Survey finds Hong Kong’s jobs market set to recover in 2010

Highlights 

• More than two out of three (78%) employers in Hong Kong say financial services and accountancy recruitment will start to increase before the end of 2010
• Of those, just over half (56%) say it will be in 2010 while 22% expect it to pick up before the end of 2009
• During 2009, 67% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (16%)
• Despite increased competition in the market for fewer roles, almost three out of every four (74%) employers expect salaries to remain steady in 2009. However, a quarter expect them to decrease
• This is likely to be because the majority (59%) of employers still say it is just as difficult (34%) if not more difficult (25%) to source the right candidate compared to a year ago.  
   

28th April 2009 – Despite the challenging conditions facing the financial services and accountancy jobs market in Hong Kong at present, more than two out of three employers believe there will be an increase in demand for finance and accountancy professionals within the next 18 months, according to research by global professional recruiter, Morgan McKinley.

 

Morgan McKinley surveyed 170 senior level HR and hiring managers within financial services and commercial organisations in Hong Kong and found that the majority (78%) believe the recruitment of financial services and accountancy professionals will start to increase from the current suppressed levels before the end of 2010. Almost a quarter (22%) of employers suggested there would be an uplift in hiring activity before the end of this year. 56%, however, do not expect it to happen until 2010.

 

Hong Kong employers took a slightly more cautious view than employers in Singapore, where a comparable survey was run. The majority (53%) in Singapore predicted hiring would pick up in 2009, while 34% stated it wouldn’t happen until 2010.

 

Generally, employers were positive when it came to their own staffing plans for the remainder of the year. 67% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (16%) in 2009. These results were very similar to those found in Singapore and Tokyo.

 

Richie Holliday, Managing Director of Morgan McKinley Hong Kong comments: “This survey threw up some interesting results. Particularly interesting was the fact that Hong Kong’s hiring decision makers are forecasting an uplift in recruitment activity as early as next year. Recently, there have been some murmurs in the market that we have reached the bottom of the downturn and some financial institutions have been involved in hiring to fulfil their Asian expansion plans. But it is worth bearing in mind that however encouraging these signs are still certainly the exception to the rule at the moment. Recruitment activity across both financial services and the commercial sector is at reduced levels compared with a year ago and most organisations are focusing on replacement hiring rather than adding headcount.

 

“Specifically within financial services, lower trading volumes have meant that hiring levels within back office support functions are significantly lower than 12 months ago however, there are some areas of demand. For example, high calibre individuals with compliance, risk or legal skill sets are still sought after by a number of investment houses. Likewise, exceptional private bankers and those who can bring books with them to a value of at least US$100 million are also in demand.

 

“Within the commercial sector individuals with good cost control experience or a wide, project-based skill-set remain sought after and this is being driven by business’ focus on cost-reduction and creating initiatives to get the edge on their competition. Within industries such as pharmaceuticals and chemicals we are also experiencing demand for suitably qualified professionals as these sectors continue to grow and expand. Those with sector-specific knowledge are often preferred, as of course are those with good language skills.  For accountants, hiring within treasury or audit and compliance remains relatively steady.”  

 

When it comes to compensation for financial services and accountancy professionals, the survey found that despite the increased competition in the market for fewer roles, basic salaries are likely to hold firm. The research revealed that almost three out of every four (74%) employers expect basic salaries offered to new hires within their business to remain the same in 2009.

 

Salaries may stay at current levels because the majority (59%) of employers still said it was just as difficult (34%) if not more difficult (25%) to source the right candidate to suit the position they’re hiring for than it was a year ago.

 

To help employers find the most suitable candidates in their marketplace and likewise candidates the best career opportunities, MORGAN McKINLEY has launched an exciting new identity which reinforces the business’ mission to provide employers and those looking for a new role with access to a broader range of talent and opportunities across multiple sectors, disciplines and geographies.

 

Richie Holliday, Managing Director of Morgan McKinley Hong Kong comments: “Despite there being many more candidates available in the Hong Kong market, there is still a shortage of good individuals with the specific skill sets that are in current demand. Finding the right talent, even in a candidate-rich market, is still proving very difficult. Morgan McKinley, which has just launched its new visual identity, aims to be the best professional recruitment company, globally, by providing our clients and candidates access to the best talent and opportunities via our sector, functional and geographically aligned specialist consultants.”

 

- ENDS -

 

Further press information:

Allira Carroll                                             Richie Holliday                      

PR Executive                                           Managing Director – Hong Kong

Morgan McKinley                                     Morgan McKinley

Tel: +44 (0)20 7438 3143                           +85 239073907

Mob : +44 77 2556 3793

Email: acarroll@imprintplc.com                 rholliday@morganmckinley.com

 

Alternatively, please contact the Press Office on +44 (0)20 7438 3150.

 

 

Notes to editors:

 

Statistical methodology

Survey results

Morgan McKinley conducted a survey amongst 170 HR and hiring managers within financial services institutions and commercial organisations in Hong Kong between 10th – 16th March 2009.

 

About Morgan McKinley

Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

 

With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry, Public Practice, Public Sector & Not For Profit and Taxation. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.

 

Morgan McKinley is a fully owned subsidiary of Premier Group.

 

For further information, visit www.morganmckinley.com