The trading and logistics industry is the largest among the four main economic pillars in Hong Kong SAR. With its strong growth potential in mind, the government has earmarked the supply chain and procurement industry for a series of profound transformations in 2024.
In the Action Plan for Modern Logistics Development, the government shared the city’s strategies and action measures to drive smart development, modernisation, green and sustainability, internationalisation and facilitation.
According to the Hong Kong Trade Development Council, trading and logistics accounted for 23.7% of the city’s GDP and provided some 608,200 jobs in 2021. The logistics industry contributed to 185,500 jobs in the same year.
Even though external forces such as digital transformation and geopolitical tensions have placed some pressure on the industry, supply chain and procurement companies remained resilient, and we foresee hiring activity continuing strongly in 2024.
This article presents key findings from Randstad Hong Kong’s 2024 Market and Salary Outlook report, offering in-depth insights into pivotal labour trends. Gain valuable employer insights on salaries, bonuses, hiring trends and evolving talent expectations.
Download the full report to gain valuable insights for your talent attraction and workforce planning strategy in 2024.
hiring demand in sourcing and supply chain
In 2024, organisations, particularly within the manufacturing sector, will create more hybrid jobs that integrate capabilities from both supply chain and purchasing functions. This workforce trend is a result of companies tightening their supplier engagements in the North Asia region. Businesses, such as those in the e-cigarette and power tool sectors with a presence in manufacturing and suppliers in Hong Kong and Taiwan are likely to spearhead the creation of these roles.
This year, there will be increased demand for commodity managers specialising in sourcing electrical components. This specific segment within the supply chain and procurement industry has experienced a subdued demand over the past three years, reflecting the global decline in demand. However, as the market recovers, talent demand for these professionals will rise.
On the other hand, job roles related to shipping may decline next year. This is due to a waning interest among talent to pursue careers in this field and the relocation of these roles to mainland China as part of cost-cutting measures.
2024 supply chain and procurement talent trends
Hiring activities in Hong Kong SAR in 2024 are anticipated to follow a pattern similar to previous years. While segments like electronics and garments may undergo downsizing, this is expected to be offset by sustainable growth in areas such as medical products, sustainability, and services.
Companies will likely expand their procurement teams to increase their capabilities in indirect and services procurement, as they upkeep their digital systems and processes. Financial institutions like banks and insurance firms will also continue to hire, albeit at a slower rate compared to previous years.
Technical skills such as proficiency in Microsoft Excel, SAP and Oracle software are essential for technical roles in supply chain and procurement. For project management roles, employers are looking for job candidates holding certifications such as Project Management Professional or Six Sigma with relevant hands-on experience. These technical skills and certifications serve as crucial qualifications for individuals seeking success and advancement in these specialised domains.
Companies are on a journey of transformation, and they need a team of skilled and experienced talent who can develop competitive and cost-effective strategies in an evolving environment. Beyond excellent communication, organisational success often hinges on soft skills like flexibility and independence. These attributes are critical for navigating uncertainties and adapting to both unexpected and measured changes, ensuring the adaptability required for sustained success in dynamic landscapes.
2024 supply chain and procurement salary benchmarks and talent expectations
Talent in the supply chain and procurement industry typically expect job stability and want to work for a company with economic growth potential. Organisations with a reliable management team and a transparent growth strategy will be able to draw more talent, whether for replacement positions or workforce expansion.
The average salary increments in 2024 are projected to be between 5% and 7% for individuals staying in the same company.
Based on our recent discussions with supply chain and procurement professionals, around four in five workers are open to new job opportunities. Talent in supply chain, sourcing and engineering will likely negotiate for a higher salary increment, typically ranging between 10% to 15% when switching employers. Procurement candidates have higher salary expectations, with many expecting a 20% to 25% increase when moving to a new role.
the most in-demand supply chain and procurement jobs in 2024
These are the top 3 most in-demand careers in the supply chain and procurement sector in 2024:
- Commodity management, particularly professionals specialising in sourcing electrical parts
- Indirect and services procurement
- Project management, especially professionals with Project Management Professional or Six Sigma certifications and relevant experience
download hong kong SAR’s supply chain and procurement industry 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
- Construction, Property & Engineering
- Human Resources & Business Support
- Life Sciences
- Luxury & Retail
- Sales & Marketing
- Supply Chain & Procurement
partner with randstad
Our team of specialised recruiters collaborates closely with employers and talent to ensure the perfect match and to meet your evolving business and workforce requirements. As we navigate the talent landscape of 2024 together, connect with us for your unique talent recruitment needs and the latest labour market and HR insights from our Workmonitor and Employer Brand Research, salary benchmarks and recruitment trends.
If you’re a job seeker looking for better job prospects and career growth opportunities, start your career journey with us by applying to our latest supply chain and procurement jobs or submitting your CV to us.