Links International’s Mid-Year Job Market Analysis
With Hong Kong experiencing a third-wave of Covid-19 and the US signing the Hong Kong Autonomy Act, stripping the city’s special trade status, the second half of 2020 will be increasingly unpredictable for the job market. As part of Links International’s commitment to providing companies with practical business solutions, we will be sharing our mid-year analysis of HK’s job functions.
|Mid-Year Job Market Report 2020:|
|▼ Information Technology (IT)|
|▼ Administration & Human Resources|
|▼ Banking, Finance & Accounting|
|▼ Sales & Marketing|
|▼ Sourcing, Supply Chain & Manufacturing|
Finance Is the Bedrock of Hong Kong’s Economy
The finance industry has long been the bedrock of Hong Kong’s economy. With the industry accounting for around 17% to 20% of the city’s GDP (Source: censtatd.gov.hk), its importance cannot be understated. Banking and Finance’s strong foundation has made the economy resilient as shown through the recent turmoil HK has faced.
Demand for BFA professionals has remained relatively stable despite the challenges, with demand for Financial Controllers, FP&A Managers, and Chief Financial Officers seeing growth in May and June. Need for these roles has fluctuated throughout the first half of 2020 but has returned to similar levels seen at the start of the year, after a 16% increase in BFA job postings in June. Niche BFA jobs such as Finance Process Owners, Forensic Accountants, Risk Managers, and Finance Transformation Managers are also seeing solid demand. Internal Audit Manager roles saw a decline for the year, dragging down the otherwise steady function.
Hong Kong Government Promoting Fintech
HK’s government has recognised the importance of financial technology and wants to use its status as a financial hub to push forward new developments. Being one of the early trendsetters in the digital transformation and AI integration of the finance industry, Hong Kong wants to continue positioning itself as the forerunner in financial innovation.
To enrich its fintech talent pool the Hong Kong Government introduced the FinTech Anti-epidemic Scheme for Talent Development (FAST Scheme). As part of the scheme, businesses will be subsidised HK$10,000 per month for a year for one full-time new hire. This scheme’s limited quota on a first come first served basis will likely have a short-term positive impact on the job market and the BFA function.
Positive Outlook for Hong Kong’s Finance Industry
Although the Special Administrative Region faced multiple problems, the importance of Hong Kong as a financial centre will likely continue to grow in the near future. US / China relations have soured and tensions ramped up, leading to a number of Chinese companies choosing to list in Hong Kong. The abundance of companies planning their IPOs on HK’s stock exchange will bring huge amounts of financial capital to the city.
With the trend of large Chinese companies choosing to list closer to home and the prediction that Hong Kong will grow in importance as a finance centre, demand for professionals in the financial sector is likely to grow in the future. Securing a strong foundation of remarkable talent earlier than competitors will be essential for any business looking for lasting sustainable development and pushing forward.
Want the Best Talent in Banking, Finance & Accounting?
The competition for the top BFA talent will be rife due to Hong Kong’s demand for innovative finance professionals to stay at the top as a renowned financial hub. Companies should contemplate hiring now, as preparation for the future is key for long-term business success.
Links International has a specialist team with expertise in Banking, Finance and Accounting recruitment. With over 20 years of experience, our award-winning recruitment services can help you find the right candidate to fill your required position to help you in the growth of your business. Speak to one of our representatives now to hire exceptional BFA professionals!
- Hong Kong 2020 Mid-Year Job Market Update: Information Technology (IT)
- Hong Kong 2020 Mid-Year Job Market Update: Administration & Human Resources
- 2020 Legislation Updates & Stimulus Measures Comparison Chart
- 3 Pillar Strategy to Sustainable Business Growth Post Covid-19
- Practical HR Guide to Returning to The Office After Covid-19
Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, Employer of Record (EOR), outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.