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an agile approach towards workforce management
In order to manage fast-changing business needs and customer demands, companies are starting to tilt their workforce composition ratio towards having more contract workers. In 2019, we anticipate that the ratio of permanent to temporary workforce will shift from 85% permanent and 15% temporary, to 80% permanent and 20% temporary staff.
In 2018, we saw an increased appetite for back-office operational support staff within financial institutions, as well as professionals with specialised skills and experience in risk management and compliance.
We anticipate this trend to continue into 2019, mainly due to the continuous changes in regulatory compliance imposed by the Hong Kong Monetary Authority (HKMA). These professionals can demand a salary increment ranging between 15% and 20%.
experts with specialised skills are in-demand to manage transformation projects
Unexpected business requests and the need for specialised skills will continue to drive the demand for contract workers in Hong Kong SAR. Project-based work is a space where contractors are in highest demand, particularly for business analysts and project management roles. Contractors who have prior experience in managing transformation projects, possessing strong technical skills and expertise knowledge will be highly sought-after this year.
These contracting professionals will be responsible for the design and smooth implementation of transformation projects as well as developing or maintaining new technology systems for the company.Developers on contractual basis remain difficult to engage due to the limited pool of skilled professionals. A proficient full-stack developer can command up to 30% salary increment within a contract, especially if they choose to switch from a permanent position.