HONG KONG HIRING SENTIMENT SOFTENS AFTER STRONG START TO THE YEAR
Siddharth Suhas, Director, Hudson Hong Kong & Guangzhou
“This change in hiring activity is reflective of a shift from increasing headcount to maintaining headcount as some employers take a more conservative outlook in the current economic climate. Employers today are confident but less buoyant than they were at the start of the year. Those employers looking to increase headcount are ones making strategic hires where they believe they will get the most value such as business development, customer experience and revenue-generating roles.”
Key Findings and Commentary
Permanent Hiring Expectations: Hong Kong
- One in four hiring managers, or 25.5%, is looking to add permanent headcount to their teams in the second half of this year.
- Hiring managers are today demonstrating a more conservative outlook to their hiring intentions. Supporting this, employers’ intentions to keep headcount steady have increased by 16.9 percentage points (pp) from 43% to 59.9%. This means almost three in five hiring managers intend to keep headcount steady as they move into the second half of 2015.
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Permanent Hiring Expectations: Hong Kong by Industry
- The professional services sector leads hiring intentions in Hong Kong, with a net 36.7% of employers in the sector looking to increase headcount in the second half of 2015. Multinational advisory and consulting companies, as well as the Big 4, are showing significant interest in highly skilled business development professionals, particularly those with a track record of managing relationships with regional and global investment banks, asset managers and insurance clients.
- A net 29.3%, or one in two hiring managers in the banking and financial services sector intend to increase headcount in H2 2015. Role types most in demand in this sector are compliance, risk and governance, as well as sales and marketing positions. There is less demand in operational roles. The banking and the financial services industry continues to undergo transformations, with narrower scope and simpler structures outsourcing back-office functions that no longer provide a competitive advantage.
Within the consumer industry a net 16% of employers intend to increase headcount in H2 2015. This is the lowest hiring sentiment in the consumer sector since H2 2009.
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About the Hudson Report
The Hudson Report is an established employment trend report, based on in-depth and nationwide research.
Released bi-annually, this report highlights key hiring trends gathered from interviews with 274 employers in Hong Kong.