents the projected statistics/actual manpower statistics of the survey findings and all statistical tables are given in Appendix 5. For example, statistics on manpower of the whole banking and finance industry as well as individual branches are given in Tables 1-1.9; the minimum education/qualification requirement of employees in the banking and finance industry are given in Tables and employees minimum requirement on year(s) of experience in the industry are given in Tables Other manpower statistics are given in Tables 4-13 in Appendix 5. Changes in the 2007 Survey 2.2 In the 2007 Survey, respondents were asked to provide information on training plans for their employees instead of providing the number of training places of in-house training and external training taken up by their employees in the 12 months prior to the survey. It is expected that information collected with respect to their training plans may reflect the manpower requirement direct for the industry. Readers of the manpower survey report, in particular the course providers could plan their course portfolios to meet the market needs. 2.3 In the 2007 Survey, survey questions have been expanded to include average monthly income range of employees, recruitment difficulties encountered by employers in the 12 months prior to the 2007 Survey, manpower statistics of respondents subsidiaries in Mainland and statistics on the number of employees who possessed licences to carry on regulated activities and qualifications to deal with insurance business. 2.4 Owing to the changes of the survey questionnaire design, the data collected in 2004 Survey and 2007 Survey may not be directly comparable. Readers of the manpower survey report are advised to take note of this when they compare the manpower statistics in the two manpower survey reports. 4

21 Presentation of Survey Findings 2.5 For simplicity sake, the following short titles used for the 9 branches covered in the 2004 Survey will also be used in the 2007 Survey: Full Name Short Title Branch 1: Licensed banks, restricted licence banks and BANKS local representative offices of foreign banks Branch 2: Deposit-taking companies DTCS Branch 3: Investment and holding companies INVEST COS Branch 4: Personal loans and related companies PL COS Branch 5: Stock and share companies SS COS Branch 6: Commodity futures and gold bullion C DEALERS brokers/dealers Branch 7: Stock, bullion and commodity exchanges C EXCHANGES and statutory bodies in the banking and finance industry Branch 8: Money changers and foreign exchange M CHANGERS brokers/dealers Branch 9: Other financial companies OF COS The trade definitions of these branches are given in Appendix C of the survey documents. Number of Employees in the Industry (Tables in Appendix 5) 2.6 The survey reveals that in January 2007, persons were employed in the banking and finance industry of which (21.0%) were managerial staff, (34.3%) were supervisory staff, (36.6%) were clerical staff and (8.1%) were other supporting staff. 2.7 The distribution of employees by branch and by job level is shown in Table A and Figures 1(a)-1(b). The BANKS is the largest branch which had employees, or 69.8% of the total number of employees in the industry. The second and the third largest branches are the OF COS Branch (with employees or 10.0%) and the SS COS Branch (with employees or 9.4%) respectively. 5

22 Table A : Manpower Structure by Branch and by Job Level Number of Employees Branch Managerial (%)* Supervisory (%)* Clerical (%)* Other Supporting Staff (%)* (%)** 1. BANKS (18.6) (34.9) (37.9) (8.6) (69.8) 2. DTCS 286 (24.4) 376 (32.1) 465 (39.6) 46 (3.9) (1.1) 3. INVEST COS (45.8) 962 (27.1) 611 (17.2) 352 (9.9) (3.2) 4. PL COS 760 (23.1) (36.9) (36.7) 110 (3.3) (2.9) 5. SS COS (19.1) (26.3) (49.0) 590 (5.6) (9.4) 6. C DEALERS 134 (23.0) 161 (27.6) 265 (45.5) 23 (3.9) 583 (0.5) 7. C EXCHANGES 831 (41.2) 717 (35.6) 281 (13.9) 188 (9.3) (1.8) 8. M CHANGERS 171 (12.0) 407 (28.5) 811 (56.8) 39 (2.7) (1.3) 9. OF COS (28.7) (39.7) (22.8) 979 (8.8) (10.0) (%)** (21.0) (34.3) (36.6) (8.1) (100) (%)* As percentage of the total number of employees in the branch. (%)** As percentage of the total number of employees in the industry. 6

23 Figure 1(a) : Distribution of Employees by Branch and by Job Level Number of Employees (100%) (18.6%) (34.9%) Managerial Supervisory Clerical Other Supporting Staff (37.9%) (8.6%) 286 (24.4%) 376 (32.1%) 465 (39.6%) (100%) (3.9%) (100%) (45.8%) 962 (27.1%) 611 (17.2%) 352 (9.9%) (100%) 760 (23.1%) (36.9%) (36.7%) 110 (3.3%) (100%) (19.1%) (26.3%) (49.0%) BANKS DTCS INVEST COS PL COS SS COS C DEALERS C EXCHANGES M CHANGERS OF COS 590 (5.6%) 583 (100%) 134 (23.0%) 161 (27.6%) 265 (45.5%) 23 (3.9%) (100%) 831 (41.2%) 717 (35.6%) 281 (13.9%) 188 (9.3%) 171 (12.0%) 407 (28.5%) 811 (56.8%) (100%) (2.7%) (100%) (28.7%) (39.7%) (22.8%) 979 (8.8%) Branch

24 Figure 1(b) : Distribution of Employees by Job Level Employees : Managerial (21.0%) Supervisory (34.3%) Other Supporting Staff (8.1%) Clerical (36.6%) 2.8 The three principal jobs with the largest number of employees at various skill levels are as follows: (For details, please refer to Table 1 in Appendix 5) Managerial Level Number of Employees (a) Manager-Branch (b) Chief Information Officer/Chief Technology Officer/Manager-IT (c) Manager-Securities, Futures and Commodities Trading Supervisory Level (a) Operations Officer (b) Financial Adviser Representative/ Personal Consultant (c) Programmer/Technology Officer Clerical Level (a) Teller (b) Securities and Futures Assistant (c) Credit/Loan Clerk

25 Number of Vacancies in the Industry (Tables in Appendix 5) 2.9 At the time of the survey, employers reported vacancies in the banking and finance industry, representing 1.7% of the manpower demand ( ) which is defined as the number of employees plus the number of vacancies. The vacancies by branch and by job level are summarized in Table B and Figures 2(a)-2(b). The BANKS Branch had vacancies, or 70.5% of the total vacancies in the industry. The OF COS Branch had 281 vacancies (14.5%) and the SS COS Branch had 102 vacancies (5.2%). Table B: Number of Vacancies Branch Managerial (%)* Supervisory (%)* Clerical (%)* Other Supporting Staff (%)* (%)** 1. BANKS 432 (31.5) 488 (35.5) 345 (25.1) 108 (7.9) (70.5) 2. DTCS 10 (38.5) 5 (19.2) 11 (42.3) - 26 (1.3) 3. INVEST COS 12 (12.3) 79 (80.6) 6 (6.1) 1 (1.0) 98 (5.0) 4. PL COS - 1 (33.3) 2 (66.7) - 3 (0.2) 5. SS COS 24 (23.5) 31 (30.4) 47 (46.1) (5.2) 6. C DEALERS - 9 (29.0) 22 (71.0) - 31 (1.6) 7. C EXCHANGES 5 (23.8) 3 (14.3) 11 (52.4) 2 (9.5) 21 (1.1) 8. M CHANGERS (100) - 12 (0.6) 9. OF COS 68 (24.2) 166 (59.1) 39 (13.9) 8 (2.8) 281 (14.5) (%)** 551 (28.3) 782 (40.2) 495 (25.4) 119 (6.1) (100) (%)* As percentage of the total number of vacancies in the branch. (%)** As percentage of the total number of vacancies in the industry. 9

26 Figure 2(a) : Distribution of Vacancies by Branch and by Job Level Number of Vacancies (100%) (31.5%) Managerial Supervisory Clerical Other Supporting Staff (35.5%) 345 (25.1%) 108 (7.9%) 10 (38.5%) 5 (19.2%) 11 (42.3%) 26 (100%) - 12 (12.3%) 79 (80.6%) (6.1%) (100%) 1 3 (66.7%) (1.0%) (100%) (33.3%) 102 (100%) 24 (23.5%) 31 (30.4%) 47 (46.1%) (71.0%) (100%) - BANKS DTCS INVEST COS PL COS SS COS C DEALERS C EXCHANGES M CHANGERS OF COS - 9 (29.0%) 21 (100%) 5 (23.8%) 3 (14.3%) 11 (52.4%) 2 (9.5%) 12 (100%) 12 (100%) (100%) 68 (24.2%) 166 (59.1%) 39 (13.9%) 8 (2.8%) Branch

27 Figure 2(b) : Number of Vacancies by Job Level Vacancies: Managerial 551 (28.3%) Other Supporting Staff 119 (6.1%) Supervisory 782 (40.2%) Clerical 495 (25.4%) 2.10 The three principal jobs with the largest number of vacancies at various skill levels are as follows: (For details, please refer to Table 1 in Appendix 5) Managerial Level Number of Vacancies (a) Manager-Corporate Banking/Commercial 62 Banking/Relationship (b) Manager-Marketing/Product Development 34 (c) (i) Financial Adviser/Portfolio Manager 28 (ii) Manager-Compliance 28 Supervisory Level (a) Financial Adviser Representative/ 178 Personal Consultant (b) Systems Analyst 64 (c) (i) Business Development Officer 42 (ii) Programmer/Technology Officer 42 Clerical Level (a) Teller 151 (b) Telemarketing Representative 51 (c) Securities and Futures Assistant 45 11

28 Forecast of Manpower Demand Growth in 2008 (Tables in Appendix 5) 2.11 Employers forecast that the manpower demand of the industry by January 2008 would be persons, representing an increase of 110 persons, or 0.1% growth of manpower, compared with the manpower demand of persons in January Focus group members were of the view that employers were quite conservative in the manpower forecast that the anticipated growth rate for the industry was about 0.1%. In particular, the manpower demand for the next year would be higher in view of the volatility in the securities market in the second half of The forecast number of employees by January 2008 for each branch are summarized in Table C and Figures 3(a)-3(b). The three branches with the largest manpower forecast were PL COS (2.2%), C DEALERS (0.8%) and OF COS (0.8%). 12

29 Table C : Forecast Manpower Demand Growth in 2008 Manpower Demand# Forecast Number of Employees Growth (%)* Branch Job Level Jan Jan BANKS Managerial (0.1) Supervisory (-0.1) Clerical (-0.3) Other Supporting Staff (0.0) Sub-total (-0.2) 2. DTCS Managerial (-0.3) Supervisory (0.0) Clerical (-0.4) Other Supporting Staff (0.0) Sub-total (-0.3) 3. INVEST COS Managerial (0.0) Supervisory (0.1) Clerical (-2.3) Other Supporting Staff (0.0) Sub-total (-0.4) 4. PL COS Managerial (0.9) Supervisory (1.2) Clerical (4.1) Other Supporting Staff (0.0) Sub-total (2.2) 5. SS COS Managerial (0.8) Supervisory (1.4) Clerical (0.3) Other Supporting Staff (0.5) Sub-total (0.7) 6. C DEALERS Managerial (0.0) Supervisory (0.0) Clerical (1.7) Other Supporting Staff (0.0) Sub-total (0.8) 7. C EXCHANGES Managerial (0.1) Supervisory (0.4) Clerical (0.3) Other Supporting Staff (0.5) Sub-total (0.3) 8. M CHANGERS Managerial (0.0) Supervisory (1.2) Clerical (0.0) Other Supporting Staff (0.0) Sub-total (0.3) 9. OF COS Managerial (1.1) Supervisory (0.5) Clerical (1.1) Other Supporting Staff (0.0) Sub-total (0.8) All Branches Managerial (0.3) Supervisory (0.1) Clerical (0.0) Other Supporting Staff (0.1) (0.1) # Manpower Demand is defined as the total number of employees plus vacancies. (%)* As percentage of forecast manpower demand growth using 2007 as base year. 13

30 Figure 3(a) : Employers Forecast Manpower Growth by Branch Number of Employees (-0.2%) Jan 2007 Jan (-0.3%) (-0.4%) (2.2%) (0.7%) (0.8%) (0.3%) (0.3%) BANKS DTCS INVEST COS PL COS SS COS C DEALERS C EXCHANGES M CHANGERS OF COS (0.8%) Branch

31 Figure 3(b): Employers Forecast Manpower Growth in January 2008 by Job Level Number of Employees (0.3%) (0.1%) (-) (0.1%) Managerial Supervisory Clerical Other Supporting Staff Jan 2007 Jan 2008 Job Level Figures in brackets are the growth rates using 2007 as base year The three principal jobs with the highest manpower growth in the next 12 months at various skill levels are as follows: (For details, please refer to Table 1 in Appendix 5) Increase in Number of Employees Growth Rate Managerial Level (a) Manager-Organization/Productivity/ % Quality/Re-Engineering (b) Risk Manager % (c) Manager-Compliance % Supervisory Level (a) Management Trainee % (b) Investment Officer % (c) Sales Officer-Securities % Clerical Level (a) Telemarketing Representative % (b) Accounting Clerk % (c) Computer Operator % 15

32 Minimum Education/Qualification Requirement of Employees (Tables in Appendix 5) 2.13 Employers were asked to indicate the minimum education/qualification requirement of employees ranging from professional qualification to secondary 5 or below. The survey findings on the minimum education/qualification which employers preferred their employees to have are summarized in Table D and Figure 4. Table D : Minimum Education/Qualification Requirement of Employees in the Banking and Finance Industry 16 Job Level Professional Qualification (%)* University Degree or Above (%)* Higher Diploma/ Associate Degree or equivalent (%)* Number of Employees Diploma/ Higher Certificate/ Certificate or equivalent (%)* Matriculation/ Secondary 5 or equivalent (%)* Below Secondary 5 (%)* Not applicable/ Unspecified (%)* Managerial (7.2) (73.9) 318 (1.4) 105 (0.4) 15 (0.1) - (-) (17.0) (100) Supervisory 900 (2.4) (35.9) (26.7) (16.7) (3.7) - (-) (14.6) (100) Clerical 9 (-) (2.8) 521 (1.3) (7.4) (86.3) 252 (0.6) 662 (1.6) (100) (%)** (2.5) (31.4) (10.8) (9.3) (35.8) 252 (0.2) (10.0) (100) (%)* As percentage of the total number of employees at the same job level in the industry. (%)** As percentage of the total number of employees (excluding other supporting staff) in the industry.

33 Figure 4 : Minimum Education/Qualification Requirement of Employees in the Banking and Finance Industry by Job Level Managerial: Employees Matriculation or Below 15 (0.1%) N.A./ Unspecified (17.0%) H.Dip./A.D./ Dip./H.Cert./Cert or equivalent 423 (1.8%) Professional Qualification (7.2%) University Degree or Above (73.9%) Supervisory: Employees N.A./ Unspecified (14.6%) Professional Qualification 900 (2.4%) Matriculation or Below (3.7%) H.Dip./A.D./ Dip./H.Cert./Cert or equivalent (43.4%) University Degree or Above (35.9%) Clerical: Employees N.A./ Unspecified 662 (1.6%) Professional Qualification 9 (-) University Degree or Above (2.8%) Matriculation or Below (86.9%) H.Dip./A.D./ Dip./H.Cert./Cert or equivalent (8.7%) 17

34 2.14 The minimum education/qualification requirement of employees preferred by employers in the branches of BANKS, DTCS and SS COS are summarized in Tables E to G. Table E : Minimum Education/Qualification Requirement of Employees Preferred by Employers in the BANKS Branch Job Level Professional Qualification (%)* University Degree or Above (%)* Higher Diploma/ Associate Degree or equivalent (%)* Number of Employees Diploma/ Higher Certificate/ Certificate or equivalent (%)* Matriculation/ Secondary 5 or equivalent (%)* Below Secondary 5 (%)* Not applicable/ Unspecified (%)* Managerial 607 (4.2) (75.2) 185 (1.3) 23 (0.2) - (-) - (-) (19.1) (100) 18 Supervisory 470 (1.7) (31.3) (30.6) (19.2) 235 (0.9) - (-) (16.3) (100) Clerical - (-) 202 (0.7) 225 (0.8) 846 (2.9) (94.0) 18 (0.1) 492 (1.6) (100) (%)** (1.5) (27.5) (12.3) (8.5) (39.4) 18 (-) (10.8) (100) (%)* As percentage of the total number of employees at the same job level in the BANKS Branch. (%)** As percentage of the total number of employees (excluding other supporting staff) in the BANKS Branch.

35 Table F : Minimum Education/Qualification Requirement of Employees Preferred by Employers in the DTCS Branch Job Level Professional Qualification (%)* University Degree or Above (%)* Higher Diploma/ Associate Degree or equivalent (%)* Number of Employees Diploma/ Higher Certificate/ Certificate or equivalent (%)* Matriculation/ Secondary 5 or equivalent (%)* Below Secondary 5 (%)* Not applicable/ Unspecified (%)* Managerial 35 (12.3) 222 (77.6) 22 (7.7) 1 (0.3) - (-) - (-) 6 (2.1) 286 (100) Supervisory 7 (1.9) 184 (48.9) 60 (16.0) 103 (27.3) 12 (3.2) - (-) 10 (2.7) 376 (100) Clerical - (-) 5 (1.1) 6 (1.3) 48 (10.3) 406 (87.3) - (-) - (-) 465 (100) (%)** 42 (3.7) 411 (36.5) 88 (7.8) 152 (13.5) 418 (37.1) - (-) 16 (1.4) (100) 19 (%)* As percentage of the total number of employees at the same job level in the DTCS Branch. (%)** As percentage of the total number of employees (excluding 46 other supporting staff) in the DTCS Branch.

36 Table G : Minimum Education/Qualification Requirement of Employees Preferred by Employers in the SS COS Branch Job Level Professional Qualification (%)* University Degree or Above (%)* Higher Diploma/ Associate Degree or equivalent (%)* Number of Employees Diploma/ Higher Certificate/ Certificate or equivalent (%)* Matriculation/ Secondary 5 or equivalent (%)* Below Secondary 5 (%)* Not applicable/ Unspecified (%)* Managerial 253 (12.5) (72.1) 41 (2.0) 29 (1.4) 15 (0.7) - (-) 226 (11.3) (100) Supervisory 57 (2.1) (50.3) 572 (20.7) 288 (10.4) 293 (10.6) - (-) 163 (5.9) (100) Clerical 5 (0.1) 315 (6.2) 21 (0.4) (21.2) (69.0) 31 (0.6) 131 (2.5) (100) (%)** 315 (3.2) (31.8) 634 (6.4) (14.2) (38.9) 31 (0.3) 520 (5.2) (100) 20 (%)* As percentage of the total number of employees at the same job level in the SS COS Branch. (%)** As percentage of the total number of employees (excluding 590 other supporting staff) in the SS COS Branch.

37 Employees Minimum Requirement on Year(s) of Experience in the Industry (Tables in Appendix 5) 2.15 Employers were requested to give their views on the working experience required for job holders at each principal job. The employees minimum requirement on year(s) of experience in the banking and finance industry are summarized in Table H and Figure 5. Table H: Employees Minimum Requirement on Year(s) of Experience in the Banking and Finance Industry Number of Employees Job Level 1 Year or Less (%)* 2-4 Years (%)* 5-10 Years (%)* Over 10 Years (%)* Not applicable/ Unspecified (%)* Managerial - (-) 310 (1.3) (59.3) (16.5) (22.9) (100) Supervisory 386 (1.0) (51.7) (27.7) 313 (0.8) (18.8) (100) Clerical (41.9) (51.2) 505 (1.2) 17 (-) (5.7) (100) (%)** (17.0) (40.0) (24.4) (4.1) (14.5) (100) (%)* As percentage of the total number of employees at the same job level in the industry. (%)** As percentage of the total number of employees (excluding other supporting staff) in the industry. 21

38 Figure 5: Employees Minimum Requirement on Year(s) of Experience in the Banking and Finance Industry Managerial: Employees N.A./Unspecified (22.9%) 1 Year or Less - (-) 2-4 Years 310 (1.3%) Over 10 Years (16.5%) 5-10 Years (59.3%) 8010Supervisory: Employees N.A./Unspecified (18.8%) 1 Year or Less 386 (1.0%) Over 10 Years 313 (0.8%) 5-10 Years (27.7%) 2-4 Years (51.7%) Clerical: Employees Over 10 Years 17 (-) N.A./Unspecified (5.7%) 5-10 Years 505 (1.2%) 2-4 Years (51.2%) 1 Year or Less (41.9%) 22

39 2.16 Employees minimum requirement on year(s) of experience in the BANKS, DTCS and SS COS branches are summarized in Tables I to K. Table I: Employees Minimum Requirement on Year(s) of Experience in the BANKS Branch Number of Employees Job Level 1 Year or Less (%)* 2-4 Years (%)* 5-10 Years (%)* Over 10 Years (%)* Not applicable/ Unspecified (%)* Managerial - (-) 65 (0.4) (66.0) (11.5) (22.1) (100) Supervisory 325 (1.2) (53.6) (26.6) 52 (0.2) (18.4) (100) Clerical (44.8) (50.9) 180 (0.6) - (-) (3.7) (100) (%)** (19.0) (41.8) (23.8) (2.4) (13.0) (100) (%)* As percentage of the total number of employees at the same job level in the BANKS Branch. (%)** As percentage of the total number of employees (excluding other supporting staff) in the BANKS Branch. Table J: Employees Minimum Requirement on Year(s) of Experience in the DTCS Branch Number of Employees Job Level 1 Year or Less (%)* 2-4 Years (%)* 5-10 Years (%)* Over 10 Years (%)* Not applicable/ Unspecified (%)* Managerial - (-) 18 (6.3) 169 (59.1) 93 (32.5) 6 (2.1) 286 (100) Supervisory 1 (0.3) 195 (51.9) 162 (43.1) 8 (2.1) 10 (2.7) 376 (100) Clerical 337 (72.5) 119 (25.6) 8 (1.7) 1 (0.2) - (-) 465 (100) (%)** 338 (30.0) 332 (29.5) 339 (30.1) 102 (9.0) 16 (1.4) (100) (%)* As percentage of the total number of employees at the same job level in the DTCS Branch. (%)** As percentage of the total number of employees (excluding 46 other supporting staff) in the DTCS Branch. 23

40 Table K : Employees Minimum Requirement on Year(s) of Experience in the SS COS Branch Number of Employees Job Level 1 Year or Less (%)* 2-4 Years (%)* 5-10 Years (%)* Over 10 Years (%)* Not applicable/ Unspecified (%)* Managerial - (-) 66 (3.3) 882 (43.7) 585 (29.0) 485 (24.0) (100) Supervisory 5 (0.2) (41.6) 907 (32.8) 250 (9.0) 454 (16.4) (100) Clerical (21.2) (59.9) 251 (4.9) 10 (0.2) 713 (13.8) (100) (%)** (11.1) (43.3) (20.5) 845 (8.5) (16.6) (100) (%)* As percentage of the total number of employees at the same job level in the SS COS Branch. (%)** As percentage of the total number of employees (excluding 590 other supporting staff) in the SS COS Branch. 24

41 Distribution of Employees by Average Monthly Income Range (Table 4 in Appendix 5) 2.17 Table L shows the distribution of employees by average monthly income range at different job levels. It should be noted that it is not the intention of this survey to collect information on the income of banking and finance personnel and the following income data only serve to cross-check the reliability of manpower data at various job levels. Table L : Number of Employees by Average Monthly Income Range by Job Level Number of Employees 25 Job Level Below $6,000 (%)* $6,001 to $10,000 (%)* $10,001 to $20,000 (%)* $20,001 to $30,000 (%)* $30,001 to $40,000 (%)* $40,001 to $60,000 (%)* $60,001 to $80,000 (%)* $80,001 to $100,000 (%)* Above $100,000 (%)* Not applicable/ Unspecified (%)* Managerial - (-) - (-) 114 (0.5) (8.8) (13.5) (22.6) (6.9) (5.7) 988 (4.2) (37.8) (100) Supervisory - (-) 69 (0.2) (32.3) (23.8) (6.4) 862 (2.3) 66 (0.2) 50 (0.1) 162 (0.4) (34.3) (100) Clerical 31 (0.1) (25.0) (48.7) 287 (0.7) 22 (0.1) 7 (-) - (-) - (-) 307 (0.7) (24.7) (100) (%)** 31 (-) (10.0) (31.5) (11.3) (5.5) (6.0) (1.7) (1.3) (1.4) (31.3) (100) (%)* As percentage of the total number of employees at the same job level in the industry. (%)** As percentage of the total number of employees (excluding other supporting staff) in the industry.

42 Staff Turnover in the Past 12 Months (Tables in Appendix 5) 2.18 The staff turnover is defined as the total number of employees having left their companies in a specified period of time. The total number of employees who had resigned in the 12-month period prior to the survey were (11.1% of the manpower demand) whereas the total number of persons recruited in the same period were (13.1% of the manpower demand). The staff turnover statistics are shown in Tables M to N and Figure 6. Table M: Number of Employees Resigned in the Past 12 Months by Branch and by Job Level Number of Employees Resigned Branch Managerial (%)* Supervisory (%)* Clerical (%)* (%)** 1. BANKS (19.2) (32.8) (48.0) (66.9) 2. DTCS 33 (20.0) 73 (44.2) 59 (35.8) 165 (1.3) 3. INVEST COS 398 (40.5) 308 (31.3) 277 (28.2) 983 (7.8) 4. PL COS 8 (4.0) 72 (36.4) 118 (59.6) 198 (1.6) 5. SS COS 164 (17.6) 247 (26.5) 522 (55.9) 933 (7.4) 6. C DEALERS 6 (5.3) 26 (22.8) 82 (71.9) 114 (0.9) 7. C EXCHANGES 42 (33.9) 62 (50.0) 20 (16.1) 124 (1.0) 8. M CHANGERS 1 (0.7) 7 (5.0) 133 (94.3) 141 (1.1) 9. OF COS 289 (19.0) 596 (39.1) 639 (41.9) (12.0) (%)** (20.2) (33.0) (46.8) (100) (%)* As percentage of the total number of employees resigned in the branch. (%)** As percentage of the total number of employees resigned in the industry. 26

43 Table N: Number of Recruits in the Past 12 Months by Branch and by Job Level Number of Recruits Branch Managerial (%)* Supervisory (%)* Clerical (%)* (%)** 1. BANKS (16.3) (31.4) (52.3) (71.8) 2. DTCS 17 (14.3) 48 (40.3) 54 (45.4) 119 (0.8) 3. INVEST COS 274 (29.7) 268 (29.1) 380 (41.2) 922 (6.2) 4. PL COS 3 (1.9) 51 (31.4) 108 (66.7) 162 (1.1) 5. SS COS 144 (14.0) 338 (33.0) 544 (53.0) (6.9) 6. C DEALERS 8 (5.8) 21 (15.1) 110 (79.1) 139 (0.9) 7. C EXCHANGES 29 (21.8) 66 (49.6) 38 (28.6) 133 (0.9) 8. M CHANGERS - (-) 6 (5.6) 101 (94.4) 107 (0.7) 9. OF COS 387 (24.4) 517 (32.6) 683 (43.0) (10.7) (%)** (17.5) (31.4) (51.1) (100) (%)* As percentage of the total number of recruits in the branch. (%)** As percentage of the total number of recruits in the industry. 27

44 Figure 6: Staff Turnover in the Banking and Finance Industry in the past 12 Months by Job Level Number of Employees 8000 No. of Employees Resigned No. of Employees Recruited Managerial Supervisory Clerical Job Level 28

45 2.19 The staff turnover statistics of the BANKS, DTCS and SS COS branches are summarized as follows: BANKS Branch Table O : Number of Employees Leaving the BANKS Branch in the Past 12 Months by Reason (a) (b) (c) Reason Managerial (%)* Supervisory (%)* Clerical (%)* (%)** Taking up banking/finance jobs or starting own finance related business Taking up insurance jobs/ jobs related to the insurance industry or starting own insurance related business Taking up non-banking/ non-finance/non-insurance jobs or starting own non-finance/non-insurance business 341 (2.4) (3.8) (4.1) (30.3) 2 (-) 2 (-) 6 (-) 10 (0.1) 49 (0.3) 333 (1.2) 540 (1.8) 922 (10.9) (d) Emigration 31 (0.2) 23 (0.1) 19 (0.1) 73 (0.9) (e) Repatriation 24 (0.2) 7 (-) 1 (-) 32 (0.4) (f) Retirement 69 (0.5) 52 (0.2) 105 (0.4) 226 (2.7) (g) Further studies 28 (0.2) 41 (0.2) 200 (0.7) 269 (3.2) (h) Retrenchment 48 (0.3) 64 (0.2) 64 (0.2) 176 (2.1) (i) Company re-structured/closed 8 (0.1) 10 (-) 16 (0.1) 34 (0.4) (j) Expiry of employment contract 14 (0.1) 12 (-) 74 (0.3) 100 (1.2) (k) Poor performance 58 (0.4) 99 (0.4) 184 (0.6) 341 (4.0) (l) Other reasons 93 (0.6) 271 (1.0) 298 (1.0) 662 (7.8) (m) Reasons unknown 856 (5.9) 841 (3.1) (4.6) (36.0) 1621 (11.2) (10.2) (13.8) (100) Number of Employees at the same job level in the BANKS Branch # Staff Turnover Rate@ 11.9% (%)* As percentage of the total number of employees at the same job level in the BANKS Branch. (%)** As percentage of the total number of employees leaving the BANKS Branch. Other reasons included taking care of family and health problems, etc. # number of employees in the BANKS Branch excluding other supporting Staff Turnover Rate No. of Employees Leaving the BANKS Branch = No. of Employees in the BANKS Branch Excluding Other Supporting Staff 29