69% expect hong kong sar’s economy to deteriorate in 2020.

According to the results from the Randstad’s Workmonitor Q4 2019 survey, 69% of Hongkongers expect the economic situation to further deteriorate in 2020. Less than half of respondents (48%) anticipate their employers to perform better in 2020, than in 2019. 

Natellie Sun, Managing Director of Search and Selection in Greater China at Randstad said, “Hongkongers are aware of the negative impacts that the global trade war and local unrests have on the business environment and employment rate. Even so, Hong Kong retains its position as the regional hub for many finance and technology companies. There are still many unexplored opportunities for businesses to grow through investments and innovation. Hong Kong will also continue to benefit significantly from its highly resilient and diverse workforce. When more people keep their faith in the business environment, the economy will continue to persevere and prosper.”

hiring activities will be slow in Q1

33% of respondents had changed employers in the past six months, while 23% said that they are looking for another job. Out of which, 8% are actively looking for a new opportunity.

“Even as Hong Kong is expected to enter a period of recession in 2020 and with the COVID-19 outbreak, we have not yet observed a significant dip in hiring activities in quarter one. Hongkongers typically start looking for jobs after the Lunar New Year, with most of them securing jobs and working in their new role by April. While some professionals will choose to prioritise job security over a new opportunity with another employer, the results from Workmonitor indicate a sustained appetite to change jobs, albeit mainly from passive job seekers.”

“Due to the outbreak of the novel coronavirus, we have also seen more companies replace face-to-face interviews with video or phone interviews. However, face-to-face interviews are essential when building relationships in Asian culture, and the lack of human interaction could significantly slow down the hiring process. Employers would still want to meet with the potential employee to ascertain culture and personality fit before making an offer,” Suns adds.

view the full copy of the randstad workmonitor: Q4 2019 here.

Randstad Hong Kong workmonitor