Hong Kong will continue experiencing a considerable movement in their employment market despite their long term unemployment figure of 3.3 percent.
This is the response of Michael Smith, Managing Director of recruitment and HR provider Randstad Hong Kong, Malaysia, and Singapore, to the latest unemployment and underemployment figures released by Hong Kong's Census and Statistics Department last week.
Smith said: "As per expectations, the general economic environment in Hong Kong has been stable and unemployment has remained at a low 3.3%. Despite this stability, there have been major changes in the underlying industries that are operating in Hong Kong."
"Declining industries such as retail, food and entertainment, which have not rebounded due to slowing inbound tourism, as well as the continued decline in manufacturing, are offset by strong growth in other sectors. Key areas of growth include IT, financial services and construction," explained Smith.
In essence, Smith said that the growth in construction can be attributed to the strong public infrastructure spending. Compared to corporate and commercial banking, private banking and wealth management is in higher demand mainly because of its high performance last year. The Mutual Recognition Fund scheme is also expected to drive talent demand for fund management, especially those with experience in China; thus, they can expect an average salary increase of 20 to 25 percent.
Meanwhile, Hong Kong government's US$2 billion Innovation and Technology Venture fund as well the "WiFi City" plan are expected to drive the demand for talents in the IT and telecommunications sectors. With these initiatives, coding specialists will be highly sought after and can expect bonuses of up to 25 percent of their annual salary.
"We don't expect to see any major changes in the coming year for Hong Kong's economic standing and employment figures, provided that the global and Chinese economic environments are not hit with major issues," said Smith.
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