Respectable hiring plans look set among all sectors in the first quarter of 2014, with the Mining & Construction industry leading the way in terms of recruitment activity with an Outlook of +16%.
After removing seasonal variations from survey data, Hong Kong’s Net Employment Outlook stands at +14%, as hiring prospects remain unchanged quarter-on-quarter while strengthening by two percentage points year-on-year. Almost 20% of the 809 employers surveyed in the Manpower Employment Outlook Survey forecast an increase in staffing levels in Q1 2014, with only 4% anticipating a decrease and 77% expecting no changes in the same period.
Ms. Lancy Chui, Regional Managing Director, ManpowerGroup Greater China operations said, “Labour shortages are prominent in the construction industry as railways, building public housing and residential property projects continue to demand labour within the sector. Employers seek skilled labour and experienced professionals, however approximately 40% of the 320,000 registered construction workers are now aged 55 or above and young people are reluctant to join the trade. This, in turn, has put even more strain on an already stretched construction labour market. However, it is encouraging to see that a HK$300 million training fund has been granted to attract new blood to help ease the labour shortage of 4,000 workers.”
Despite positive hiring plans expected in Q1 2014 by employers in the Finance, Real Estate & Insurance sector, which stands at +10%, the Outlook has declined considerably by nine percentage points quarter-on-quarter. Chui explained, “On the real estate front, the introduction of special stamp duty tax has impacted property sales, and the fall in transactions has weakened the intent of employers to add to their workforce.”
Hong Kong is one of 42 countries and territories that take part in the survey. In the Asia Pacific region, job prospects remain positive, with the strongest hiring plans reported in Taiwan, India and New Zealand, and weakest in Australia.
Globally, employers in 34 surveyed regions report positive hiring plans during the first quarter of 2014. Employers in Taiwan, India and New Zealand report the strongest first-quarter hiring expectations. The weakest—and only negative—Outlooks are reported in Italy, Ireland, Finland, Spain, Slovakia and Belgium.
Paul Arkwright
Publisher
