Links International’s Mid-Year Job Market Analysis
2020 has been a tough year for the economy and job market. The Covid-19 pandemic coupled with straining US-China relations has played a significant impact on Hong Kong. As part of Links’ commitment to helping businesses hire the right talent and to improve their operations, we will be sharing our data analysis of Labour statistics and trends in Hong Kong’s different job functions.
|Mid-Year Job Market Report 2020:|
|▼ Information Technology (IT)|
|▼ Administration & Human Resources|
|▼ Banking, Finance & Accounting|
|▼ Sales & Marketing|
|▼ Sourcing, Supply Chain & Manufacturing|
IT Professionals Still the Most In-Demand
Covid-19 has heavily impacted the economy, leading to company hiring freezes and a weak job market. However, Hong Kong’s demand for IT professionals remains strong compared to other job functions. The number of job postings in Q2 2020 decreased only slightly by 1.88% compared to Q1, an excellent indication that the economy is holding up well.
The resilience shown in the IT function is a positive sign considering the current situation. With Asia-Pacific nations showing good control of the virus and starting to re-open their economies, we can expect the number of available jobs to grow steadily for the second half of 2020.
Digital Transformation & Technological Revolution
The pandemic has exposed the importance of technology and pushed the business world into a technological revolution. The Hong Kong Government has introduced the Distance Business Programme (D-Biz) to fast-track the adoption of IT solutions in Hong Kong Businesses to improve their technological infrastructure.
Strong emphasis on tech is likely to stir the need for IT talent in the future. With everything becoming increasingly digitized the need for IT professionals is will continue its positive trajectory. Companies will begin to adopt digital solutions in Human Resources, Payment, Management Systems and more, to continue their development.
Hong Kong’s Government has recognised the need to invest more to transform the city into a hub for tech innovation to contend with neighbouring Shenzhen. China’s plan to transform the Pearl River Delta into a rival of Silicon Valley will only intensify the increasing need for technology and IT specialists.
Hire the Best IT Talent
The unprecedented situation has released many top IT talent into the candidate pool. As Hong Kong returns to a resemblance of normality, business leaders are strongly encouraged to begin to look at hiring now, due to excellent talent available. The job market has transitioned out of a candidate-driven market into an employer-driven one, making it an excellent time for companies to acquire top talent at exceptional rates. Enterprises should snap at this opportunity to build a strong and capable team.
If you are looking to find the right candidate to fill an IT role, Links International’s 20+ years of recruitment experience in Hong Kong is perfectly placed to help you. With expertise in Cybersecurity, Application Development, Emerging Technologies and much more, learn about how our dedicated IT recruitment team can find you the best!
- 3 Criteria to Winning the IT Talent War in Hong Kong
- How You Can Improve Your HR System with HK’s Distance Business Programme (D-Biz)
- When Will HK Employers Receive Their Subsidy Under the Employee Support Scheme?
- Practical HR Guide to Returning to The Office After Covid-19
- Getting Your Bargain for Money with Recruitment Agencies
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.