Asia happy to pay for Indian IT talent
Big demand for IT professionals is prompting Asian financial services firms to suck in talent from India - and pay big money in the process.
A study by recruiter Astbury Marsden suggests there has been a surge in the number of Indian IT professionals being snapped up by investment banks in Tokyo, Hong Kong and Singapore. More than nine out of 10 IT candidates placed into Asia in the past six months have been Indian nationals, it says.
Financial services IT expertise is in huge demand: someone working at associate vice-president level within IT could now command a salary of 50k to 70k in Hong Kong and Tokyo with a Western-level bonus on top, says Astbury Marsden associate partner Adrian Kinnersley. In Singapore, by comparison, the same level of position would probably command 40k to 60k, although that would be mitigated by lower taxes and a lower cost of living.
"A lot of the time, the way into Asia is through Singapore. It has the highest growth, but the salaries are the lowest," Kinnersley says.
Wage growth has been picking up in Asia, particularly in Japan and Singapore, says Mark Schikowsky, vice president of global solution services at Tokyo-based recruiter Softbridge Solutions
The biggest demand is now for mid- and upper-end positions and for software engineers who have gained specific product knowledge in other foreign markets, he adds. "Individuals are realising that to truly be respected as a global finance professional a few years working in Asian markets is mandatory."
