2019 Market Outlook in Contracting

In order to manage fast-changing business needs and customer demands, companies are starting to tilt their workforce composition ratio towards contract workers. In 2019, we anticipate that the percentage of permanent to the temporary workforce will shift from 85% perm and 15% temp - to 80% perm and 20% temp staff.


In 2018, we saw an increased appetite for back-office operational support staff within financial institutions, as well as professionals with specialised skills and experience in risk management and compliance.


We anticipate this trend to continue into 2019, mainly due to the continuous changes in regulatory compliance imposed by the Hong Kong Monetary Authority (HKMA). These professionals can demand salary increases ranging between 15-20% on their current package.


Unexpected business requests and the need for specialised skills will continue to drive the demand for contract workers, particularly those who can demonstrate experience in project management and possess strong technical skills.


These contractors will be responsible for the smooth implementation of transformation projects as well as developing new technology for the company.


Developers on contractual basis remain difficult to engage due to the limited pool of skilled professionals. A proficient full-stack developer can command up to 30% salary increment within a contract, especially if they choose to switch from a permanent position.


To read more, download our 2019 market outlook & salary snapshot here.


 
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