The economic climate in Hong Kong SAR mirrors a dynamic interplay of challenges and opportunities. This is influenced by key factors such as digital transformation and the gradual recovery of the global financial market following a challenging period marked by the impact of COVID-19 and geopolitical tensions.
In response to these dynamics, numerous companies have strategically streamlined operations either through consolidation or by retaining only essential headcounts to enhance operational efficiencies while conserving costs.
The contingent workforce landscape is playing a pivotal role in this strategic shift, with organisations embracing a more flexible workforce. This flexibility enables companies to adjust their staffing levels in alignment with business strategies and broader macroeconomic influences, ensuring adaptability in a rapidly evolving business environment.
Stay ahead in the dynamic job market and secure top talent in 2024 with Randstad Hong Kong's Market and Salary Outlook Report. Uncover key labour trends and gain valuable insights on salaries, bonuses, hiring trends and talent expectations in the contracting job industry for roles in technology as well as banking and financial services.
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talent demand varies across industries but expected to balance out in 2024
In 2024, the market for contract job landscape is anticipated to be relatively stable, as fluctuations in contract roles across various industries and companies are expected to balance.
Aligned with the global restructuring initiatives in the technology sector, numerous companies in Hong Kong SAR are postponing projects due to financial constraints or realigning their priorities to ensure business continuity.
Despite the prevalence of digital transformation projects in recent years, the accelerated completion of such initiatives during the peak of the COVID era has resulted in a decline in these projects. The current emphasis has shifted towards maintenance-based requirements, where business-as-usual operations take priority.
On the other hand, industries like banking, financial services and e-commerce are expanding their contracting headcount. Ongoing hiring freezes have prompted employers to turn to contracting talent as a more flexible means to scale in response to market trends and demands.
In terms of hiring expectations, there is a growing talent demand for expertise in areas related to digital transformation and data analytics, highlighting the persistent need for businesses to adapt and evolve. Soft skills, including adaptability, communication, and resilience, are equally vital in navigating the ever-changing work environment.
contract talent looking for job opportunities with stable and reputable companies
The perception towards contract roles is slowly shifting as talent now seek diverse opportunities and exposure to broaden their career horizons. To attract talent into contract roles, companies are offering remuneration packages that rival those offered for permanent positions.
Expectations from contract professionals closely mirror those of their permanent counterparts. Notably, the government stands out as attractive employers, offering stability and higher remuneration than market averages. In the aftermath of the COVID-19 pandemic, job stability has become a critical consideration factor for talent, rendering the government sector an attractive option for talent looking for better job opportunities.
Besides the government sector, companies with a long-standing and reputable presence in Hong Kong SAR are also highly attractive to job seekers.
talent expectations do not differ from those seeking permanent employment
In 2024, the anticipated average salary increment when switching employers is expected to fall between 10% and 15%. Beyond monetary considerations and the appeal of a financially stable employer, other common talent expectations include medical coverage and leave allowances - similar to the employee benefits typically associated with permanent employment.
While younger workers often prioritise a supportive company culture and positive employee experience, seasoned professionals are keen on companies providing robust fringe benefits.
Notably, there is a rising demand for family-oriented employee benefits like medical insurance and parental leaves. This shift is influenced by leading banking institutions and large corporations, necessitating a delicate balance between employee welfare and cost considerations.
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)
- Construction, Property & Engineering
- Human Resources & Business Support
- Insurance
- Legal
- Life Sciences
- Luxury & Retail
- Sales & Marketing
- Supply Chain & Procurement
- Technology
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