The 2024 policy address reaffirms the Hong Kong SAR government’s commitment to develop the city’s capabilities to attract people and drive improvements and stability for its residents. Several new strategies have been introduced to boost construction and supply chain activities through the accelerated adoption of innovative technologies and new sustainability transformation projects.
While these developments are promising, the property sector has been on a downward trend due to increasing interest rates that pose challenges for investors, leading to a lack of bids on recent projects. Despite cooling measures implemented to boost property sales, candidates continue to prioritise employers that can provide stability in these uncertain times.
This article offers insights from Randstad Hong Kong SAR’s 2024 market outlook and salary trends report, including key labour trends and employer insights on salaries, bonuses, hiring trends and talent expectations in the luxury and retail industry.
Download the full report to gain valuable insights for your talent attraction and workforce planning strategy in 2024.
job switching fever: more professionals open to better opportunities despite talent shortage
The talent landscape in the construction and property sector is witnessing dynamic shifts, with a strong emphasis on technical skills. Proficiency in engineering, architecture design, and construction technology, particularly Building Information Modelling (BIM), remain hot in demand.
The widespread adoption of BIM is notably driven by the government, with entities like the Hong Kong Housing Society, Urban Renewal Authority and MTR have been appointed to act as pioneers from the second quarter of 2014.
Despite the uncertain Chinese economy, Chinese investors continue to play a pivotal role in Hong Kong SAR. Professionals who are proficient in Mandarin are in high demand, particularly from Chinese property companies that have a strong presence and reputation in Hong Kong SAR. Employers are also prioritising candidates who can contribute to a culturally-aligned work environment, showcasing the growing importance of cross-cultural expertise in the industry.
Employees’ appetite for job switching remains high, with more than 50% of the talent we have interacted with expressing willingness to switch to better opportunities across all levels in the industry. There is also a notable shortage of junior-to-middle professionals, irrespective of the growing number of graduates.
However, job seekers are prioritising the company's financial performance and stability when looking for a new employer. These considerations are paramount in their decision-making, indicating a reluctance to compromise on these expectations.
talent pursuing flexibility and career growth in construction and real estate
Economic sentiments entering 2024 have led to more conservative salary increment expectations. Many junior to middle-level professionals are anticipating a 10% to 20% salary increase when switching employers. Professionals in construction and real estate industries will be able to negotiate higher increments due to the strong talent demand, and salary benchmarks should be adjusted to reflect inflation.
Besides salary expectations, we observe that many younger professionals are exploring non-traditional career paths. This includes opting for part-time positions, flexible working hours, and exploring government opportunities with attractive offers. There is also a clear preference for office roles instead of on-site jobs so that they can have greater work flexibility and a more pleasant work environment.
In addition to these preferences, career development opportunities are key expectations among professionals in the construction, property and engineering sector. The presence of clear promotion targets for junior and middle professionals can significantly influence their career decisions.
download hong kong SAR’s 2024 market and salary outlook report
The 2024 Randstad Hong Kong SAR’s Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:
- Accounting & Finance
- Banking & Financial Services
- Contracting (banking & financial services and technology)
- Human Resources & Business Support
- Life Sciences
- Luxury & Retail
- Sales & Marketing
- Supply Chain & Procurement
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Randstad is your talent solution partner. Our specialised recruiters work closely with employers and talent for the perfect match with our true-fit methodology - a qualitative measurement designed to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest labour market insights and your unique talent recruitment needs.
If you’re a job seeker looking for better job opportunities and career growth in the property industry, start your career journey with us by applying to our latest construction and property, engineering jobs or submitting your CV to us.