EMPLOYERS IN HONG KONG SAR UPBEAT ABOUT BUSINESS ACTIVITY IN 2022

Despite continuing COVID-19 restrictions, employers in Hong Kong SAR are more optimistic about business activity in 2022 compared to the past two years. 

62% of employers expect business activity to increase this year, based on findings of the 2022 Hays Asia Salary Guide survey conducted in October-November 2021. Fewer employers also expect business activity to decrease or expect hiring freezes in their organisations this year. This optimism is whetting the appetites of employers to hire at a greater volume. 

“45% of employers surveyed plan to increase their permanent headcount in the next twelve months, with only 9% expecting to reduce the number of employees. Even though the pace of economic growth is still very much subject to uncertainties, it is clear that businesses intend to focus on recovery in 2022,” says Sue Wei, Managing Director, Hays Hong Kong SAR. 

A large proportion of this increase could be replacement for roles that were cut in the previous year, considering that when asked about staff level changes in the previous twelve months, 26% of employers reported cutting the number of staff. 

While jobseeker sentiment has held steady in Hong Kong, with 79% of workers saying they were either actively looking for a new job or are open to new opportunities, the shrinking talent pool resulting from emigration might create challenges for employers looking to fill roles fast. 

“Our data shows that most jobseekers are after higher salaries. Of those who said they were open to or actively searching for a new job opportunity, 81% were doing so for a better salary package. The good news for these jobseekers is that 66% of employers plan to bump salaries by up to 6%.” 

Other reasons workers were looking for a new job were ‘better benefits like healthcare insurance and allowance’, ‘seeking new challenges’, and ‘lack of career progression’. Salary package aside, those who choose to remain in their current companies are doing so for the work-life balance they get to enjoy as well as job security. 

“Compensating employees with promotional opportunities, regional relocation, or greater flexibility at work could go a long way in boosting talent attraction.” 

For more 2022 trends and insights, download the 2022 Hays Asia Salary Guide. 

 

 

 

 

Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK 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 2021 the Group employed c.12,100 staff operating from 254 offices in 33 countries across 20 specialisms. For the year ended 30 June 2021:

– the Group reported net fees of £918.1 million and operating profit of £95.1 million;
– the Group placed around 60,000 candidates into permanent jobs and around 220,000 people into temporary roles;
– 17% of Group net fees were generated in Australia & New Zealand, 27% in Germany, 22% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 61% of net fees and the permanent placement business represented 39% of net fees;
– Technology is the Group’s largest specialism, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (12%), 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, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA