Jobs & employment blog

What banking and finance roles are in demand in Hong Kong? 

With Hong Kong still in the midst of rebounding from COVID measures, retail banks have been growing their frontline operations to compensate for the reopening of previously shuttered branches. There is also increased demand for relationship managers in the corporate and commercial banking space. 

However, banks have been finding it difficult to source for talent of late. Candidates are taking a conservative approach towards their careers, favouring existing stability encouraged by organisations that are looking to retain as many of their existing staff as possible. This resource shortage is spurred on by offshore competition, with banking looking to outsource operations to markets with lower costs such as Singapore. 

All this bodes well for candidates seeking to break into an industry that is currently in need of fresh talent. Candidates with a healthy clientele portfolio, the right connections, and a good mix of interpersonal, language and leadership skills will find themselves in high demand from competing institutions today. 

Additionally, ESG and Sustainability roles have been growing in popularity as companies work towards incentive targets. Recruitment consultants are well positioned to help candidates from across all industries with a strong background in these competencies looking to break into the historically high paying banking and finance line. 

In an evolving market like banking and finance, we understand the importance of having quick access to top talent who will make a real difference. We have spent years nurturing an ecosystem of highly engaged and unique candidates and will work with you to grow or scale your business using our unique expertise aligned to sectors and technologies. Be sure to reach out to us if you have a position that needs filling.  

What are Hong Kong employers doing to find talent in banking and finance? 

With talent acquisition growing more challenging, many financial institutions are investing in in-house teams to supplement their hiring programs, with line managers having access to job boards to fill any vacancies that may arise. 

To compensate for candidate shortages, banks in Hong Kong are also putting their internal mobility initiatives up front and centre. These initiatives heavily target internal pools, rotating them between portfolios to gain the exposure needed for a senior role in the organisation. Executives willing to travel are also provided opportunities to relocate internationally to facilitate operations in markets requiring support. 

Should they risk losing valued personnel, banks are also open to counteroffers, with the goal of persuading them to stay. This is especially crucial when it comes to positions that are difficult to fill due to a lack of suitable candidates. 
 
As recruitment experts in banking and finance, we can help candidates navigate their prospects, equipping them with the tools to make the best employment decisions. Reach out to us and begin strategising the next phase of your career in banking and finance. 

Where does Gen-Z fit into the Hong Kong banking and finance talent strategy? 

The world of banking has grown increasingly intertwined with technology, and Hong Kongn banks understand this in principle. With a customer-centric focus when adapting to modern technology, financial institutions will now have to direct that same focus towards the search for talent. Understanding the demographics of this talent then, is key to developing a holistic strategy to ensure the talent pool doesn’t dry up.  

At the very centre of this focus is Gen Z; a digitally savvy generation with formative experiences from the pandemic. This talent class feels at odds with the traditional working structures of a banking culture that has long been exemplified as an office job with long hours ahead of employees looking to climb the corporate ladder. Despite this contrast of values, organisations have much to gain from attracting and retaining Gen Z into the world of banking. 

• Prioritise employee wellbeing 

The trend of "quiet quitting" and more recently, “lazy girl jobs” gained momentum these past two years, with employees minimising their efforts to cope with extended workdays and rising health concerns. These terms have struck a chord with Gen Z, who are increasingly prioritising their well-being over their careers. 

Today, many banking and finance companies have made investments in physical and mental health programmes for employees. Initiatives such as extended bereavement leave, gym memberships and flexible work arrangements are gaining popularity as organisations look towards providing the resources employees need to stay healthy in all aspects. 

• Encourage diversity, equity and inclusion (DE&I) 

This generation is passionate about creating a more equitable and inclusive world. To meet their expectations, many companies in the banking and finance sector have taken significant steps to promote diversity and inclusion. This ranges from diverse hiring practice actively seeking a variety of backgrounds, experiences, and talents to implementing inclusive policies supporting gender and ethnic inclusivity. 

The world of work has long realised the benefits of a diverse workforce. Consider review the following tips to see if your hiring practices are detrimental to skilled professionals: 

• Invest in training 

Given the persistent shortages of critical skill sets in the banking and finance sector, it's prudent to explore alternative avenues for finding individuals who meet these demands. Nurturing the necessary skills in both new and current employees through training, upskilling, and career development initiatives, especially in light of ongoing technological advancements, is a strategic move. 

Shifting the focus from job-seeking to skill-mining will also expand the pool of available talent. This is particularly relevant for positions requiring back-office professionals with programming expertise, a skill that might be more prevalent in certain technology-related industries. 

As a lifelong partner to businesses in Hong Kong, Hays is well placed to find the right solutions to your staffing needs. From identifying existing talent to training those with potential, we’re working for your tomorrow to help your organisation succeed in the short and long term.