Career Advice Job Market Trend Report

Job Market Trends in Hong Kong 2015

HONG KONG- The first half of 2015 has seen a slight increase in recruitment activity across a number of industry sectors compared to 2014. However in general the employment market has remained relatively stable. A steady Hong Kong economy, which grew modestly in the first quarter of 2015, confidence in global markets, and positive sentiment surrounding the Hong Kong stock market has meant that employers are positive around hiring for the rest of the year and job-seekers are open and willing to consider new opportunities.

However, global economic and political issues continue to affect the employment market with concerns around the speed of US economic recovery, Greece’s debt negotiations and geopolitical risks surrounding Eastern Europe, Russia and the Middle East. These factors, coupled with the mainland economy and other Asian economies facing varying degrees of growth slowdown, means that we expect the employment market to remain steady and employers will still remain cautious when it comes to hiring for the rest of the year.

Retention: Top of the Agenda
This year, employers have focused heavily on staff retention. Experienced and high calibre professionals are in high demand, and in many sectors within Hong Kong there remains a shortage of qualified talent. Besides salary increases and performance based incentives, focusing on creating an Employer Value Proposition (EVP) including a positive culture, rewarding career opportunities and competitive remuneration packages remained high on many employers’ agendas.

Diversity, Inclusion & Flexible Working
With the retention of existing staff a top priority, many organisations in 2015 are placing a greater emphasis on initiatives around increasing the diversity of their workforce, inclusion and creating a more flexible workplace. Driven by an increasing focus on work life balance amongst professionals in Hong Kong, such initiatives have shown to increase employee engagement and retention. We expect talent retention and attraction to become even more challenging and important for the rest of 2015 and organisations need to continue to create innovative strategies to attract and retain their best talent.

Contracting Market Growing
Demand for contracting professionals, especially across the Banking and Technology sectors has remained high in 2015. It is often regarded as a win-win situation for both employers and job seekers, not only as a solution to headcount constraints or acquiring additional resources for a key project, but also as a “try before you buy” solution for both parties.


Big Demand: Digital and Big Data Specialists
As technology and digital solutions and platforms pose more business opportunities, a lot of CEOs are looking for ways to take advantage of the opportunities that surround digital and emerging technologies. The continued emergence of “all things digital” has created opportunities for organisations who are willing to invest and adapt to get ahead of their competition.
These dominant business trends are creating a high demand in Hong Kong for individuals with niche skill sets such as Mobile Developers with iOS and Android skills, digital marketing, data analytic specialists, and SEO/SEM experts. Again as these technologies require skill sets which are relatively new, it also means that there is not enough qualified talent available for hire relative to the demand.

Compliance & Risk Continue To Dominate Financial Services
The first 6 months of 2015 has seen no let-up in the focus on compliance and risk management in major financial institutions. Since the start of the year multiple large global banks have hit global headlines with heavy fines being imposed on them for violating banking regulations and anti-money laundering (AML) policies.
Banks have responded by continuing to hire Compliance and Risk Management professionals to improve their Compliance, Risk Management and Anti-Money Laundering (AML) programs. Compliance professionals, especially those with AML/sanctions experience, are some of the most sought after professionals in today’s employment market and they can demand some of the highest pay increases in the market.

China Professionals in Demand
A key trend in the first half of the year has been the demand for China specialists as Hong Kong remains a gateway for China and is a major recruitment market for companies looking to invest and grow in China. The need for candidates across all industry sectors who are trilingual, have on the ground China experience and who are prepared to relocate in the future, is high and increasing.

Salary Forecast: 2015 & Beyond
There are always peaks in demand for highly sought after professionals and premiums in salaries being paid for certain skill sets and sector experience. At present, Digital and Emerging Technology specialists as well as Compliance professionals are amongst the most sought after in today’s employment market and can demand some of the highest pay increases in the market of between 15-35% when changing roles.
In all other sectors we expect similar salary rises to 2014 when changing jobs; between 10-20%. Year-on-year salary increases range between 3-5% and above for top performers in their current roles. For full details and insight on the different industries and functions as well as salary figures, please click here.

Source from: Ambition

 

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