Stable job market for Hong Kong in new year

Key survey findings: (Source: Michael Page Employment Index report, Q2 2012)

• Majority of employers (58%) keeping headcount steady, and 33% planning to increase staff.
• More employers believe business conditions will improve during Q2 than the previous quarter, but majority (46%) expect a stable business environment.
• Most employers (68%) focused on organisational culture and will implement a range of strategies to improve their company’s culture.

03 April 2012: Expectations for Hong Kong’s employment market over the coming months remain steady for the majority of employers, according to findings in the latest Michael Page Employment Index

The second quarter of the year will present most employers in Hong Kong with a stable business environment, as indicated by 46% of surveyed respondents, leading to the majority (58%) planning to keep headcount level and make replacement hires only.

However, while most employers are predicting stability, the quarter is expected to provide opportunities for a small proportion of businesses. Of the companies surveyed, 21% believe business conditions will improve over the timeframe – 11% more than those with this opinion in the first quarter of the year – and one third have plans to increase their staff numbers. Further, for the 33% of companies planning to increase headcount, the focus will be on front line, revenue-generating roles.

“Although the general view from employers in Hong Kong is for a continued stable business and recruitment market, there are pockets of anticipated growth for some businesses,” says Mr. Anthony Thompson, Managing Director of Michael Page, Hong Kong and Southern China. “Based on the demand for staff we have seen from clients recently, it is likely that staff increases will continue to occur across most businesses,” Mr. Thompson adds.

Talent Management remains a key business concern for companies in Hong Kong, with 81% having a major or moderate focus on staff retention. Employers have also acknowledged the growing importance of a positive organisational culture.

“Employers in Hong Kong are increasingly recognising the importance of having a strong organisational culture, and how this can assist with staff retention. Of the employers surveyed, 68% have indicated they will be focusing on improving their company’s culture in quarter two and implementing a combination of strategies to achieve this,” says Mr. Thompson.