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Hong Kong sees 13% decline in job change rate as employees prioritise job security

Selasa, 26 November 2024 | 12:05
HONG KONG SAR - Media OutReach Newswire - 26 November 2024 - Hong Kong's job market has experienced significant challenges over the past year, with layoffs and economic uncertainties impacting the landscape. According to Robert Walters, the world's most trusted talent solutions firm, there has been a notable decline in white-collar job vacancies in Hong Kong in 2024, and the number of job applications received has surged by 122%, indicating a growing desire among professionals to seek new opportunities.

The job market has become more employer-driven, with employers holding more leverage due to limited opportunities. The survey also reveals that only 55% of employers forecast a pay rise to employees in 2025, down 9% compared to the result in November 2023. Among these employers, 77% of them are likely to give 1-5% salary increase to their employees in the coming year.

Despite this, Robert Walters Hong Kong has reported positive signs of recovery in the coming year. Approximately 15% of surveyed employers plan to increase their permanent headcount in 2025, while 18% aim to expand their contract workforce. These findings are part of the Robert Walters Global Salary Survey 2025, an authoritative analysis and benchmark of salary trends.

Top skilled professionals prioritising job security

Considering the global recession and local economic challenges, professionals are increasingly prioritising job security, reflecting a cautious approach to career moves. The survey reveals that 25% of professionals do not plan to change jobs in 2025—a 13% increase from 2024. This cautiousness is further underscored by the fact that 46% of professionals express a lack of confidence in job opportunities within their field, marking a 9% rise from the previous year.

John Mullally, Managing Director of Robert Walters Hong Kong, commented, "It is taking a much longer time to fill roles, and many hiring managers assume there is an abundance of talent available, but the reality is quite the opposite. Many stronger candidates are risk-averse and are prioritising job stability over exploring new opportunities."

Notably, while 62% of job seekers are hoping for a salary increment of 10% or more to make a move, only 33% of employers are prepared to meet these expectations. This scenario presents a more challenging environment to find the right talent in a larger candidate pool. Tight budgets have intensified the difficulty of securing top candidates, who are now demanding higher risk premiums to consider new opportunities.

The rise of middle level managers

In a cost-conscious market, there is a notable preference for middle-level hires, reflecting a strategic approach to talent acquisition. According to the survey, 31% of employers report that they see the most acute talent shortage at the senior associate level, followed by the manager level (25%), and senior managers and C-suite roles (25%).

This trend may reflect businesses' tendency to streamline operations during economic downturns, leading to a flatter organisational structure where middle-level managers play a crucial role. Companies emphasise internal promotions, allowing those familiar with the company's culture and processes to step into new roles with minimal disruption.

To address the experience gap and skill shortage created by the rise of middle-level managers as replacements for senior roles, companies must invest in continuous training and development to equip these managers with the necessary skills. According to the survey, nearly 40% of employers are focusing on improving their L&D programs to upskill existing employees by 2025, ensuring their workforce remains adaptable to address the challenges of the market.

AI in workplace become more common

The use of AI in the workplace is on the rise, with 75% of professionals reporting they are utilising AI models, such as ChatGPT, in their work—a jump from 45% in November 2023. The most common applications include copywriting, content creation, and editing (41%), data analysis (24%), and research and information gathering (37%).

Notably, over half of the professionals (53%) expressed that they are not concerned about the emergence of AI models replacing routine roles. This reflects a growing confidence in the ability of AI as a tool to enhance productivity rather than replacing jobs in the evolving workplace landscape.

Employers seek flexible and cost-effective solutions to hire talent

Employers in Hong Kong are turning to flexible and cost-effective solutions to meet their talent acquisition needs. The demand for contract workers, particularly in the technology sector for short-term projects, is on the rise. According to Robert Walters Hong Kong, 18% of surveyed employers plan to expand their contract workforce in 2025. Meanwhile, many employers are using managed services model to augment their workforce, enhancing flexibility and efficiency in their operations.

In addition, Hong Kong's strategic initiatives to attract overseas talent are gaining traction. Businesses are increasingly seeking talent, particularly technical roles, from Mainland China. According to Robert Walters Hong Kong, 53% of Mainland China professionals looking to work in Hong Kong are open to being employed as contract workers. This indicates that the government's talent initiatives are effectively expanding the talent pool available to employers.

Cautious optimism in 2025

Despite the challenges faced over the past few years, there is cautious optimism about increased hiring numbers in the first half of next year. John Mullally commented, "After two and a half years of a slowdown, especially in the financial services sector, we might be turning a corner. The Hang Seng Index is up 15% for the year, and there has been an increase in IPO activity over the last few months."

According to the survey, 15% of employers plan to increase their permanent headcount in 2025, while 18% aim to expand their contract workforce. Half of the employers say their hiring plan will remain unchanged.

Hong Kong top in-demand professions for 2025:

  • Accounting & Finance: FP&A/Commercial Finance/Business Controlling Manager, Finance Manager (Full Set), Treasury Analyst
  • Construction, Property & Engineering: Leasing (All Levels), Project Manager (Technical) & Sustainability/Environment Role (Technical & Corporate Level)
  • Financial Services: Relationship Managers, Operations, Investor Relations/Client Servicing
  • Human Resources: HR Business Partners, C&B Managers, HRIS
  • Legal & Compliance: Regulatory Compliance Manager, Compliance Officer (Hedge Fund), Legal Counsel (Funds)
  • Sales & Marketing: Head of Sales/Business Development, Marketing Manager (Regional/China Marketing), Account Manager
  • Supply Chain, Procurement & Logistics: Business Development Manager (3PL), Factory Operation (Food & Non-Food), Director/Manager, Account Management (Sourcing & Merchandising), Director / Manager
  • Technology & Transformation: Data Engineers, Cyber Security Specialist & Technical Lead (Back-end)



https://www.robertwalters.com.hk/
http://www.linkedin.com/company/robert-walters

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