The Light at the End of the Tunnel Shines Through Hong Kong
While the start of 2022 was much more promising than 2021, the tightening of Covid-19 restrictions dampened the job market in certain ways as the months went by.
2022 saw the largest expat exodus take place in the first half alone, while the unemployment rate was at its peak – 5.4% – by April. Hong Kong then went into a recession as the economy shrank by 1.4%, – causing a drop in the demand for and consumption of goods and services.
However, this bleak period started to fade out as Covid-19 restrictions loosened and Hong Kong gradually opened up its borders. By the end of 2022, Hong Kong had strongly set its sights on attracting more foreign talent through the several initiatives.
The Top Talent Pass Scheme was introduced in October 2022 to bring in the most outstanding talent from top universities. The Immigration Arrangements for Nonlocal Graduates (IANG) permit also saw its duration being extended from one year to two years, allowing non-local graduates of Hong Kong universities to stay in the city for longer while securing a job.
As China has reopened its borders with Hong Kong, we expect to see continued recovery in the job market – with a greater supply of talent and more industries being revived this year.
Find out more in our Salary Guide as we explore changing work trends, performance of the job market, projected salaries and bonuses, and hot job roles!
Highlights from the 2023 Hong Kong Salary Guide:
- Unemployment and underemployment rates rapidly declined 8 times in a row from May 2022, and there was a surge in the demand for frontline workers. Catering, for instance, had a 230% jump in job openings between March to December 2022.
- The life science and healthcare market which was thought to have boomed only because of Covid-19 and vaccines, will continue to thrive in a post-pandemic world. Hong Kong having the highest global life expectancy means that it will still be a preferred market for major healthcare developments.
- The projected recession may cause salary and bonus increments to be minimal, but this will not apply to all industries. Strategic leaders in Sourcing, Supply Chain and Manufacturing could see up to a 10% hike, while certain Construction Property and Engineering subsectors will see minimum wage increments of up to 12.5%.
- Employees across most fast-growing industries such as IT, Sales and Marketing and Banking, Finance and Accounting are advised to continue upskilling themselves so they stand out.
- Companies may be wary of hiring excessively due to fears of a recession, but surveys show that many businesses in Hong Kong still intend to retain senior positions due to the value and experience such employees can offer.
Download the 2023 HK Salary Guide for Free Now!
Businesses are transitioning to a new era as the future of work changes! If you are interested in seeing how different businesses are approaching the new world of work, which job functions are performing the best, or whether your salary is in line with the market, download our HK Salary Guide for free to find out now!
Looking for the best talent in Hong Kong? Talk to our consultants now to learn how our award-winning recruitment services can help!
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