Economic growth and trade boost hiring in 2018, particularly in tech and finance

Hong Kong’s economy has maintained the improving trend from 2017, driven by a boost in trade due to economic growth in mainland China and globally, and higher visitor numbers that have stimulated the hospitality, retail and service industries.

Technology and innovation continue to be engines for growth across multiple industries. Digital transformation projects are high on the agenda for many companies looking to maintain their competitiveness and cost efficiency.

Tech talent in demand

The continued growth of technology and digitalisation is expected to encourage the hiring of tech talent across multiple industries. Tech professionals with niche and emerging skill sets, including DevOps, big data, cybersecurity and cloud, are highly sought after.

Also, the continuing digitalisation and automation of financial processes generate strong demand for specialists with a willingness to up-skill in order to drive digital transformation projects. In the last six months, we’ve seen an increase in demand for professionals with a background in new technology, cybersecurity, fintech and big data. Specialists who can implement systems to allow employers to benefit from the insights afforded by new tech are in highest demand.

An uptick in hiring in finance

Although 2017 saw conservative hiring levels in the financial services sector, amid a complex and volatile global business environment, banks that had implemented a headcount freeze in previous years are returning to the recruitment market. In the first quarter of 2018, the risk management space was very active, and there were more movements in market and liquidity risk management in the past six months.

Steady growth in the legal and compliance market has been seen in 2018. The main drivers are: surging regulatory developments, the entrance of new industries, rapid development of digital and fintech legal issues, and stronger investment inflow from China. Chinese-language capabilities and strong communication skills are becoming essential for legal and compliance professionals.

On the accounting and finance side, companies are increasingly relying on data in their decision-making processes. Thus, many finance leaders seek to boost their teams with talent that can improve analytical problem-solving. In the sales and marketing industry, digital marketing professionals with skills in website and application development, social media management, measurement/tracking, and data-driven marketing analysis are among the most sought-after.

Contract hiring increasingly an option

Contract hiring is another significant trend as employers adopt a new mindset and are more flexible in hiring contractors. More employers are using contract staff as an alternative talent solution to tackle cost-effectiveness and headcount constraints. Some businesses use contractors to help them deliver business transformation projects, in particular in the financial services and HR sectors. Better fringe benefits are more commonly offered to attract and retain talent, compared to a few years ago. At the same time, more candidates are considering accepting contract positions to gain experience and technical knowledge, while women returning from career breaks, such as maternity leave, also prefer a more flexible contract basis.

In 2018, attracting high-calibre professionals requires flexible hiring criteria. Our advice to hiring managers seeking to recruit candidates where there's a shortage of talent is to move away from a close match of hard skills and focus instead on an individual’s potential and cultural fit. Employers should also be aware that salary alone will not attract high-calibre candidates as they are increasingly motivated by work-life balance, company culture, structured career progression and flexible working conditions. At the same time, jobseekers should gain new skills and be open-minded about upgrading their professional abilities, especially in the face of constant technological changes.

A need to adapt

Also, millennials are making up a growing share of the workforce. It's increasingly important for businesses to adapt so that members of different generations can work together effectively. Managers are advised to understand what will motivate talent from different age groups, how they like to communicate and issues that might cause conflict.

To candidates, good opportunities will be on offer in a number of areas for knowledgeable candidates with first-hand experience of China, in addition to good Mandarin and English skills, especially in the legal sector. Having experience of working internationally will be an added bonus.

Matthew Bennett

Managing Director – Greater China at Robert Walters.