Job optimism in Hong Kong is starting to show in Hong Kong.
"The Talent Trends 2021 Report" by Michael Page Hong Kong noted that while hiring dipped 48% in 2020, 30% of Hong Kong companies are looking to increase their headcounts in 2021. More than half said that they would maintain their current ones.
The forecasted sectors to experience the highest hiring activity are financial services, retail, professional services, technology & telecommunications, and fast-moving consumer goods (FMCG).
Meanwhile, digital transformation continues to be a significant driver of jobs in the Hong Kong market. The appetite for tech functions across all industries is high, especially in the commerce and financial services sectors.
“We are already starting to see the early green shoots of recovery. It’s widely anticipated that 2021 will be a better year than 2020. Caution may prevail as the government withdraws some of its support for businesses, but demand for talent is likely to increase through the year as the recovery gathers momentum,” said Mark Tibbatts, managing director of Michael Page Hong Kong & Taiwan.
In terms of specific roles, financial institutions in Hong Kong are aggressively looking for cybersecurity talents due to heightened emphasis in recent years. The scarcity of cybersecurity professionals is also driving up the demands.
Businesses managing digital assets are increasingly looking for software engineers to bolster their offerings on the burgeoning market.
According to the report, 61% of employed technology professionals anticipate new opportunities in 2021, while another 30% are passively open to new ones.
“Besides being attracted to join companies that utilize the latest technologies, talents are still attracted to companies that put people first. By demonstrating people are their best asset, these technology companies will stand out as an employer of choice. Also, as technology is taking center stage in many businesses, highlighting how the employees will be involved in the core business will also help a hiring manager stand out,” said Tibbatts.
To bridge skill gaps, 35% of Hong Kong companies said they would use automation for basic processes, while 30% stated their continued investment in employees by providing training to upskill the workforce.
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