The Hong Kong recruitment market is expected to remain buoyant in the years to come, particularly with its strong emphasis on technological innovation, leading to a continual evolution of roles and skill requirements.
The finance and accounting sector is seeing less movement at a senior level, but junior candidates (for example, accountants, assistant accountants) are scarce, leading to salary inflation at that level. Companies are also willing to look outside the industry to fill the vacancies.
The growing importance of technology in finance creates a demand for professionals who are familiar with technologies like cloud-based accounting and financial management software, and who can understand and implement artificial intelligence solutions.
The latest Robert Half 2024 Salary Guide shows that the Hong Kong market is shifting, and the primary motivation for candidates is now progression opportunities and work-life balance, rather than purely increased salaries. Companies are still hiring and expanding their teams, but the chronic skills shortage makes finding professionals a challenge.
The featured data and insights, obtained from employers, workers and their recruiters in Hong Kong, provide information about the latest salary and hiring trends in the country. It is designed to be an essential resource to support business strategy and job search.
MARKET OUTLOOK
How much movement is there in the Hong Kong recruitment market?
Hong Kong’s labour market has seen a significant amount of movement characterised by talent shortages, skill gaps and the rise of the digital economy.
Following a mass exodus of talent in recent years, the Hong Kong government has launched a number of initiatives to attract and retain talent, such as the Top Talent Pass Scheme and the Quality Migrant Admission Scheme, designed to make it easier for skilled workers from overseas to live and work in Hong Kong.
The digital economy is growing rapidly in the region, and this is creating demand for workers with data analysis, artificial intelligence, and cybersecurity skill sets.
The Hong Kong recruitment market is expected to remain buoyant in the years to come, particularly with its strong emphasis on technological innovation, leading to a continual evolution of roles and skill requirements.
While many Hong Kong professionals do not plan to change roles in the next 12 months, workers are prepared to leave their jobs as a result of limited career progression opportunities and a poor work-life balance.
Which candidates are most likely to leave their jobs?
Those who have been in their jobs between three to five years are the most likely to be dissatisfied, making them more likely to leave their role.
Gen X (those aged 44 to 58 years) are most likely looking to leave their current jobs within the first three months of 2024.
89% of Gen Z (those aged 18 to 28 years) are most likely to stay in their current role and have no plans to leave this year.
How are career progression opportunities affecting the recruitment?
Jobseekers are increasingly prioritising roles that offer clear paths for professional advancement and skill development. Companies that emphasise robust career progression frameworks and invest in employee growth tend to attract and retain top talent.
Organisations are refining their recruitment strategies, highlighting opportunities for learning, development, and upward mobility.
While work-life balance and competitive pay are still top-of-mind for candidates, employers that effectively communicate and demonstrate a commitment to supporting employees in their career journeys are better positioned to attract qualified candidates.
Due to strong job security, generous benefits and positive company culture, the majority of employees are happy in their current role. Staff have also seen an increase in overall morale, productivity and satisfaction in the last 12 months.
Why do employees stay at their current companies?
The majority of employees are satisfied with their current company following mass movement in the market over the past two years.
With employers battening down the hatches, many workers recognise that they would not be able to secure the same benefits in a new role, particularly around hybrid working.
Salaries are also an issue – the pace of growth has slowed and many candidates would be unable to secure the salary increases they would want.
Salaries have become more stable over the past year. However, there are still significant increases available for candidates in specific sectors and roles that are in high demand, resulting in employers having to think more strategically about how to retain their staff.
Are employers taking notice of rising living costs?
While 77% of employers say they have increased salaries in their company, either through an annual increase or new role, 14% say they have made no changes – indicative of a tighter market and tentative economy.
However, employers are providing bonuses as a way to support and appreciate their staff, with 46% of workers saying everyone received a one-off bonus and 47% receiving an annual bonus in the past 12 months.
With 20% of employees reporting that no one at their company received any type of bonus in the past 12 months, business leaders should be on the lookout for dissatisfied workers as many look forward to an annual boost.
PERKS AND BENEFITS
Working practices and hybrid working arrangements are returning to normal after the pandemic. While flexibility and work-life balance are still important, businesses are encouraging people to attend the office more frequently.
What are the trends when it comes to perks and benefits?
In most sectors and roles, companies have started to call people back into the office, asking staff to spend a minimum of three days in the workplace.
The demand for hybrid working arrangements is still present but the majority of candidates ask for flexibility, which allows them to amend their hours when necessary.
Business leaders are trying to fulfil the requests for “lifestyle” benefits from staff by providing opportunities for better work-life balance and flexi-benefits to allow time for medical leave.
Annual leave is still highly valued by candidates, who are willing to reject a job offer if the leave allowances don’t cater to taking a suitable amount of time off.
FINANCE AND ACCOUNTING
The sector is seeing less movement at a senior level, but junior candidates are scarce, leading to salary inflation at that level. In order to access the talent they need, companies are willing to look outside the industry to fill the gaps.
Companies adopt an open-minded approach to finance hiring
Companies are becoming more flexible and abandoning strict industry preferences when searching for potential candidates. The emphasis in hiring has shifted towards jobseekers who excel in communication and business process skills. Finance and accounting talents who possess strong interpersonal and communication abilities, alongside a demonstrated capacity to bring value to a role, are highly sought after.
The scarcity of candidates in Hong Kong’s job market compels employers to embrace a more open-minded approach to hiring. The recognition that individuals from management backgrounds, even those from different industries, can bring fresh perspectives is a response to this shortage. Hiring managers are more willing to consider candidates from diverse sectors, understanding that a degree of flexibility in industry background can contribute positively to innovation and problem solving.
Deficit of junior finance candidates
The scarcity of new entrants into the finance industry coupled with a plethora of job opportunities places junior candidates, especially in roles like accountants or assistant accountants, in a position of power. The high demand for junior professionals means that employers need to be competitive in their offerings to attract and retain talent.
The competitive landscape for junior positions has led to salary inflation, with examples of less experienced individuals commanding higher salaries, sometimes reaching HK$20,000 (US$2,558) per month. This phenomenon indicates that candidates, even with limited experience, have the leverage to negotiate, and may receive counter-offers from existing or potential employers.
Growing importance of technology in the finance sector
Cloud-based accounting and financial management software is becoming increasingly popular in Hong Kong, creating demand for professionals who are familiar with these technologies.
With artificial intelligence being used for a variety of tasks in finance and accounting such as fraud detection, risk management, and customer service, demand is high for professionals who can understand and implement AI solutions.
More insights about the business and hiring landscape in Hong Kong, as well as the salary range for various roles, are available in the Robert Half 2024 Salary Guide.
Robert Half recruitment agency places skilled professionals across a range of specialisations in Singapore, including Accounting and Finance, Financial Services and Technology.
