On behalf of everyone at Morgan McKinley in the UK, I would like to wish you a very Merry Christmas and prosperous 2013.

christmas, Christmas Message, happy new year, Morgan McKinley

I recently attended a small but significant networking event hosted by Silu, an organisation aimed at professionals working or doing business in China invited a Morgan McKinley guest to speak at their panel event – alongside editors from The Banker and eFinancialCareers. Richie Holliday, COO Morgan McKinley Asia took up the opportunity to speak from his experience overseeing Morgan McKinley’s offices in Shanghai and Hong Kong, as well as Singapore and Japan.

The event titled: ‘Asia calling: where is the future for financial services professionals’ is the first of many seminars from Silu as it aims to become a hub for professionals in Asia, particularly those focused individuals seeking to return to China (known as Haigui) for career enhancement.

Haigui (an informal term for Chinese people who have returned to mainland China after having studied or worked abroad) are in strong demand and sought after by multinational companies to bridge the cultural differences. Also a new generation of career driven individuals are in China looking to make a name for themselves, in a competitive career environment everyone is looking for the edge to give them the advantage and Silu offers an outlet to learn from successful individuals such as the two other guest speakers, Dr Mao and Dr Wang, both head of risk areas in leading financial services institutes

This signifies the impact that China will continue to have especially with cities like Shanghai progressing rapidly towards becoming a global financial centre. Richie presented key findings from Morgan McKinley’s China Hiring Market Report 2013. He also highlighted the changes happening in the market, for example, no longer can non-Chinese language speakers walk into a position even in financial hubs such as Hong Kong.

The event was very well attended and a great success for Silu, with Richie being almost mobbed at the end from those who wanted more information about the opportunities and possibilities of returning to China.

Now we are all in a globally competitive market, what skills do you think will be most important for you to succeed in the future?

career, China, Chinese language, Financial Services, financial services professionals, Hong Kong, Shanghai

Tax has been a high profile topic in the press recently and an interesting underlying theme has been the reputation of tax professionals in the private sector.

The Chief Political Commentator of the Telegraph, Peter Osborne, recently wrote one of the most damning verdicts. He stated ‘there are few more worthless specimens of humanity than tax accountants and tax lawyers’.

Anthony Thomas, President of the CIOT, leapt to defence, arguing that the majority of media comment was ‘ill-informed, ill-conceived, ill-thought out’.

The widespread public disapproval of tax avoidance by multinational organisations has resulted in a conscious effort by those in the profession to improve public image.

Mark Robertson, representing the investment research service Eiris, highlighted how ‘significant reputational damage in the form of negative publicity arising from aggressive tax evasion’ can create financial risks for organizations. Joe Stead from Christian Aid noted that ‘becoming known as a tax dodger can damage a company’s reputation and lead to costly penalties’.

So, what can tax professionals learn from recent articles in the press? It would seem that the greater public has focused more on tax avoidance schemes in general than individuals’ actions and there are a variety of motives behind the most negative comments. Tax professionals will have to continue to be conscious of heightened scrutiny and the impact of their reputation on the business as a whole.

Guest blogger

Beth Horne, Candidate Manager, Morgan McKinley Taxation

Peter Osborne, reputation, Tax Avoidance, Tax Evasion, Tax Professionals, Taxation

However we choose to look at the specifics, this year’s budget is a PR gamble for the government.

With many of my clients being financial institutions, or constituents of the FTSE 100 I have a particular interest on how today’s changes will be viewed by big business and on high earners within these organisations. Is Britain, as the Chancellor proudly declared, ‘open for business’ or will we see high earners move away from the UK?

It’s an interesting one. In many respects, the UK still offers much to large corporations which is why we continue to see many businesses trading here. However, the ongoing furore over banker’s bonuses has led to some, including a Senior Executive at a Wall Street Bank to describe London as ‘the worst major City in the world to do business’.

Let’s imagine that bonus payments were no longer discussed in the media. We live in a world where individuals decide to work in a location purely based on the tax implications of doing so. By looking at today’s budget, has George Osborne done enough to ensure that, on paper, we have a viable and attractive tax system?

We have heard terms being used lately such as ‘tycoon tax’ and ‘mansion tax’ which imply that the wealthy should be penalised for being financially secure. Given that the top 1% of earners already pays 27.7% of all tax (ONS – 2011/ 2012); I believe that for the economy to prosper we need to welcome big business and their employees to this country.

After months of speculation the 50p top tax rate  will be reduced to 45p from next year. It is widely accepted that it actually brought in little revenue and maybe acted as a deterrent in attracting or keeping – top talent to the UK. However, scrapping it is a high profile move and the Chancellor has ensured that the rich are taxed in other ways including the reduction in tax relief on pensions, the so-called Mansion Tax (taxing properties over £2m), the Tycoon Tax (forcing all tax payers to pay a minimum of 20% on all sources of income) and through the expected closing of loopholes to clamp down on tax avoidance.

So, what have we seen today? Has the government played the PR game and given gimmicky names to serious tax issues to appease their voters; whilst trying to do the same with high earners by reducing the highest tax rate?

It is very difficult at this point to predict if the above steps will improve the economy. I am concerned that over time, we will become a country that welcomes big business (the reduction in corporation tax from 25% to 22% over the next 2 years appears to give this impression) but not those who work for these organisations.

Like it or not, we live in a capitalist society; an advanced one at that. By definition, capitalism creates competitive markets and in these markets some will fair better than others. For this system to continue effectively, we need to ensure that everybody is treated fairly, with respect and not as a pawn in an elaborate political game.

budget, budget 2012, corporation tax, George Osborne, tax implications, tax issues, tax system

A recent article that I read talked about employers being warned about not putting too much trust in using social media, to solely recruit for new employees into their businesses.

The findings of this article stated that 57% of employers are searching for potential candidates on sites such as LinkedIn .  However only 5% of those individuals surveyed would actually hire individuals from these social networking sites.  In comparison to this, 19% of respondents said that they would hire primarily from recruitment consultancies with 76% preferring to use a specialist agency.

These are very interesting findings which will lead me to believe that whilst these sites are fantastic in terms of building your network of contacts and profile, they are limited in terms of ensuring that you are using a multi-layered approach to find the best talent in the market place.

Many of our clients will rely on us to use this approach to find their new employees and whilst we will use social networking to headhunt and source candidates, we will still use many other mediums, particularly focussing our efforts on referrals and recommendations to our business.  Our clients will also be very reliant on the fact that we will have met candidates sent to meet them face to face, that all will be fully referenced and this then in turn still highlights the importance of specialised recruitment consultancies.

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A fair tax system. You decide?

I read City AM’s headline with interest today – “67,700,000,000 – The amount of tax paid by Britain’s top 100 companies last year”.

Alongside the new stories about companies and individuals who “avoid” paying the maximum tax (see the headlines about Ken Livingstone avoiding PAYE by paying consultancy fees into a company, thereby paying the lower rate of corporation tax and the headlines about Barclay’s being ordered to pay an extra £500 million to HMRC) City AM reports that big companies paid an extra 14% more compared to the previous year.

The figures were released by PwC today but City AM makes the point that the Treasury is attempting to show the public that it’s not letting big business get away with avoiding paying tax.  Critically, David Gauke MP (Treasury Minister) argues that businesses must “demonstrate just how critical (their) success is to the prosperity of individuals and families across the economy”.  Very simply, the better our business do, the more tax they pay the better off the country is!

There are daily “name and shame” stories about how “over paid” various individuals are and this fuels the flames of anti-business sentiment.   There was an interesting article in the Evening Standard yesterday with Sam Leith offering the opinion that Ken Livingstone’s payment to his company rather than as an employee was a deliberate strategy to align himself with London’s business community – Leith says “In avoiding tax this way – and to hell with the potential unpopularity – he goes a mile in their shoes. He is putting his money where his mouth will follow”.  An interesting theory!! Read the full article here.

Whilst change is unavoidable – maybe too much reward is given to individuals in senior positions across the private and public sector for very little success, I do think that we should be championing UK businesses (of every size) to keep the wheels of the economy turning, generate more taxes and lower the country’s deficit.

I noted with interest that the HMRC would be appointing a new tax “assurance commissioner” to broker tax agreements and settlements with large groups – hopefully this will help co-ordinate such arrangements and ensure a fairer, more transparent system will be realised.

Am I being an idealist?  Am I over simplifying this?  I am deliberately not getting into how the taxes are actually spent (that’s a different debate) or perhaps you think that bigger businesses should pay more tax – especially if they are posting record results??  What do you think?  Join the debate!!

corporation tax, PAYE, Tax

Singapore is a bustling, world-class city-state that has made waves around the world for its business excellence. If you are on a business visit or furthermore looking to relocate and work in this lovely place in South East Asia, you should habituate yourself with the most common business etiquettes in Singapore.

Top tips for business etiquette:

- Bring lots of business cards to meetings. They should be presented with both hands with the name facing the recipient. Upon receiving a card never write on it, put it casually in your back pocket, or slot into a folder, as any of these actions can be misconstrued as disrespect.

-  Punctuality: although Singaporeans tend to arrive late for social events, being late for business appointments is paramount to an insult.

- Plan meetings in advance. It is essential to arrange your meetings in Singapore in advance. Do so weeks, even months, prior to your visit.

- Small talk: casual conversation is often typical at the start of a meeting and is part of ‘getting to know you’ phase. You may be asked questions about your background or personal details.

- Handshakes: are the most common business greeting in Singapore. A gentle squeeze lasting 10 to 12 seconds is ideal. While Westerners tend to read a lot into a handshake, for Singaporeans, ‘pressing the flesh’ is considered merely a friendly greeting. There are no subtle messages encoded in a handshake’s firmness or duration.

- Body language: Singaporeans are reserved in nature, so it is useful to be aware of their body language and verbal cues. In Western environments, looking a person straight in the eye says: “You have my full attention.” In Singapore, the direct look may be interpreted as disrespect, or worse – as aggression. Catch your counterpart’s eyes for a second, then immediately lower your head and look down. Your body language expresses that you are honouring the person in your presence.

To find out more about what to expect from living and working in Singapore, or hear about current opportunities contact Anouska Serich on +44(0)20 7092 0015 aserich@morganmckinley.co.uk

international experience, Singapore, Working in Singapore

Offshoring operations overseas combined with an increasingly competitive jobs market, has left many professionals considering opportunities abroad. So what value is gained from international experience?

Stand out from the crowd. CVs with international work experience stand out. Employers appreciate the independence, personal resourcefulness and problem-solving skills necessary to work abroad. Particularly if you have sought the opportunity yourself.

Understand new business cultures. Working in a country that has a strong connection with your industry can add an incredible amount of value to your CV. Working abroad can also give you an understanding of other cultures, values and different ways of doing business. Surrounding yourself in a foreign work setting is very different from dealing with colleagues from other countries on the telephone. Even a relatively short period of time spent abroad can be very valuable to your career.

Acquire new skills. Learning a new skill or developing an existing skill is often easier in a new environment. Picking up a new language or learning new processes can be an invaluable benefit of working overseas and are often skills that can be used back in the UK.

Gain new contacts. An assignment abroad can quickly help build your professional network. Nurture relationships with colleagues, you never know where a contact may lead and who they might be able to refer you to for future jobs.

Earn money. Often companies pay generously for temporary workers, particularly abroad. Working as a contractor can be a lucrative option as well as tax efficient in many countries.

Lifestyle change. Working abroad can often offer a different lifestyle, and sometimes a greater work-life balance. In addition, it can give you thechance to explore new interests. It may even take you on to another contract or permanent role there or in another country.

Choosing to uproot and work abroad can be a big decision, plenty of research is essential before taking the leap. If the timing is right it can really develop your career opportunities.

abroad, CVs, international experience, Skills, work overseas, working abroad

Click to view the Accounting, Finance & Support Salary Survey | UK 2012

To gain insight into hiring and salary trends for 2012, we surveyed 350 senior-level operational and HR managers working in accounting, finance and support. We targeted three areas: commerce & industry, professional services and the public sector.

These are clearly diverse markets but overall, the outlook is that there will be modest growth in 2012, at a rate similar to 2011. Positively, more than half of the firms we surveyed (including multinational corporations and SMEs) have hiring plans for Q1 2012.

On the whole, salaries are expected to remain relatively stable in 2012. Increasingly professionals are considering ‘holistic’ packages rather than focusing on basic salary offers. Elements such as flexible benefits, work/life balance and professional development are becoming more important to job seekers.

We hope you find this salary survey informative. If you have any questions or feedback, please feel free to contact me directly on +44 (0) 207 092 0078 or email cleeson@morganmckinley.co.uk.

Accounting, accounting salaries, business support salaries, Finance & Support Salary Survey 2012, finance salaries, office support, salary survey 2012, secretarial salaries, UK salaries 2012

The first week back in the office is always hard work isn’t it? How do you feel once you are back at your desk, with no more Christmas parties to look forward to? Chances are, it’s not your favourite time of the year but for many this is a time to start thinking about what they want to change about their career in 2012.

Here are our top tips for the best start to a job search in 2012:

1. Make a plan

A good start to the New Year is writing up a detailed game plan. What role do you want to move into and how are you going to make sure you get there?  Reflect on what you really want in your next role. Explore your options by researching potential careers, jobs and employers.

2. Network

Gain insight into your desired role and opportunities in 2012 by making contact with people already working in the industry. Showcase your skills by creating an online presence on social networking sites such as LinkedIn. Ensure your LinkedIn page optimises the right key words as part of your job search.

3. Gain new skills

Attending training courses, professional development seminars or working towards a new qualification will add to your skill set and make your CV stand out from the crowd.

4. Freshen up your CV

Ensure your CV is completely up-to-date with your current role and responsibilities.  Focus on accomplishments rather than responsibilities.  Check out our CV preparation page.

Send in your updated CV to london@morganmckinley.co.uk

2012, career, cv, CV Preperation, jobs, Linkedin, Networking, new job, Nwew Years resolution, Top tips