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Katrina Chui
Hudson
(852) 2919 6184
katrina.chui@hudson.com

Media Release

 

HONG KONG POSITIVE ABOUT 2015: HIGHEST NET HIRING INTENTIONS IN OVER THREE YEARS

Hong Kong – 7 January 2015 – Employers are optimistic about the new year with net hiring sentiment for the first half of 2015 at its highest level in over three years, according to the latest Hudson Report: Employment Trends, released today.1

A net 52.1% of employers in Hong Kong intend to increase their permanent staff numbers in the first half of 2015, up 5.9 percentage points (pp) compared to the second half of 2014.

“A tight labour market, low unemployment2 and increased business confidence3, are providing favourable conditions for hiring, while global regulatory changes are having a significant influence on the strong demand for talent in banking and financial services,” said Tulika Tripathi, Managing Director, Hudson Asia.

“Whilst this outlook is good news for jobseekers, it has significant implications for how hiring managers find the right talent in the first half of the year,” added Ms Tripathi.

Banking and financial services drives hiring sentiment

The banking and financial services industry has the strongest hiring sentiment with a net 65.1% of employers looking to increase headcount in the first half of 2015, up by a significant 21.8pp from the last half of 2014.

“The local market in Hong Kong has had an interesting year. We are seeing cutbacks in middle and back office support areas, particularly in ‘business as usual’ roles, which are being offshored to low-cost locations such as India. This trend is likely to continue during the year,” said Ms Tripathi.

“However, on a more positive note, the controlling functions such as risk, compliance, anti-money laundering, internal audit, governance and regulatory control are all actively hiring and will continue to build their teams for the foreseeable future. These roles flow on from global regulatory reform, including Basel III, which mandates that banks in Hong Kong must demonstrate they are operating under more stringent standards, as well as provide greater transparency.”

“We are also seeing increased hiring activity in Hong Kong banks as they build their private banking arms where competition remains healthy. Demand for language proficiency in Cantonese, Mandarin and English will be high, not just for banks but across the financial services spectrum.”

Luxury goods and healthcare boost hiring intentions in the consumer industry

Employers are also optimistic about hiring in the consumer industry with a net 54.7% of employers looking to increase headcount, up 7.9pp from the second half of 2014.

“Within the consumer industry we are seeing growth in two key areas – luxury goods and consumer health. Luxury goods retailers are investing significantly in their frontline retail staff and consumer health companies are focusing on general trade/open trade sales managers to gain market share through volume across this channel.”

“In particular, we see digital marketers with exposure to eCommerce and those with category management experience in short supply,” said Ms Tripathi.

Drop in hiring intentions in manufacturing and industrial sector

The manufacturing and industrial sector has seen a big drop in net hiring intentions, falling 21.3pp to 32.3%. “Manufacturing roles that were once relocated to China are now being moved to other parts of Asia, having a knock-on effect on hiring intentions. Additionally, we have noticed an increase in demand for skilled candidates with experience in China and who are willing to travel extensively throughout the country,” advised Ms Tripathi.

-ENDS-

Editor Note

Please contact us for more information, print-ready graphs or to arrange an interview.

The Hudson Report frequently refers to the term ‘net sentiment’. The net effect figure is calculated by taking the percentage of employers surveyed that expect to increase permanent staff levels, or their contracting/temporary workforce, during the forthcoming three months and subtracting the percentage of employers surveyed that expect to decrease staff levels.

About Hudson

Hudson is a global talent solutions company with expertise in leadership and specialized recruitment, recruitment process outsourcing, talent management and contracting solutions. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. Through relationships with millions of specialized professionals in 22 countries, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at Hudson.com.

Forward-Looking Statements

This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring program; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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