HIRING AND SALARY OUTLOOK
Growth in some sectors will create new opportunities for Hong Kong professionals
Pandemic unveils new ways of working Labour markets are set to slowly move back to pre-pandemic levels of hiring in 2021
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ncertainty has plagued many sectors amidst the COVID-19 pandemic, and the human resources (HR) sector was not spared as well. Consolidations across departments and functions are already underway in many companies, along with foreign financial institutions exiting local markets to refocus on their home countries, said Randstad managing director for search and selection in Greater China Natellie Sun. These events have resulted in redundancies, added Sun, and the unemployment rate of experienced workers may increase in Q1 2021. On the other hand, hiring speed, loss for the need of replacements, and a slow creation of vacancies will also potentially create a long unemployment spell for those experienced workers seeking work. On the brighter side of things, some regulatory bodies,particularly in the financial services sector, are subsidising financial institutions to create programmes for
8 HONG KONG BUSINESS ANNUAL 2021
The pandemic highlighted the need for business leaders to address worklife balance more seriously
fresh graduates to reduce the unemployment rate in the first half of 2021, added Sun. “Companies are more prepared to deal with how COVID-19 would impact their business operations after being hit by three consecutive waves in Hong Kong,” commented Hays Hong Kong regional director Jack Leung, noting that the success of community measures implemented in managing the pandemic situation has instilled confidence in majority of the workforce to return to offices. Business and consumer confidence has also grown in all areas since Q4, which, according to Leung, was a “positive indication” of what to expect in 2021. Agile businesses that have been able to adapt to the digital shift were observed to emerge stronger. “Their early investments in technology, such as Software-as-a-Service (SaaS) solutions, data analytics and cloud, have positioned them well for growth and recovery amidst the pandemic, opening up new opportunities to spearhead Hong Kong’s digital transformation,” he added.
Interestingly, the Hong Kong stock exchange raised $91.47b (US$11.8b) from 52 IPOs, up 23% YoY, despite the 19% decline of deals in H1. “The growth focus in the technology sector will create new business opportunities, not just for the financial services industry, but also e-commerce (retail), life sciences, manufacturing and supply chain in Hong Kong and the Greater Bay Area,” Leung added. Concurrently, there has also been a pressure to reopen borders as to reignite the aviation, hospitality, and aviation industries. Promising developments in vaccines as well as effective COVID-19 treatments would help build business confidence in these hard-hit sectors, and hopefully let them resume operations next year, said Leung. In 2020, there has been a strong emphasis on jobs in the technology and healthcare sectors, as well as heightened activity in the private equity and venture capital circles. These trends are expected to continue in 2021, and a post-COVID recovery
