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Meanwhile, cross-border talent mobility is expected to emerge as a global trend.
According to Jobsdb’s latest annual employment platform data, although overall number of job advertisements in the market declined by 10% in 2023 compared to the year before, the average number of job applications per advertisement recorded a remarkable 37% year-on-year rise, indicating a renewed enthusiasm among jobseekers in Hong Kong to actively pursue employment opportunities.
The top five industries with the highest recruitment demand remained consistent, namely:
- Corporate sales and business development
- Information technology
- Administration and human resources
- Banking/finance
- Accounting
Meanwhile, frontline industries such as tourism, food and beverage, and beauty sectors continued to demonstrate robust demand for talent. Notably, the “hotel and catering” as well as the “beauty and wellness” industries achieved a year-on-year increase of 9% and 8% in job advertisements respectively. These growth rates surpassed those of the major industries, highlighting the strong performance of the frontline recruitment market.
Hong Kong workers switch jobs more frequently for better company benefits
The data also showed that Hong Kong jobseekers have not only shown a proactive approach to finding employment but also demonstrated a higher frequency of job changes in the past year.
The median tenure for employees has significantly shortened to just 19 months, marking a 14% decrease compared to 2022. This indicates that a majority of workers considered switching jobs within a span of less than two years.
Among the 18-25 age group, the job-hopping frequency remained consistent, with a median tenure of 14 months.
As the socio-economic landscape gradually rebounded, employees have raised their expectations for company benefits and work arrangements. If their current positions or industries failed to meet their desired level of employee benefits, they would undoubtedly take the initiative to actively seek alternative jobs that can fulfil their individual needs and aspirations, said Bill Lee, Managing Director, Hong Kong of Jobsdb by SEEK.
Popular keywords in job advertisements in 2023 included:
- hybrid work model (+154% year-on-year)
- remote work (+48% year-on-year)
- double salary or bonus (+55% year-on-year)
Job advertisements featuring these keywords received a substantially higher number of applications from jobseekers, with respective yearly increases of 59%, 72%, and 47%.
Cross-border talent mobility is expected to emerge as a global trend
Hong Kong enterprises are employing various strategies to attract talent from around the world, while foreign professionals are actively seeking job opportunities in the city. The data revealed that the number of overseas applicants holding qualified work visas has risen by 37% compared to pre-pandemic levels in 2018.
Searches for related keywords such as “welcome overseas applicants”, “foreigners welcomed”, “working visa holders”, and “overseas experience” have increased by 26% annually, indicating a growing interest among foreign talents in working in Hong Kong.
On the other hand, job opportunities abroad, including business trips and overseas assignments, are highly attractive to local workers. Job advertisements featuring keywords like “overseas job opportunities” and “willingness to travel” have experienced an average annual increase of 54% in the number of applications received. Among Hong Kong permanent residents, searches for such positions have increased by 18% yearly. This trend suggests that an increasing number of local workers aspire to gain personal experience and broaden their horizons through working abroad.
Lead image / 123RF
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