rahulpatel
08-14 04:35 PM
Please note that, this is no more the issue of not-paying me at all-- He cleverly cleared recently the amount which is stated on my LCA H1. What he is actually withholding, is the difference of this and the actual salary (percentage) that was agreed upon, at that time.
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lord_labaku
10-05 06:20 PM
Guys,
These are standard trick questions. Its done quite frequently...maybe you guys dont travel frequently....but enforcing officers...like cops, security people, immigration check post officials are all trained to ask obvious, simple straightforward questions and supposed to judge your behavior, body language....not the exact answer....next time....try giving like a really long winding answer and see if they even care.....half way through your answer...they would have already stamped your passport.
These are standard trick questions. Its done quite frequently...maybe you guys dont travel frequently....but enforcing officers...like cops, security people, immigration check post officials are all trained to ask obvious, simple straightforward questions and supposed to judge your behavior, body language....not the exact answer....next time....try giving like a really long winding answer and see if they even care.....half way through your answer...they would have already stamped your passport.
RDB
09-02 11:09 PM
That's the only logical thing to do right now, sending original EAD might be a bit risky.....i will update after my info pass appointment.
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amitarora74
08-04 11:43 AM
anoopraj2010
you have been waiting for just 1 year. My wife(primary applicant) got her GC exactly 3 years back while i could not be approved due to pending name check. Then the whole thing retrogressed. Have been renewing AP/EAD since then.I know couple of other people in same boat. I think this is more common than you think
you have been waiting for just 1 year. My wife(primary applicant) got her GC exactly 3 years back while i could not be approved due to pending name check. Then the whole thing retrogressed. Have been renewing AP/EAD since then.I know couple of other people in same boat. I think this is more common than you think
more...
sumanitha
07-12 05:35 PM
Take one by one and try to answer properly.
1. What is CIS is returning visa #'s to DOS.?
There are some unused and unallocated visa numbers reported by various means. Few# got reported by consulate abroad and few reported by USCIS.
2. How USCIS and Consulate can report unused Visa #'s?
You might be reading the I-485 rejection cases by CIS and Consulate
You might be hearing about USCIS is unable to process the applications received
You might be hearing people could not able to file whose cased were current in June.
All these Visa #'s are reported back
3. To me around 20000 such numbers are available for this years quota
4. Can my applications sneak into this #?
Answer is uncertain.
If your have an old priority dates then probability is high
If you have recent 05/06/07 priority date then there could be issues in issuing an EAD. People whose PD are old will take legal action against USCIS of they do not consider their case and approve yours.
5. What would August VB have?
If they do not approve any July2 filling then here is what they will do
a) Retain petition with old PD and adjust them in Aug
b) Reject all I-485 application for candidates recent PD
They are making a decision fast, that the reason Aug VB is not yet published
6. Will USCIS reverse the new decision?
Answer is NO. Why? There is no such pattern in USCIS behavior and July time is running out.
7. How about Law suite?
:) Do not worry there is a slick chance. All govt depts. are inter related.
Don�t you think Justice dept does not know about this before issuing the reversal notification in July. All CIS communication also being forwarded to Justice dept.
State--> Immigration --> Justice are all same with different names.
I have no hope from this process. It's just building a fake hope.
8. People are still filling the application.
Candidates are filling because of advice of their attorney. When you deal with the attorney directly they will encourage you to apply because they will get the money now.
There is no guarantee that you will process your application from XYZ law firm in Oct.
If you file now through them, you are bonded with him until you hear some good news from CIS.
There is a say in India.. Always try to out of trouble and Attorney. They will tell everything is possible.
Another thing after July 16th, I am not sure if they can charge money to you directly. They will rush you to pay before just 16th.
Declaimer: I am not an attorney or do not have any background of law. This is my conclusion from reading IV and many other forums. My PD is 2007 EB2.
I dont think whatever you are saying is true...
State--> Immigration --> Justice are all same with different names.
Please be careful while you post since lot of people are viewing it.
1. What is CIS is returning visa #'s to DOS.?
There are some unused and unallocated visa numbers reported by various means. Few# got reported by consulate abroad and few reported by USCIS.
2. How USCIS and Consulate can report unused Visa #'s?
You might be reading the I-485 rejection cases by CIS and Consulate
You might be hearing about USCIS is unable to process the applications received
You might be hearing people could not able to file whose cased were current in June.
All these Visa #'s are reported back
3. To me around 20000 such numbers are available for this years quota
4. Can my applications sneak into this #?
Answer is uncertain.
If your have an old priority dates then probability is high
If you have recent 05/06/07 priority date then there could be issues in issuing an EAD. People whose PD are old will take legal action against USCIS of they do not consider their case and approve yours.
5. What would August VB have?
If they do not approve any July2 filling then here is what they will do
a) Retain petition with old PD and adjust them in Aug
b) Reject all I-485 application for candidates recent PD
They are making a decision fast, that the reason Aug VB is not yet published
6. Will USCIS reverse the new decision?
Answer is NO. Why? There is no such pattern in USCIS behavior and July time is running out.
7. How about Law suite?
:) Do not worry there is a slick chance. All govt depts. are inter related.
Don�t you think Justice dept does not know about this before issuing the reversal notification in July. All CIS communication also being forwarded to Justice dept.
State--> Immigration --> Justice are all same with different names.
I have no hope from this process. It's just building a fake hope.
8. People are still filling the application.
Candidates are filling because of advice of their attorney. When you deal with the attorney directly they will encourage you to apply because they will get the money now.
There is no guarantee that you will process your application from XYZ law firm in Oct.
If you file now through them, you are bonded with him until you hear some good news from CIS.
There is a say in India.. Always try to out of trouble and Attorney. They will tell everything is possible.
Another thing after July 16th, I am not sure if they can charge money to you directly. They will rush you to pay before just 16th.
Declaimer: I am not an attorney or do not have any background of law. This is my conclusion from reading IV and many other forums. My PD is 2007 EB2.
I dont think whatever you are saying is true...
State--> Immigration --> Justice are all same with different names.
Please be careful while you post since lot of people are viewing it.
ras
05-30 01:31 AM
From my attorney and my understanding, say u have h1 and u started using ead.. later on u still have the unexpired h1b and u wanted to go back to h1 from ead, then all u do is go out of the country and go for visa stamping using ur h1 approval notice. Then you wil enter the country in h1b with a new i94 at POE. Then u are all set...
Say ur visa stamp in ur passport hasn't expired, then they said you could do an amendment or some change in ur h1b and get it approved. this iwll come iwht a new I94 and u wil hten b in h1b...Otherwise, u go out of the country and enter back showing h1b approval and get a new I94 at POE that will say h1b...
Hope that helps...
Sure that helps...
I didn't get what the below means
"this iwll come iwht a new I94 and u wil hten b in h1b...Otherwise, u go out of the country and enter back showing h1b approval and get a new I94 at POE that will say h1b..."
Say ur visa stamp in ur passport hasn't expired, then they said you could do an amendment or some change in ur h1b and get it approved. this iwll come iwht a new I94 and u wil hten b in h1b...Otherwise, u go out of the country and enter back showing h1b approval and get a new I94 at POE that will say h1b...
Hope that helps...
Sure that helps...
I didn't get what the below means
"this iwll come iwht a new I94 and u wil hten b in h1b...Otherwise, u go out of the country and enter back showing h1b approval and get a new I94 at POE that will say h1b..."
more...
bkam
01-31 03:15 AM
Dear "colleagues in faith" :-), there is only one way to change the things with this immigration trap - we have to win the public opinion!
Currently 350,000 highly qualified professionals working for this country are in a legal limbo which continues for years. Our current legal status is that of slaves. Yes, slaves! Nowadays it takes anywhere between 5 - 10 years from applying to receiving of a GC. We cannot change our employers within this period, the members of our families cannot work (at least legally) and our spouses lose their professional carrier; if our kids get in college they are treated as "aliens" (full tuition, no student loans, no scholarship); the loans we get are with higher interest rate (for "protection"); at the borders we are treated as "intruders" etc.
The average Americans are honest hardworking people. If they are aware of the immigration problems faced by 350,000 hardworking professionals in this country, they will raise their voice and will help for resolving of this issue. They just need to know that. I believe that in addition to talking to senators etc., we have to find ways our issues to reach the media - newspapers, magazines and so on. An article in Times may lead to a lot of positive changes in the immigration system.
Currently 350,000 highly qualified professionals working for this country are in a legal limbo which continues for years. Our current legal status is that of slaves. Yes, slaves! Nowadays it takes anywhere between 5 - 10 years from applying to receiving of a GC. We cannot change our employers within this period, the members of our families cannot work (at least legally) and our spouses lose their professional carrier; if our kids get in college they are treated as "aliens" (full tuition, no student loans, no scholarship); the loans we get are with higher interest rate (for "protection"); at the borders we are treated as "intruders" etc.
The average Americans are honest hardworking people. If they are aware of the immigration problems faced by 350,000 hardworking professionals in this country, they will raise their voice and will help for resolving of this issue. They just need to know that. I believe that in addition to talking to senators etc., we have to find ways our issues to reach the media - newspapers, magazines and so on. An article in Times may lead to a lot of positive changes in the immigration system.
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krishna_brc
02-09 04:22 PM
Hi,
Shall I fly or drive ?. Which is the preferred way to get the new I-94. ? Any one did like this before ?. Your help is appreciated.
Thanks.
THIS PROCESS IS CALLED DEFERRED INSPECTION - no need to go out of the country
In the below link find the site/airport closest to your current address.
http://www.cbp.gov/xp/cgov/toolbox/c...ed_inspection/
Call up the phone number in the link and fix an appointment.
Go with Old Passport, new passport and all visa documents and I -94
Explain the situation to the officer and he/she should be able to rectify at the time of appointment.
Officer will put the new date on the existing I -94 and update the system and on the card itself. No new I - 94 will be issued.
Thanks,
Krishna
Shall I fly or drive ?. Which is the preferred way to get the new I-94. ? Any one did like this before ?. Your help is appreciated.
Thanks.
THIS PROCESS IS CALLED DEFERRED INSPECTION - no need to go out of the country
In the below link find the site/airport closest to your current address.
http://www.cbp.gov/xp/cgov/toolbox/c...ed_inspection/
Call up the phone number in the link and fix an appointment.
Go with Old Passport, new passport and all visa documents and I -94
Explain the situation to the officer and he/she should be able to rectify at the time of appointment.
Officer will put the new date on the existing I -94 and update the system and on the card itself. No new I - 94 will be issued.
Thanks,
Krishna
more...
apb
09-11 02:43 PM
We will get some idea on how many are still pending.
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bsnf
07-12 02:30 PM
I called my lawyer yesterday and he told me that he did not get a single case send back.
He filed 300 applications.
He filed 300 applications.
more...
jsb
08-31 09:43 AM
Is it Received date or Notice date?
There is a separate thread on Receipt Date/Notice Date. Note that on the Processing Dates page, USCIS makes reference to 'receipt notice date', which is close to date a processing center received the case (which in some cases, is several months later than the date stamped on your receipt, which is the date USCIS received your case in the mailroom).
Also Published dates appear to be to indicate last case processed. Thus if published date for a processing center is Aug 31, 2007, it means that the center believes that all cases prior to this date have been processed. It does not mean they have not seen, or will not see, any cases received (by the center) after this date.
Further, strict sequenced processing is not feasible. Cases are distributed to IO's in lots. Thus if case 1-100 are given to A, and 101-200 are given to B, and both begin working at the same time starting at first case they have in their lot, case 101 will be seen much earlier than case 100, etc.
There is a separate thread on Receipt Date/Notice Date. Note that on the Processing Dates page, USCIS makes reference to 'receipt notice date', which is close to date a processing center received the case (which in some cases, is several months later than the date stamped on your receipt, which is the date USCIS received your case in the mailroom).
Also Published dates appear to be to indicate last case processed. Thus if published date for a processing center is Aug 31, 2007, it means that the center believes that all cases prior to this date have been processed. It does not mean they have not seen, or will not see, any cases received (by the center) after this date.
Further, strict sequenced processing is not feasible. Cases are distributed to IO's in lots. Thus if case 1-100 are given to A, and 101-200 are given to B, and both begin working at the same time starting at first case they have in their lot, case 101 will be seen much earlier than case 100, etc.
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immiusa
06-16 09:18 AM
Hi,
Pay stubs & Tax returns for all your stay in USA are most important. Some times, you may be asked to submit w2 form for all your employer changes. If you have worked with company that had a H1B transfer denial, You need to have pay stubs & w2 form from that company also.
The office at any USA consulate may ask you the following items,
1. recent pay stubs (Probably for 3 months)
2. W2 form from your old company & new company (If you have worked for 2 companies in the FY 2007.
3. Last pay stub from your old company & first pay stub form your new company. This is to verify your continuity on the work
Pay stubs & Tax returns for all your stay in USA are most important. Some times, you may be asked to submit w2 form for all your employer changes. If you have worked with company that had a H1B transfer denial, You need to have pay stubs & w2 form from that company also.
The office at any USA consulate may ask you the following items,
1. recent pay stubs (Probably for 3 months)
2. W2 form from your old company & new company (If you have worked for 2 companies in the FY 2007.
3. Last pay stub from your old company & first pay stub form your new company. This is to verify your continuity on the work
more...
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sk8er
04-16 09:04 PM
I cannot read the above post
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angelfire76
04-23 01:20 PM
I know it is a loss in priority date. But my point is: "does fighting with the lawyer, give him his time back?" In fact by that he is loosing his valuable time and energy further.
If there is "ANY" method to get his "LC" approved with the same priority date, I totally agree he should do that.
That is what I mean by "focus on your goal". If your goal is to fight with lawyer for a cause, just do it. You will at least feel happy that you did the right thing, whatever you felt right.
Also "you pay the lawyer to represent you and to do things for you". The "payment" is not for a 100% error-free service. It is always back on your shoulder to make sure the lawyer is doing the right thing. Many of you may not agree, but that is my view. It is just a service. Not an "error-free-guaranteed" service.
You must be a lawyer, the ambulance chasing kind. Try the same line of argument with your boss when the system (assuming you are a IT guy) that you built and deployed into production fails and you want more money to fix your errors.
The reason we engage a lawyer and not do the stuff ourselves is because we don't know enough of the (unnecessarily complex) US immigration law. The least thing the lawyer can do is review the form before submitting it to DOL.
No wonder with guys like you, like teli said, we are stuck in an absurdly long immigration queue.
To the original poster, file a MTR (Motion to reconsider) soon with the help of another lawyer if possible with an explanation of the error. If the mistake is genuine, DOL will reopen your case.
If there is "ANY" method to get his "LC" approved with the same priority date, I totally agree he should do that.
That is what I mean by "focus on your goal". If your goal is to fight with lawyer for a cause, just do it. You will at least feel happy that you did the right thing, whatever you felt right.
Also "you pay the lawyer to represent you and to do things for you". The "payment" is not for a 100% error-free service. It is always back on your shoulder to make sure the lawyer is doing the right thing. Many of you may not agree, but that is my view. It is just a service. Not an "error-free-guaranteed" service.
You must be a lawyer, the ambulance chasing kind. Try the same line of argument with your boss when the system (assuming you are a IT guy) that you built and deployed into production fails and you want more money to fix your errors.
The reason we engage a lawyer and not do the stuff ourselves is because we don't know enough of the (unnecessarily complex) US immigration law. The least thing the lawyer can do is review the form before submitting it to DOL.
No wonder with guys like you, like teli said, we are stuck in an absurdly long immigration queue.
To the original poster, file a MTR (Motion to reconsider) soon with the help of another lawyer if possible with an explanation of the error. If the mistake is genuine, DOL will reopen your case.
more...
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Sachin_Stock
09-18 10:29 AM
Healthcare reforms and their covering of "illegal aliens" in question.
Both are non-issue in this forum!
Both are non-issue in this forum!
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crazydesi
09-03 07:36 PM
AILA is collecting information in an effort to work with USCIS to identify adjustment of status applications that may be approvable as of October 1, 2008, when new visa numbers become available. The focus of this effort is those adjustment of status cases, which are approvable under the February 4, 2008, security check memo by Michael Aytes. (See http://www.aila.org/content/default.aspx?docid=24522)
This information is being gathered for liaison purposes only in an attempt to identify and improve processing of cases covered by the February Aytes memo, and though the information will be provided to the USCIS for analysis, neither the AILA-USCIS Liaison Committee nor the USCIS will be contacting the attorney of record or the parties in direct response to information provided.
If your client has an adjustment of status pending over one year and is currently subject to a backlog but was current under the June 2008 Visa Bulletin, we would like to hear from you. Please fill out the following survey.
------------------------------------------
http://aila.org/RecentPosting/RecentPostingList.aspx
This information is being gathered for liaison purposes only in an attempt to identify and improve processing of cases covered by the February Aytes memo, and though the information will be provided to the USCIS for analysis, neither the AILA-USCIS Liaison Committee nor the USCIS will be contacting the attorney of record or the parties in direct response to information provided.
If your client has an adjustment of status pending over one year and is currently subject to a backlog but was current under the June 2008 Visa Bulletin, we would like to hear from you. Please fill out the following survey.
------------------------------------------
http://aila.org/RecentPosting/RecentPostingList.aspx
more...
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trueguy
08-08 09:22 PM
you shd have come with after 2004 before 2005 bullet too ..actually not sure if this poll is of use since there are many EB3 people who don't even visit this site...
How do I add more options in this Poll now? I didn't mean to discriminate and I was being realistic here. Sorry about that. Please someone, help me add more options to this poll.
Thanks.
How do I add more options in this Poll now? I didn't mean to discriminate and I was being realistic here. Sorry about that. Please someone, help me add more options to this poll.
Thanks.
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prioritydate
08-14 01:04 PM
the op modified his post.. his post ended with the question "am i missing something here?" and i replied to that as yes you are.. as to what he/she is missing is anyone's guess. maybe some common sense?
how would uscis have the ability to decode between a direct hire and a non direct hire application?
abc corporation is abc corporation. what OP was implying was that employees at companies with well established brand names would get it faster. but there are thousands of legitimate companies in various fields other than software that have 0 brand recognition outside their industry.
I don't appreciate your comments. How come common sense come into this picture when I said I may be wrong!
how would uscis have the ability to decode between a direct hire and a non direct hire application?
abc corporation is abc corporation. what OP was implying was that employees at companies with well established brand names would get it faster. but there are thousands of legitimate companies in various fields other than software that have 0 brand recognition outside their industry.
I don't appreciate your comments. How come common sense come into this picture when I said I may be wrong!
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kinvin
05-08 02:50 PM
A bidding war makes for �crazy� salaries across Asia
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
theMan
05-24 01:04 PM
Only last week I saw an article that said something to the effect that " Want US GC, get Masters". At that time, we all laughed at how these reports are compiled and brushed them off as tabloids.
Unfortunately , this time IV has got the right message and the publicity, but how will an average reader decide which article is saying the truth. People will understand/interpret the news the way their minds wants it to be , regardless of what the absolute truth is.
Regardless , a step in the positive direction for us
Unfortunately , this time IV has got the right message and the publicity, but how will an average reader decide which article is saying the truth. People will understand/interpret the news the way their minds wants it to be , regardless of what the absolute truth is.
Regardless , a step in the positive direction for us
puntubabu
03-07 10:17 PM
Dark Child has no votes, someones gotta vote for him, hes got a really good layout.
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