ADDRESSING TECH RECRUITMENT CHALENGES IN HONG KONG SAR: KEY ACTIONS FOR BUSINESS LEADERS AND PROFESSIONALS IN 2024
Hong Kong SAR, 11 Jun 2024 – Changing consumer preferences, disruptive technology and a challenging economic landscape will influence tech recruitment strategies in 2024, according to Hays, the global leader in workforce solutions and specialist recruitment.
In their latest report, The Inside Story of Technology, Hays breaks down technology trends in Hong Kong SAR and explores valuable perspectives on the challenges and opportunities leaders and professionals encounter in today's dynamic business environment.
Candidates in Hong Kong SAR today face a job-short market, amidst a slowdown in tech expansion. Consequently, more professionals are choosing stability today, with muted expectations regarding career and salary growth.
“Many tech companies have found themselves needing to scale back, in line with tightening budgets brought about by growing concerns regarding the economic climate,” said Sue Wei, Managing Director at Hays Greater China. “Even so, we are seeing a greater demand not just for data engineers and scientists, but machine learning and AI engineers too. As companies continue to vie for growth amidst the competitive tech landscape, leaders will need to finetune their recruitment strategies to secure a workforce ready to face the challenges ahead.”
To address these challenges, Hays offers the following recommendations:
For business leaders:
Plan for long-term: Benchmarking business requirements beyond the present will be essential for survival. A roadmap for the coming three to five years looks beyond the perils of today and towards the bigger picture. Determining which skillsets are needed to face the coming change will be key to developing a holistic strategy.
Recalibrate roles: Many existing tech roles today are merging as teams aim to streamline operations and improve efficiency. This consolidation can lead to cost-savings by assigning responsibilities to generalists capable of delivering end-to-end solutions. This will require re-evaluating your organisation to identify core competencies needed to meet these objectives, defining the critical roles, and mapping out the processes to implement these changes.
Engage passive talent: As technology continues to break new ground and the need for extensive domain knowledge rises, there will be an imperative to explore alternate talent streams. Recruitment specialists can engage otherwise passive candidates, identifying suitable individuals for reactivation, and act as intermediaries to better manage professional expectations of the company.
Focus on training: Hiring experienced professionals to plug gaps may prove costly and untenable for the tighter budgets teams face today. Develop your existing workforce employees through internal mobility incentives, training programs, and career development resources for qualified candidates.
Strengthen employee branding: Attracting the right talent as a smaller company means presenting an image of stability, especially during a period of stagnant economic growth. A recruitment partner can help project this image, implementing processes to sell your company culture and benefits to prospective candidates.
For professionals:
Update your toolkit: The urgency of a market where businesses are slowing on hiring necessitates an initiative-taking approach to upskilling and professional development. Be clear with prerequisites and consider upskilling and certification to fill any gaps within your toolkit.
Consider lateral moves: While the market may seem lean on positions, there will be pockets of industry demanding new talent to fulfil changing needs. Engage with peers and mentors for insights into emerging roles and specialisms in your industry, and research companies that are hiring for stable options.
For more insights on tech workforce trends and the most in-demand tech roles in Hong Kong SAR, download the Hays’ report.
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Contact
For more information contact:
Remy Tang
Marketing Executive, Hays
T: 2230 7487
E: remy.tang@hays.com.hk
About Hays Hong Kong SAR
Hays Specialist Recruitment Hong Kong is the one of the leading specialist recruitment companies in Hong Kong SAR in recruiting qualified, professional and skilled people across a wide range of industries and professions.
Hays has been in Hong Kong SAR for over a decade and boasts a track record of success and growth. At Hays in Hong Kong SAR, we operate across the private and public sector, dealing in permanent and contracting positions, and workforce solutions such as recruitment process outsourcing (RPO) and Managed Service Programmes (MSP) in the following specialisms: Accountancy & Finance, Banking & Financial Services, Construction, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Insurance, Legal, Life Sciences, Marketing & Digital, Office Professionals, Property, Procurement, Supply Chain, Sustainability and Sales. We continue to strengthen our position in Asia with the world-leading ISO 9001:2015 certification in all our operational markets including Hong Kong SAR, China, Japan, Malaysia, Singapore, and Thailand.
About Hays
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2023, the Group employed over 12,300 staff operating from 249 offices in 33 countries. For the year ended 30 June 2023:
– the Group reported net fees of £1,294.6 million and operating profit of £197.0 million;
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%) and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA
