Hiring Market Update, Hong Kong November 2011

Nick Lambe, Managing Director Hong Kong, talks about Hong Kong's Hiring Market 2012

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Hong Kong’s strong hiring market of 2010 continued well into 2011 with increased levels of hiring seen across the board. Demand was particularly high in sales & marketing and technology within the commercial sector, and risk & compliance within the financial services sector. The insurance hiring market was also robust with actuaries, underwriters and claims specialists remaining highly sought after.

Hong Kong’s GDP slowed to 5.1% year-on-year in Q2 2011, a decline from 7.1% in Q1. There was a significant drop off in hiring volumes in Q3 11 within the financial services sector as the European debt crisis, poor U.S. economic data and a decrease in mainland growth affected global markets and Hong Kong significantly. The commercial sector remained relatively buoyant however, with continued growth in the consumer goods industry (specifically retail and luxury brands) due to demand from local and mainland consumers.

Though the outlook for Hong Kong’s economy is clouded by the instability of global financial markets, we anticipate this period of low visibility will be short lived. Once the markets regain strength we expect there to be a bounce-back in hiring.

We recently surveyed over 1,050 senior level operational and HR managers working across the financial services and commercial sectors in Asia Pacific. As part of our ongoing commitment to keep our clients and candidates up to date with the latest trends in the recruitment sector, we asked them about their hiring plans for 2012 and the challenges they expect to face in the Hong Kong market over the coming year.

In this Hiring Market Update you will find a summary of our findings. To make it as relevant as possible to you, the results have been separated into two sections: financial services and commerce & industry. We trust that you will find this information useful and we welcome your feedback. We would also like to take this opportunity to thank our valued clients for their support in 2011 and wish everyone a very prosperous 2012.

Nick Lambe
Managing Director | Hong Kong
T: +852 3907 3931
E: nlambe@morganmckinley.com.hk