Following the de-escalation of the US-China trade war, recruitment firm Selby Jennings predicts that an economic rebound is in the works for both Singapore and Hong Kong, and employment prospects will largely follow the pace of economic recovery.
Here are the top talent trends the firm predicts for Hong Kong and Singapore:
Hiring decisions and job vacancies
- With an improvement in the global outlook, regions across Asia are likely to experience the largest salary forecasted increase of 3.2% in 2020 based on a study by ECA International. Singapore is projected to have an average real salary increase of 3%-7% for those staying with their current company and Hong Kong at 5%. For those who move to another company in Singapore, at mid manager level it's around a 10%-12% increment, while those at senior levels will get a 7%-10% increment.
- In Singapore, due to the rise in fintech, more and more companies are moving their data to the Cloud. It's leading to a rise in technology roles across data, cyber, cyber security and cloud-based roles, and also increase in governance roles to ensure that firms are frugal and not operating in an unsustainable way. There will be a decrease in front office trading and global markets roles as employers are more careful about where they spend their money.
- Singapore will continue to be an attractive destination for talent but the gap in skillsets needs to be plugged with more investment in training and development.
- For Hong Kong, the labour market is expected to remain conservative with hiring in 2020, and this year may see a move for many Hong Kong businesses towards more flexible recruitment models.
What to expect for jobseekers in the coming year
- Demand for candidates with technological skills, digital savvy and language expertise will continue to grow, while digital-focused demand for well-rounded candidates with business acumen who can bridge the gap between technical expertise and the big picture will escalate.
- Other valued skillsets include creativity, critical thinking and the ability to build meaningful relationships.