Organisations’ hiring plans means a healthy Hong Kong job market
Author: Liana Cafolla | Date: 27 Jan 2016
Almost one-third of Hong Kong workers are actively seeking a new role
The Hong Kong recruitment market is showing renewed buoyancy, with more than 40 per cent of employers planning to hire during the first half of this year.
According to the Hudson Report: Forward Focus 2016, 58 per cent of employers in the professional services sector are planning to hire, as well as 47 per cent in financial services.
“In Hong Kong, financial services remain the backbone of the economy, meaning that while the professional services sector is planning to grow, we expect much of the hiring will be for consultants who specialise in consulting with banks and financial organisations,” says the report. “We’re also seeing many global financial institutions moving critical positions into Hong Kong because of its geographical advantages and global outlook.”
Employees are more than willing to move, with almost one-third of Hong Kong workers actively seeking a new job this year and 43 per cent passively seeking a new position, meaning that they are open to being approached. Just under half of professionals plan to change jobs within a year, and half are prepared to move countries if the right role comes up, says the report.
Salary is the big draw for two-thirds of those seeking a new job, with work-life balance the second most important motivating factor (44 per cent), followed by career progression (42 per cent).
The fluid job market is a sign that employers must offer the right deals to keep their staff.
“If nearly half of Hong Kong’s employers increase their hiring, the competition for talent will be fierce,” said Siddhart Suhas, director of Hudson Hong Kong. “While most employees are open to hearing about potential roles, not all will be tempted to move. Employers need to ensure they are offering the right salaries, career plans and flexible solutions if they want to retain their top talent.”
Recruitment firm Robert Walters estimates that those who change jobs can expect salary increases of at least 10 per cent, and up to 30 per cent in fields such as legal and compliance. “Corporate compliance specialists will be a focus for hiring this year,” predicts the firm.
Fintech, the financial technology industry – a part of the IT industry that is booming in Hong Kong – will also see improved prospects in 2016.
Robert Walters forecasts that accounting and finance professionals are set to enjoy pay rises of up to 20 per cent, while those in human resources, information technology, sales and marketing, and supply chain and procurement, may receive pay rises of up to 15 per cent.