"as the epidemic restricts people's opportunities for face-to-face communication and trading, we see the process of digitization of financial services further accelerated. More and more financial institutions begin to increase investment in technological transformation to maintain a leading position in the market, and the demand for compound talents who understand both finance and Science and technology also increases significantly."
Although it has been a long time, Shi Dewei, China Human Resources Director of JPMorgan Chase, clearly remembers that it was more than 20 years ago. She counted the list of the world's top 500: there were only seven enterprises in China.
Over the past 20 years, great and profound changes have taken place in all walks of life in China. Today, Chinese enterprises have occupied 133 seats in the world's top 500, which makes Shi Dewei lament the rapid development of the country and the rapid emergence of talents.
In 2022, JPMorgan Chase has been operating in China for 101 years. Its business involves investment and corporate banking, global corporate payment, market business, securities services, commercial banks, etc. it has four legal entities - local corporate banks, securities, asset management and futures companies.
Shi Dewei said that over the past 100 years, earth shaking changes have taken place in China's market and business environment. China's financial market is gradually in line with international standards. JPMorgan Chase is proud to be a witness and witness of China's economic development.
Growing up in Hong Kong, China, studying in the United States and working in Shanghai, Shi Dewei has footprints all over the world. Her career began in the accounting industry, and human resources is not her initial choice. After years of deep cultivation in the accounting industry, Shi Dewei began to look for the second starting point - human resources.
In Shi Dewei's view, human resources attach importance to communication and coordination with others. In the interaction with others, everyone can also face themselves more frankly.
Since 2020, the global job market has undergone profound and lasting changes. One afternoon in March this year, Shi Dewei talked with the reporter of the international finance news and tried to explore the changes and current situation of the employment ecological environment of China's financial industry.
three key words: scientific and technological, diversified and Bridge
International Finance News: what changes do you think the epidemic has brought to the employment ecology of investment banks
Shi Dewei: from the development trend of the whole financial industry, I think an obvious change brought by the epidemic is that the warming of financial technology has brought about changes in the demand for talents. With the epidemic temporarily limiting people's opportunities for face-to-face exchanges and transactions, the process of digitization of financial services has been further accelerated. More and more financial institutions began to increase investment in technological transformation in order to maintain a leading position in the market. In other words, after the outbreak, with the support of cloud computing, big data, artificial intelligence, blockchain and other technologies, the financial industry is becoming more and more digital and intelligent. Therefore, the demand for compound talents who understand both finance and technology has also increased significantly. This is my first feeling.
I also have a feeling that as China's market and enterprises become more and more mature, more and more overseas talents are more willing to return home for development.
International Finance News: can you tell us about JPMorgan's overall talent recruitment plan in China and the construction of talent team
Shi Dewei: in recent years, the internationalization process of China's capital market has been continuously promoted. China has become the world's second largest stock market, the second largest bond market and an important futures market in the world. The rapid development of the market inevitably means that there is an urgent demand for talents.
For JPMorgan Chase, this is also a challenge: we need to continue to attract more excellent local talents to join us, because talents are the greatest wealth of a company and the driving force for the continuous development of our business. Of course, as a leading global financial company, this unique attribute also determines our criteria in selecting talents: we should be familiar with the local market, have a global vision and be able to adapt to the culture of multinational corporations.
At present, we have a very diversified talent team in China. For example, according to our previous preliminary survey, 28% of our employees in China come from non-financial majors such as mathematics, human resources, public affairs, energy management, English language and literature, psychology and so on; More than 65% of the employees are women, and nearly half of the management teams in China are female leaders. At the same time, more than 50% of the newly recruited employees in the past year are women.
International Finance: what qualities do you value more about the candidate
Shi Dewei: it can be said that the rapid development of any industry in China is inseparable from scientific and technological talents. So first of all, I hope our employees can take the initiative to embrace technology. This is also the development vision of JPMorgan Chase. We are not only a financial company, but also a technology company. JPMorgan Chase group's annual investment in technology is as high as US $12 billion, of which a considerable part flows to the new strategy of financial technology.
In recent years, a major trend in the financial industry is the continuous development of financial technology and the rapid growth of industrial scale. New technologies such as big data, artificial intelligence, machine learning and blockchain have become a new force for the reform of the financial industry after Internet technology. With the epidemic limiting people's opportunities for face-to-face exchanges and transactions, we see the process of digitizing financial services further accelerated. More and more financial institutions began to increase investment in technological transformation to maintain a leading position in the market. The demand for compound talents who understand both finance and science and technology also increased significantly.
I've seen two data. A report released by Bank Of China Limited(601988) Association said that at present, the demand for scientific and technological talents in the financial industry is heating up, and the proportion of scientific and technological personnel in the industry is also increasing. Then I looked at our own data and found that the proportion of talents linked to technology in our recruitment list is also rising. In terms of human investment, JPMorgan has about 250000 employees worldwide and nearly 50000 employees in the science and Technology Department, of which 31000 are in technology development positions. It is worth mentioning that in addition to these human employees, we have deployed more than 1500 online Siasun Robot&Automation Co.Ltd(300024) . This continuous and huge investment in science and technology has helped us maintain high business flexibility and reliability when the epidemic swept the world.
For example, our legal department often has to deal with the translation of some contracts and documents. If the translation system of artificial intelligence is used properly in this process, it can help reduce the workload of employees. However, the system also has a learning process. For example, for "business license", the system will literally translate it into "business license", but in some contexts, it will be more accurate to translate it into "business license".
Our colleagues in the legal department will work with our software engineers to help the translation system of artificial intelligence learn and improve by proofreading some "machine translation" contents, so as to achieve more accurate and authentic translation results. In the past, the system will be more efficient in helping the translation work of each line. This example shows that employees are willing to embrace technology and use technology to effectively complete some relatively boring and accurate work.
Therefore, our first requirement is that with the rapid development of the financial industry, our employees are compound talents, embrace technology and have the ability of continuous learning to meet the changing needs of customers.
Second, diversification. Our customers come from all walks of life and need a diversified team to serve our diversified customer base. Talents are our very important wealth. Specific professional skills can be acquired. We are looking for talents with critical thinking and problem-solving ability.
Diversification has always been a theme when we do global recruitment. You may think that you must have a degree in finance or economics to work in a financial institution like JPMorgan Chase. In fact, compared with taking a single professional background as the recruitment standard, JPMorgan Chase's diversified recruitment concept and diversified positions give talents with non-financial backgrounds more opportunities to show themselves.
International Finance News: can it be understood that JPMorgan Chase has its own preference for recruiting talents , the first is diversification, and the second is technology
Shi Dewei: yes, another point is that "bridge type" talents who are familiar with multiple capital markets can switch freely in different systems. One of JPMorgan's advantages is our global network and platform. We are able and willing to become a bridge connecting China and the global capital market, which requires our employees to have an international vision and ability.
JPMorgan Chase is not facing a single market. We serve our customers in more than 100 markets around the world. Naturally, we hope that our employees will be able to learn quickly and adapt to the working environment of different countries. For example, we will arrange Chinese colleagues to work in London, New York or New Delhi to serve Chinese customers who "go to sea". We vividly call these colleagues our "chinadesk".
local talents are becoming more and more popular
International Finance News: we find that China's capital market is becoming more and more international, and local people can no meet the degree and demand of internationalization
Shi Dewei: my observation is that Chinese enterprises are becoming more and more international, talents are becoming more and more international, and local talents are becoming more and more popular. I have been in this industry for 20 years. Before, from time to time, peers of Chinese enterprises asked me: we really want to be in line with international standards. Can you tell me how JPMorgan Chase did it? Now such exchanges are more two-way, and practitioners of foreign enterprises often "learn" from private enterprises and state-owned enterprises.
Chinese native talents have a very good international vision. China is such a large market that it has attracted the attention of global investors. They need to understand the Chinese market. One of the best ways is to hire local talents.
International Finance News: now people's work efficiency is very high. What aspects should we pay attention to in order to continuously improve our labor value
Shi Dewei: I think it is subjective initiative, intellectual curiosity and the ability of lifelong learning.
I also have a deep feeling that we should not be afraid of making mistakes and admit them after making mistakes. It may be sad at that time, but if you do, you will have a career full of positive energy. Don't be afraid of making mistakes, and don't try because of fear, which limits yourself. If you make mistakes and make corrections, you will have a great sense of achievement when you look back after three or five years.
company should also exercise its core competitiveness
International Finance News: the labor market is actually a two-way choice. As an employer, how should we improve our core competitiveness to attract and retain talents
Shi Dewei: Fortune magazine began to publish the list of the world's top 500 in 1995. At the beginning, there were 7 enterprises on the list in China, and 133 in 2020, which fully shows the rise of the strength of Chinese employers.
To maintain the attractiveness as an employer, I think the first thing is to do a good job in training, help employees constantly improve, and create a healthy corporate culture - mutual respect and support. The second is to provide an open and transparent workplace communication channel. The third is to provide employees with a platform for diversified development.
JPMorgan Chase, as a diversified financial group spanning multiple business platforms such as corporate banking, commercial banking, investment banking, market business and asset management, can provide many opportunities for internal job transfer. For example, if investment bank employees don't want to be investment banks, they can transfer internally to corporate banking and commercial banks. A lot of financial knowledge is connected, but they face different customers, products and groups. This will be more attractive to young people.
We also provide a cross regional and cross market working mechanism, so that employees have the opportunity to work in other regions and markets. For example, Chinese employees may have the opportunity to work in Europe and America. We encourage the exchange and flow of talents.
The "sustainability" of career should not only consider the present, but also consider the future. Employers often ask themselves, what can they provide for talents? How can we retain talents? First, the first step is to listen to their needs and know what they want.
International Finance News: do you think employees are too demanding
Shi Dewei: no, it's a good thing for employees to have a broad vision. The company provides employees with diversified platforms and more learning opportunities to encourage them to strive for excellence and try in many aspects. Conversely, it is unreasonable to say that employees ask too much. Employers should also think about how to adjust their management model to help employees and the company grow together in a rapidly changing environment.
International Finance: what do you think JPMorgan liked about you at the beginning
Shi Dewei: I also asked my leader this question. He said that he was interested in the "DNA of JPMorgan Chase" in all employees. This DNA is hard to sum up, but falls into our daily work - providing customers with high-quality services, pursuing excellent operation management and risk control, and paying attention to integrity, fairness and sense of responsibility. We attach great importance to our corporate culture, which is not established overnight, but a process of sustainable development.
Another point, I think, is language. I grew up in Hong Kong. I am very grateful to my parents for creating a Putonghua environment for me, so that I can fully communicate in Putonghua, Cantonese and English. Of course, this is not just the language itself, but the communication ability composed of language and culture.
