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According to Michael Page’s latest Salary Benchmark 2019, 70% of job seekers in Hong Kong have a favourable view of the economic situation. Hongkongers who secure a new position in 2019 can expect to receive a 12 –20% salary increase, the report revealed. The industries with the greatest ranked increase in the number of job postings are property & construction (8%), financial services & fintech (6%), consumer & retail (5%), and legal practice (5%).
“The growth of retail, together with new F&B market entries, reflect an upswing in sentiment towards a healthy economy, all of which fuel hiring activity. However, though the fintech industry and start-up market are growing fast, the greatest demand for talent originates from traditional lead industries like property & construction and financial services as they race to keep up with the city’s economic opportunities,”said Howard Chan, regional director at Michael Page Hong Kong.
Strategic management roles and service roles that are highly communicative are expected to remain in high demand for talent.
The most in-demand skills include big data analysis and data optimisation, setting up and developing e-commerce and mobile payment systems, digital performance marketing and online content strategy.
“The overall service sector is on the rise, and this is particularly evident in business and tech consulting. Hi-tech skills and understanding will be key to Hong Kong’s growth for years to come, even more so than purely hi-tech roles. Business leaders should focus on training professionals in new technologies,” Chan said.
Contract positions are currently popular within financial services and multinationals.
“This is a win-win situation as the millennial and Gen-Z workforce increase their focus on personal growth and work-life balance. There are now likely to have ‘slash’ careers, providing contract services to different companies simultaneously, instead of having one full-time job. The gig economy is no longer just for creative roles.” Chan said.
“Training and development opportunities are essential to attract contract workers, as more professionals in Hong Kong have begun to consider contracting as a chance to gain exposure and grow professionally.”