Randstad Hong Kong today released the 2022 Market Outlook & Salary Snapshot Report that takes a detailed look at the city’s economic climate and recruitment landscape in 2022.
The annual report aims to provide companies and employers with local business, labour market insights and salary trends to guide their long-term hiring strategy.
2022 must-watch talent trends in hong kong
With the increasing business confidence in the local market, the job market in Hong Kong SAR is expected to be restored in 2022 with a rapid increase in hiring activities.
Benjamin Elms, Regional Director at Randstad Hong Kong said, “2022 looks to be a very exciting year for Hong Kong SAR. Many businesses have already fully recovered from the pandemic in 2021 and we expect to see even more stabilising their business growth next year.”
“In 2022, it is critical for employers to come to terms that Hong Kong SAR is a candidate-short market. The developments and business trends all point towards increasing demand for talent in Hong Kong, resulting in intense talent competition among organisations across all major industries,” Elms added.
1. in-demand talent and skills
As more and more companies leverage rapid technological progress and digitalisation to recover and connect with the global economy, the demand for tech and digital talent has increased tremendously.
IT talent, such as developers, cybersecurity, data scientists and analysts, as well as project management, is in high demand across all industries. To stay competitive, many firms are looking for IT candidates with similar experience to support digital transformation activities (including enabling remote working). The demand for tech and digital talent continues to outstrip the supply of candidates, causing many organisations to struggle to find qualified local employees.
2. bilingual or trilingual candidates are in high demand
As the world learns to live with the pandemic, there will be a chance that we’ll see a more fluid talent movement between Hong Kong SAR and mainland China to address talent shortages and drive developments in the Greater Bay Area.
Language abilities will be in high demand across most local businesses. Candidates who are business-proficient in Mandarin will have an edge in the employment market as the demand for cross-border integration grows.
3. increasing shared services centres for corporate functions
While this was initially set up as a cost-cutting measure, the regional shared services industry will grow to foster better business agility and attract more diverse talent to the organisation. When companies outsource administrative work to shared services, it aims to create more high-value, high-paying positions for Hongkongers with the skills and experience that enterprises need to execute their business plans.
4. growing expectations for more flexible work strategies
Many Hong Kong SAR employees want their employers to adapt to the times and provide work flexibility alternatives such as remote working and flexible hours. However, we have seen varied responses to this, with some businesses reverting to the typical 9-to-6 work paradigm and offering no flexibility in terms of working locations.
As a start, companies need to acknowledge that implementing hybrid work will require structural workforce changes that their employees are already expecting. Upskilling employees in their ability to manage their teams and work progress remotely is one example. More hiring managers will also have higher expectations for job candidates who are technologically proficient and independent enough to work from home.
salary, bonus and employee benefits in 2022
As Hong Kong SAR is likely to go into a full recovery mode in 2022, and we anticipate salary increment and bonus payouts to return to pre-COVID levels. The estimated salary growth will mirror the industry averages and expected forecast for 2022.
key highlights of the 2022 job market in Hong Kong
The 2022 Hong Kong’s Market Outlook and Salary Snapshot report looks at talent analysis and new post-pandemic salary benchmarks in the following high-growth industries:
- Banking & Financial Services
- Accounting & Finance
- HR & Business Support
- Sales & Marketing
- Life Sciences
- Property, Construction & Engineering
- Sourcing & Supply Chain
download the 2022 market outlook and salary snapshot report.
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