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Job market growth has stalled in Hong Kong as organisations continued to outsource support services, accounting and back office functions to locations such as the Philippines, India or Mainland China
APAC Employment Monitor Q3 2016 highlights:
- Permanent financial services jobs remained relatively steady, quarter-on-quarter, and showed a slight increase of 5% year-on-year, across the APAC region
- Professionals seeking new jobs increased by 27% quarter-on-quarter and by 45% year-on-year
- Contracting job vacancies remained steady quarter-on-quarter, and showed slight decrease (3%) year-on-year
- Significant Brexit impact was felt in Hong Kong, but for the most part, APAC region unscathed
- Growing tensions in the South China Sea caused anxiety, but currently business as usual
- Hong Kong: 9% decrease in jobs available, quarter-on-quarter and 25% decrease in professionals looking for new jobs
Brexit, instability in the Middle East, military muscle flexing in the South China Sea and market fluctuations are making for global uncertainty that has employers and jobseekers alike unsure of what lies ahead. Nevertheless, Q3 employment data showed an overall resilient financial services employment market in the APAC region.
After a marked decline in both permanent and contracting jobs in Q2, Q3 employment numbers showed a steadying of the job
market. Permanent positions increased by 3% quarter-on-quarter and 5% year-on-year, rising to a total of 16,095. Contracting openings remained flat with a change of 1% quarter-on-quarter, decreasing only slightly by 3% year-on-year.
The number of professionals seeking new roles soared by 27% quarter-on-quarter and by 45% year-on-year. A combination of seasonal factors, confidence in fintech growth and concerns about job continuity all contributed to the spike.
Global ripples
Reverberations from Brexit ranged from significant in Hong Kong to paltry in China, but for the most part left the region unscathed. Richie Holliday, Chief Operations Officer, Morgan McKinley APAC commented, “While Brexit contributed to the erratic business climate, the doom and gloom that was predicted failed to materialise, APAC countries are following Brexit with extreme interest, but also moving on with day-to-day transactions”.
With tensions in the South China Sea growing; military bluster by China, North Korea, Russia, the Philippines and the United States is causing anxiety in the region. If tensions escalate, global trade and market stability may be further affected but, for now, business continues as usual.
Paul Arkwright
Publisher
