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Hong Kong Employment Market Update

Hong Kong Employment Market Update

Nick Jones Recruitment, Market Update

With current global and domestic political factors at play many of our clients and candidates are asking us about the employment market and how this is being impacted.

Carter Murray covers specific sectors within the North Asia region, including financial services, professional services, technology and commerce. All our knowledge and information are specific to sales, marketing and communications professionals. 

In general, we have seen a positive volume of hiring across Hong Kong and North Asia and most of our clients are pushing ahead with their 2019 hiring plans. That being said there is a general level of caution when it comes to decision making and signing-off on new hires, and because of this, the process to hire is moving a lot slower than usual. International firms with global sign-off procedures are generally moving the slowest with the process from interview to offer taking on average 3-6 months. 

We have also noticed that there are some sectors that have been affected more than most and these include institutional banking and global markets, retail and hospitality.

The standard Hong Kong calendar trends for employment and hiring, which slows down through the summer months and picks up in September has not changed. Now we are into September, we have seen an increase in new vacancies coming to market albeit with a level of caution and slow decision making.

Lastly, many of our clients are asking if candidates and the Hong Kong talent pool are looking to leave Hong Kong because of the current unrest. From what we have seen (so far) the answer is no. Candidates have not shown that they are looking to leave Hong Kong but they are more cautious on moving roles in the current environment. This caution, again, is slowing decision making on the candidate side.

In summary the below points reflect what we are seeing in market;

  • When looking generally across all the markets we cover, we are still seeing a positive level of hiring across the Hong Kong market
  • There is a level of caution when making hiring decisions and this is causing the interview process to run for a long time (on average 3-6 months)
  • The sectors that have slowed the most include institutional banking and global markets; retail and hospitality
  • September is historically a good month for hiring in Hong Kong and we have seen this trend continue

If you have any specific questions or requests for information on the hiring market please get in touch with me directly nickjones@cartermuray.com or the Carter Murray team.