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STILL A GOOD MARKET: BRIGHT SPOTS FOR JOB SEEKERS
Defying expectations, the global economic downturn has not dampened enthusiasm for ongoing recruitment and has even led to activity, as highlighted in the latest Hays Quarterly Report.
“While there’s no denying employers are monitoring the international financial crisis closely, and there certainly have been consequences locally, it is not accurate to assume it has impacted recruitment activity in every sector,” says Emma Charnock, Regional Director of Hays in Hong Kong.
The positive message for today’s jobseekers is that good candidates will always be in demand. “We see no evidence that the market as a whole will stop hiring any time soon. In fact, strong demand still exists from those companies looking to up-skill their current staff.”
According to Hays, the most active skills in demand at present are as follows:
- Accountancy – Commerce and Industry: Within the banking sector, and despite current market conditions, demand exists for accountants with strong financial and regulatory reporting and capital management experience, such as IFRS and Basel II. Given the credit crunch, capital management has also become a top priority. Within the insurance market, and in particular the life industry, significant growth across the region is creating demand for strong M&A and corporate strategy candidates that can drive inorganic growth and further develop market share.
- The Accounting Profession: High staff demand continues within practice firms. New vacancies are available in almost all areas covering advisory, tax and audit. With focus on, and growth of, China continuing, there is a strong need for candidates with experience in PRC legislation.
- Banking: Demand still exists within European and US banks for wealth management and private banking professionals, which will help maintain positive sentiment for the medium term. Select Chinese banks are also recruiting heavily since their balance sheets look positive.
- Construction & Property: Hong Kong’s construction and property market is very active, with demand existing across the board for experienced professionals, from architects to engineers. In particular candidates with exposure to rail or transport related projects are required due to 6 new major transport projects in Hong Kong. The peak in project teams is expected to be during 2009 and 2010.
- Information Technology: Mid to senior level infrastructure, business analysts, project managers, trading systems and sales candidates are the prime hotspots of demand in Hong Kong’s information technology sector. Employers in this market are remaining focused on streamlining their processes to improve efficiency where possible, and with Asia a hot new growth area for SMEs and MNCs looking to expand their operations, this demand will only increase over coming months.
- Legal: Mandarin speaking corporate and M&A lawyers with PRC experience at the three to six years PQE level are the prime area of candidate demand. Also in demand are commercial litigators within law firms, and private equity, funds, financial services and private wealth management. Growth plans still exist within banks across Greater China, South East Asia and India, driving this need.
Further details of these hotspots, in addition to recruitment activity, executive activity, candidate trends and salary movements by sector, are contained in the Hays Quarterly Report, available at www.hays.com.hk/forecast
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