The economic recovery of Hong Kong SAR from the global pandemic has been a gradual process, marked by challenges and complexities. Despite initial expectations for a swift rebound, the city faced a slower-than-anticipated pace of recovery, primarily attributed to ongoing geopolitical tensions and trade dynamics that continue to shape the economic landscape.
Looking ahead to 2024, organisations will be maintaining a cautious approach to talent recruitment. The prevailing focus on optimising resources to enhance business performance suggests a deliberate strategy to ensure sustained stability.
Consequently, there is an increase in hiring expectations, with companies seeking talent with specific in-demand skill sets and experience. This shift is set to elevate the competitiveness of the labour market, presenting both challenges and opportunities for job seekers and employers alike.
Discover key insights in Randstad Hong Kong’s 2024 Market Outlook and Salary Trends report for a deep dive into the key labour trends and employer insights on salaries, bonuses, hiring trends and talent expectations in Hong Kong SAR’s key industries. Download the full report to improve your talent attraction and workforce planning strategy in 2024.
transformation strategies driving demand for highly-skilled and specialised talent
The trajectory of digital transformation in Hong Kong SAR is poised for continued growth. This growth is driven by investments that are expected to generate an increase in jobs demand for professionals specialising in artificial intelligence, data analytics and cybersecurity. Notably, this evolution can be seen in key industries such as banking and financial services, healthcare, supply chain and technology.
There is also a surge in hiring momentum in fintech and digital banking fields as companies strategically invest to expand their market share, capitalising on growing consumer confidence. This trend is expected to create new job opportunities, specifically for individuals with expertise in financial technology, blockchain and cryptocurrency.
As companies increasingly leverage technology to streamline processes and enhance workforce efficiency, the management and use of data will play a pivotal role. This will drive demand for services related to data protection laws and data analytics across various functional and support roles, spanning consulting, marketing, sales, and human resources. In light of the escalating digitisation, professionals equipped with strong digital literacy, including proficiency in data analysis, coding and digital marketing, are expected to be highly sought after.
understanding and navigating evolving talent expectations
In the face of persistent global economic uncertainties and geopolitical tensions, the job market in Hong Kong SAR is navigating a landscape marked by caution among employers. The unpredictability of the global economic climate has induced a sense of prudence, prompting businesses to adopt measured hiring practices. This could lead companies to adopt a more thoughtful approach in the hiring process, focusing largely on skills.
A consequential challenge arising from the evolving job market is the potential for a skills mismatch among job seekers. The rapid pace of technological advancement and shifting industry demands create a disparity between the skills possessed by job seekers and those sought by employers.
Continuous upskilling and re-skilling initiatives have gained increased significance to ensure that the workforce remains aligned with the evolving needs of the job market. In our 2023 Employer Brand Research, 48% of Hongkongers received learning opportunities, even though upskilling is important to 77% of them. Initiatives by both individuals and businesses to invest in ongoing education and training are critical in addressing this challenge. They contribute to fostering a more adaptable and agile workforce, better prepared to meet the dynamic demands of the modern economy.
The increasing employees’ expectation for flexible work arrangements, which contributes greatly to better work-life balance, introduces another layer of complexity to managing talent expectations. Embracing technology and building effective communication skills in virtual settings have become essential skills. Employers may need to refine their strategies for remote team management and collaboration to ensure workforce productivity and engagement in this evolving work environment.
As we navigate the landscape of 2024, the pillars of success in Hong Kong SAR's job market will be adaptability, resilience, and flexibility. We understand that in this dynamic environment, the ability to adapt, bounce back, and embrace change is paramount.
download hong kong SAR’s 2024 job market outlook and salary guide report
The 2024 Randstad Hong Kong’s 2024 Job Market Outlook and Salary Guide 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
- Life Sciences
- Luxury & Retail
- Sales & Marketing
- Supply Chain & Procurement
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Our team of specialised consultants are dedicated to provide focus and precisions to meet your business and workforce needs as the talent market continues to evolve. As we chart 2024’s talent landscape together, we invite you to connect with us for the latest labour market and HR insights from our Workmonitor and Employer Brand Research, salary benchmarks and recruitment trends.