The continued instability in Europe and the US has negatively affected hiring budgets and attitudes in the financial services and commercial sectors in Hong Kong and the region, as found by Robert Walters' mid-year update.
In the first half of the year the positions the financial sector were seeking to fill consisted mostly of corporate bankers in trade finance and supply chain as well as private bankers, insurance, bancassurance and sales professionals in the consumer banking and insurance sectors. Compliance and governance professionals were also in demand due to added guidelines implemented by regulators. Hiring is predicted to remain cautious for the rest of the year with demand driven by the continuing needs of corporates in Hong Kong, China and the broader Asian area.
John Mullally, Manager, Financial Services, Robert Walters Hong Kong foresees an about-turn to traditional banking functions with those engaged in personal and corporate banking activity to continue to flourish, this aided in part by the increased presence in the region of China’s spending power and style. He shared that investment banks are not hiring currently as they are, in fact, “Overstaffed and overpaid.” Within the next five years, one in three in the IBs, he predicted, will have had to move on to other banking function areas, retraining for example as relationship managers to corporates.
Within the commerce sector, the first half of the year saw hiring in front line, accounting and technical IT positions. Previous confidence in the hiring to take place in the third quarter has waned. The outlook for the retail sector continues to be positive due to increased tourist spending and the growing affluence of the Hong Kong population.
Evan Chin, Manager, IT Commerce and Banking Division, Robert Walters Hong Kong acknowledged that, “Commerce in general is doing well, however e-commerce is less popular in Hong Kong that in its neighbouring regions.” The third quarter, he advised, will see projects that had previously been put on the backburner being reactivated as uncertainty is becoming the norm and no longer unknown territory. This will also result in some job hopping by employees who had remained in their positions due to hiring anxiety and now feel that the situation has lost its gravity.
Paul Arkwright
Publisher
