Hong Kong’s strong 2017 job growth is expected to continue into 2018, driven by a boost in worldwide economic growth and by higher visitor numbers that will stimulate the hospitality, retail and service industries. So suggests the Annual Salary Survey by recruitment firm Robert Walters, which also projects Hong Kong job growth in IT and Finance hiring, as well as an increase in contract workers.
The continued growth of technology and digitalisation is expected to encourage the hiring of IT talent across multiple industries as companies look to maintain their competitiveness and cost efficiency. Technology professionals with niche and emerging skill sets will be particularly sought after. This is reflected in pay—the salary increments of professionals who change jobs within the IT sector are generally expected to increase an average of 10-15% for permanent roles and 15-20% for contractors.
On the accounting and finance side, companies are increasingly relying on data in their decision making. Thus, many finance leaders are projected to strengthen their teams with talent that can provide analytical problem solving, along with those who have high-performing communication skills to support business decision making and collaboration with a variety of internal stakeholders.
Also notable are the higher numbers of employers adopting contract staff as an alternative talent solution to tackle cost-effectiveness and headcount constraints. Contractors are particularly attractive for business transformation projects, especially in the financial services and HR sectors. At the same time, more candidates would consider accepting contract positions in order to gain experience and technical knowledge, while women returning from career breaks such as maternity leave also prefer working on a more flexible contract basis.
Matthew Bennett, Managing Director – Greater China, Robert Walters commented, “We expect 2018 will present most employers in Hong Kong with a stable business environment. However, in a market with demand outstripping supply, attracting professionals of a high-calibre will require flexible hiring criteria and a sharper focus on an individual’s potential and cultural fit.”
In the face of talent shortages, Bennett cautioned against a recruitment strategy driven primarily by a competitive salary. He advised, “Employers should be aware that salary alone will not attract high-calibre candidates as they are increasingly motivated by work-life balance, company culture, structured career progression and flexible working. At the same time, job seekers should look to gain new skills and be open-minded about upgrading their professional abilities—especially in the face of constant technological changes.”
Paul Arkwright
Publisher
