Hong Kong’s jobs market is incredibly active now that the slowdown in the recruitment process during Chinese New Year is over, says recruiting expert Hays.
According to the recruiter’s April to June 2015 Hays Quarterly Report, released today, the speed of hiring has now returned to the same levels seen before Chinese New Year, when employers rushed to fill roles before the holiday.
“After Chinese New Year there was an influx of new jobs, which gave candidates more choice and caused hiring timelines to be extended,” says Christine Wright, Managing Director of Hays in Asia.
“In addition to the New Year jump in vacancies, the payment of bonuses has seen more candidates look for their next role.
“With hiring activity up, we’ve seen an increase in the number of employers looking to attract Hong Kongers home from overseas. While most employers prefer to recruit local candidates, there has been an increase in the number of employers looking overseas when they cannot fill jobs locally. These employers are mostly targeting Hong Kong expatriates in the Asia Pacific region, but some are also interested in those in Europe,” said Christine.
Another trend of note is the increased use of temporary assignments. “These roles are now increasingly appealing to employers and we are certainly seeing demand in this area grow,” she said.”While permanent positions still dominate the jobs market, some excellent opportunities do exist for contractors. In such roles candidates can gain exposure that is not often available to permanent employees.”
According to the Hays Quarterly Report, the following skills are just some of those in demand:
• Hays Accountancy & Finance: Internal Auditors are highly sought within the banking industry. However the supply of strong candidates fails to meet demand, which has caused employers to extend their search globally.
• Hays Banking: We’re seeing a high demand for Relationship Managers in corporate banking, private banking and retail banking. These are frontline revenue generating roles and banks in Hong Kong are more competitive than ever to capture new clients and increase their market share.
• Hays Construction: Structural Engineers are still in high demand, specifically chartered engineers with strong analytical design experience in complex structural designs. Construction contractors are looking for candidates to help with design and build contracts, however candidates are more attracted to office based consultancy roles where they work more stable hours.
• Hays Human Resources: Compensation & Benefits experts are in short supply in the local market. This is also a very technical HR skill, and consequently there are not enough candidates to meet demand.
• Hays Information Technology: Data Analysts are becoming increasingly important for more and more companies. Multinational corporations are becoming more data-driven and need to analyse and predict future insights into their business operations.
• Finance Technology: Front Office Business Analysts and Project Managers are needed by buy and sell side firms thanks to ongoing development in front office systems.
• Hays Insurance: The demand for senior level corporate business development professionals has increased. In addition, and given fierce competition, existing relationships and the ability to leverage them are extremely valuable to employers.
• Hays Legal: Regulatory Lawyers and Company Secretaries are in demand thanks to the crackdown on corruption by the new PRC government, along with its drive to internationalise the PRC market (such as by pushing the Yuan as a major global currency).
• Hays Sales & Marketing: Product marketing professionals within life insurance companies are needed to promote products through different distribution channels, while in retail banks they promote products such as credit cards, deposits and lending (loans and mortgage).
• Hays Office Professionals: Executive Assistants and Personal Assistants are needed across all industries. Many MNCs have senior managers from across the globe, which increases the demand for local EAs and PAs to assist with their transition to the Hong Kong culture and market.
• Hays Procurement: A high number of multinational employers are implementing significant structural changes to existing procurement teams as they move toward operating models focusing on strategic sourcing. As a result, candidates with strong procurement process improvement skills are highly prized.
• Hays Property: Demand for Architecture Project Managers is high due to ongoing and upcoming projects in the high-end residential market. These candidates are required to help plan, design and deliver an entire project.
To see the full list of skills in demand and trends for your industry, please visit the Hays Quarterly Report at hays.com.hk/report.
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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For further information please contact Lucy Sharp, Regional Head of Marketing at Hays, on +61 2 8226 9885 or firstname.lastname@example.org