As it did after 1997 and 2008, Hong Kong’s resilient economy is expected to make a comeback following the de-escalation of the US-China trade war. Despite political and environmental uncertainty caused by the protests and the novel coronavirus (COVID-19), employment prospects are expected to follow the pace of economic recovery. Here are the top talent trends for Hong Kong:
Hiring decisions and job vacancies
With an improvement in the global outlook, regions across Asia are likely to experience the largest salary increase of 3.2% in 2020, based on a study by ECA International. For those who are staying with their current company, on average they are projected to receive a real salary increase of 5%.
The labour market is expected to remain conservative with hiring in 2020. This year, we may see a move for many Hong Kong businesses towards more flexible recruitment models. We see clients are now looking at more flexible, out of the box solutions for finding the right candidates. For example, Investment Bankers are being hired from Corporate Banking because the candidate could leverage the network and product experience. Similarly in Private Banking, where all clients are looking for networked revenue producers, they have taken on investment bankers, corporate bankers and even trained up talent externally from financial services (Such as Art, Ultra high-net-worth and Real Estate etc). A flexible recruitment model has been applying.
What to expect for job seekers in the coming year
There will be a continuous growing demand for professionals with technological skills – individuals who are digitally savvy and have language expertise will remain in demand. With this digital focus, increasingly companies will be searching for well-rounded professionals who can bridge the gap between technical expertise and the big picture.
Other valued skill-sets include creativity, critical thinking and the ability to build meaningful relationships. The political turbulence and the current virus makes our clients favour creativity. Even more when hiring, candidates are expected to look for opportunities in adversity to creative and out of the box thinking. Relationship is the key drivers for revenue-generating positions in banking whether the clients are corporates, institutional investors, families or even retail. The ability to build a human connection is what keeps talent above automated tech-driven solutions.
Head of Selby Jennings, North Asia
Hong Kong remains a global attraction for talent, investors and businesses to grow. This looks to continue even with the challenges it faces. It remains in the top three financial hubs globally due to its geography, sophistication and legal infrastructure.
Despite the emergence of Singapore, Hong Kong is the choice in Asia for global financial institutions. This is a place for regional firms to have their capital and global markets offerings headquartered.
Needless to say, the global growth engine for more than a decade has come from China. Hong Kong is the conduit for global access inbound and outbound. Hence, North Asia will continue to develop despite the individual activities.
This talent trends article was originally published by Human Resources Online
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